Thursday, July 25, 2013

CapitaMall Trust: Another promising quarter (OCBC)

CapitaMall Trust:
Fair value S$2.35
add: 12m dividend forecast S$0.101
versus: Current price S$2.02

Another promising quarter
• 2Q13 results above view
• Positive leasing demand
• Fundamentals further enhanced

CapitaMall Trust (CMT) reported DPU of 2.53 S cents, up 6.3% YoY. Together with 1Q DPU of 2.46 S cents, 1H13 DPU totaled 4.99 S cents (+6.6%), forming 50.9% of FY13F DPU. This is above our expectations given that a total of S$12.3m or c.0.36 S cents retained over 1H is available for distribution in 2H13. As at 30 Jun, CMT’s portfolio occupancy stood at 99.1%, up 0.9ppt QoQ, while positive rental reversion of 6.4%
achieved in 1H was slightly higher than 1Q’s growth of 6.2%. CMT’s financial position also improved during the quarter, with gearing ratio down to 34.9% from 35.2% in 1Q. On 2 Jul, CMT redeemed all its outstanding convertible bonds due 2013, thereby fully addressing its refinancing needs for 2013. All 14 properties held directly by CMT, we note, are also unencumbered as a result. We now update our model to incorporate the better results and higher risk free rate assumptions. Consequently, our fair value eases from S$2.43 to S$2.35. However, given the strong upside potential, we maintain BUY on CMT.

Robust growth in 2Q13
CapitaMall Trust (CMT) reported a commendable 2Q13 scorecard last Friday. NPI grew by 12.2% YoY to S$125.6m, while distributable income to unitholders rose by 10.2% to S$87.7m. The completed asset enhancement works at JCube, Bugis+ and The Atrium@Orchard last year, together with higher rental rates achieved from the portfolio’s new and renewed leases, were the key drivers for the quarter. DPU was up 6.3% YoY to 2.53 S cents and, together with 1Q DPU of 2.46 S cents, brings the 1H13 DPU to 4.99 S cents (+6.6%). This forms 50.9% of FY13F DPU, above our expectations given that a total of S$12.3m or c.0.36 S cents retained over 1H is available for distribution in 2H13.

Continued strong execution
As at 30 Jun, CMT’s portfolio occupancy stood at 99.1%, up 0.9ppt QoQ due to significantly improved occupancy rates at Plaza Singapura and The Atrium@Orchard. Positive rental reversion of 6.4% was also achieved in 1H, slightly higher than 1Q’s growth of 6.2%. In addition, underlying fundamentals remained sound, with 1H13 shopper traffic and tenants’ sales rising 4.8% and 3.3% YoY respectively. For the rest of 2013, we note that only 11.9% of leases by rental income is left for renewal. This reflects CMT’s continued strong execution in our view.

Maintain BUY
CMT’s financial position also improved during the quarter, with gearing ratio down to 34.9% from 35.2% in 1Q. This is boosted mainly by an asset revaluation gain of S$104.0m arising from a 15bps compression of cap rates at several of its malls. On 2 Jul, CMT redeemed all its outstanding convertible bonds due 2013, thereby fully addressing its refinancing needs for 2013 and releasing The Atrium@Orchard from legal mortgage. All 14 properties held directly by CMT, we note, are unencumbered as a result. We now update our model to incorporate the better results and higher risk free rate assumptions. Consequently, our fair value eases from S$2.43 to S$2.35. However, given the strong upside potential, we maintain BUY on CMT.



Source/Extract/Excerpts/来源/转贴/摘录: OCBC-Research,
Publish date: 22/07/13

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