Saturday, April 20, 2013

CapitaMalls Malaysia Trust : Results Tracking Expectations (MKE)


CapitaMalls Malaysia Trust
Buy (unchanged)
Share price: MYR1.88
Target price: MYR2.01 (unchanged)
Results Tracking Expectations

 Maintain BUY. CMMT’s 1Q13 core net profit of MYR35.8m was within our and market expectations. We maintain our FY13/14/15 earnings forecasts and DCF-based target price of MYR2.01. We keep our BUY rating in anticipation of the imminent injection of Queensbay Mall, which could add 1.7sen to our FY14 DPU to 9.8sen or a 5.2% yield. CMMT is our top pick in the M-REIT space, with a gross FY13 yield of 4.7% yield vs an average of 4.9% among the large-cap REITs.


Results in line. 1Q13 net profit of MYR35.8m (+4.1% YoY; +6.5% QoQ) made up 25% and 24% our and consensus full-year estimates, respectively, supported by positive rental reversions. CMMT’s proposed 1Q13 DPU of 2.18sen (+4.3% YoY) was also within our expectations.

Rental uptrend continues. 1Q13 revenue grew by 4.2% YoY thanks to positive rental reversions at existing malls (Gurney Plaza +13.1%, Sungei Wang Plaza +2%, The Mines +7.9%, ECM +14.8%) on the back of stable occupancy (average: 98.7% in 1Q13, +0.2ppts YoY). CMMT has relatively low interest rate risk, as 76% of its debt is fixed-rate. Its gearing was an unchanged 0.28x at end-1Q13.

Enhancing its assets. The trust will undertake some asset enhancement initiatives at the East Coast Mall (ECM; costs MYR60m) and Gurney Plaza (GP; MYR8m). CMMT intends to improve the tenant mix at East Coast Mall and add more retail space by converting some car park bays on the third floor and reconfiguring existing areas. It also intends to reconfigure Gurney Plaza’s fourth floor furniture zone and improve the tenant mix at this mall.

Injecting a new asset soon? We see a good chance that Queensbay Mall in Penang (NLA: 888,404 sq ft, owned by CapitaMalls Asia) could be injected into CMMT. The mall has had positive rental reversions since 2010 due to active tenant remixing and asset enhancements. Net property yield is estimated at c. 6.7% (5% initially), whilst capital values have risen 12% since acquisition to MYR730m as at Jun 2012. The injection would add 1.7sen to our FY14 DPU forecast, assuming: 1) a cap rate of 6.0%; and 2) >80% of the acquisition is equity-funded.



Source/Extract/Excerpts/来源/转贴/摘录: Maybank Kim Eng Research
Publish date: 17/04/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock