CapitaMalls Asia

[Nick]

How to estimate the RNAV for (1) ? Thanks

RNAV -> Revalued NAV , sometime Revised NAV or Reinstated NAV.

http://en.wikipedia.org/wiki/Revaluation...xed_assets

For Property company, we usually use the tern Revalued NAV.

The fair/acceptable way to determine the RNAV is to use an independent valuer to carry out the valuation on the year basis, i have seen this done quite well with UOL through timely release to SGX.

The development potential of the land bank normally is taken into account in determining RNAV. I have seen some Analysts in their research reports put in valuation based on assumption such as: "Company has AAA square feet of land to be redeveloped into BBB units or square feet GFA , Development charges will be CCC, current market transaction of DDD /unit or square foot, the potential profit from such project will by EEE or $ FFF earning per share.

So we have to use the research analyst figures to determine CMA's RNAV ?