Here's what CapitaLand's new organisation structure portends

The group could exit its non-core businesses.

According to Nomura, on 3 January, the new President and Group CEO of CAPL, Mr. Lim Ming Yan, announced some changes to the group’s organisation structure, which take immediate effect. The original eight business units will now be reorganised into four:

 CapitaLand Singapore (Singapore residential and commercial projects, Malaysia projects)
 CapitaLand China (China residential and commercial projects, Raffles City China, China value housing)
 CapitaMalls Asia (CMA SP, Buy)
 Ascott serviced residence business

Here's more from Nomura:

The remaining businesses such as Australand, Surbana, Storhub, Vietnam, India, Japan, GCC and UK will fall under the portfolio of the new Group Deputy CEO, Mr. Olivier Lim (ex-Group CIO, CFO), who will also oversee the group’s fund management business.

By simplifying the organisation structure, the company hopes to sharpen its focus on core competencies as well as achieve greater economies of scale and efficiencies.

The new organisation structure seems to suggest the group could exit non-core businesses that fall outside the four key business units (with the exception of fund management and possibly Surbana) at an opportune time. Besides a sharper focus on core businesses, it also implies potential catalysts for the stock in the near-to-medium term. The market is therefore likely to respond positively to this.

That said, because management has not provided specific targets and time line, it is difficult to quantify any potential impact at this point. More information may be provided in the upcoming FY12 results announcement/briefing.

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