Friday, August 30, 2013

CapitaMall Trust :Resilience shines through (Macq)

CapitaMall Trust
Price (at 08:55, 27 Aug 2013 GMT) S$1.90
Valuation S$ 2.46
Resilience shines through

CapitaMall Trust presented at Day One of our Asean conference in Singapore.

Impact
Rent growth of 6.4% in 1H13. Management expected some slowdown in rent reversions but was pleasantly surprised by achieving 6.4% reversions in 1H13. Shopper traffic +4.8% whilst tenant sales +3.3%. Whilst the portfolio is 99.1% occupied, it also means there is little retail space left to meet demands of new to market retailers. There are macro headwinds to contend with going forward, like slower population growth, control of foreign workers and difficulty in getting staff from the tenants’ perspective.


Asset enhancement initiatives (AEIs). The good news for CT is that the three malls that completed AEIs in 2012 will see a full year contribution to net property income and on track to achieve the targeted RoI. Ongoing AEIs at Bugis Junction has seen 95% of area pre-committed. The group will plan for more AEIs to help drive DPU growth.

Acquisitions. Of the four Singapore assets in its sponsor’s portfolio, Star Vista and ION Orchard are operational whilst Westgate and Bedok Mall will be operational at the end of 2013. Of these, the group seems keener on Westgate and Bedok Mall given that they fit into its necessity shopping profile (72.8% of revenue in 2012).

Debt profile. Current gearing is 34.9% and the group is comfortable to go to 40%. More importantly, CT continues to seek opportunities to extend its debt maturity with the aim to lower the tower of debt in a given year. Current average term to maturity is 3.8 years.

Earnings and target price revision
No changes to DPU estimates and TP.

Price catalyst
12-month price target: S$2.46 based on a DCF methodology.
Catalyst: Positive rent reversions for 2H13 and accretive acquisitions.

Action and recommendation
CT is poised to report the highest DPU growth of 14% in FY13 amongst our SREIT coverage. CT is one of our key SREIT picks, with a potential upside of more than 30%.




Source/Extract/Excerpts/来源/转贴/摘录: Macquarie-Research,
Publish date: 27/08/13

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