Friday, July 19, 2013

CapitaRetail China Trust announced 2Q13 earnings of S$17.9 million (Limtan)

CapitaRetail China Trust announced 2Q13 earnings of S$17.9 million, up 7.5% y-o-y from S$16.6 million in 2Q12. This is mainly attributable to higher revenue growth at CapitaMall Xizhimen, positive rental reversion (+17.3%), better tenant sales (+9.5% y-oy), as well as higher revenue growth at other multitenanted
malls. But this was partially offset by the lower revenue contributions at CapitaMall Minzhongleyuan which was undergoing asset enhancement initiatives (AEIs).

 Dividend per unit (DPU) for 2Q13 fell slightly by 1.2% to 2.38 cents per unit, from 2.41 cents per unit. The slight decrease in DPU was mainly due to dilution from the issuance of 57 million new units through a private placement in October 2012. Nevertheless, consensus FY14 dividend yield currently stands at a healthy 6.8%.

 Its portfolio occupancy rate also remained steady at 96.5% in 2Q13, which could even be higher if not for the AEIs at CapitaMall Minzhongleyuan (Occupancy rate: +65.2%).

 Net gearing also remains at a comfortable 17.9% in 2Q13, down from 19.7% as of end of 2012.

 But with the recent announcement of its plan to acquire income-producing Grand Canyon Mall in South Beijing (for RMB1.82 billion) from CapitaMall Asia, net gearing is expected to increase. Likewise, we are likely to see the prospects of an equity raising exercise given the significant size of the acquisition.

Source/Extract/Excerpts/来源/转贴/摘录: Limtan-Research,
Publish date: 18/07/13

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