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Fw: SIN: MARKET PULSE: CapitaMall, CapitaCommercial, CapitaRetail China (22 Apr 2013): OIR | | | | |
MARKET PULSE: CapitaMall, CapitaCommercial, CapitaRetail China
22 Apr 2013
KEY IDEA
CapitaMall Trust: Results from AEIs now apparent
Summary: CapitaMall Trust (CMT) turned in a strong set of 1Q13 results last Friday. DPU increased by 7.0% YoY to 2.46 S cents, despite a retention
of S$8.4m in income for the quarter. This is slightly ahead of our expectations, as S$6.6m in taxable income may be distributed in FY13 (1Q DPU
already formed 25.2% of our FY13F DPU). Operationally, we note that CMT continued to deliver on various fronts. CMT also updated that the
repositioning of IMM Building has been gaining traction, while the space vacated by Carrefour in 4Q12 at Plaza Singapore has been leased to Cold
Storage and John Little and British retailer George. As previously guided, CMT announced a new AEI at Bugis Junction, which is expected to last from
2Q13 to 3Q14. We remain positive on CMT’s performance going forward, in view of these positive developments. We maintain BUYon CMT with a higher
fair value of S$2.43 (previously S$2.32). (Kevin Tan)
MORE REPORTS
CapitaCommercial Trust: 1Q13 DPU up 3.2% YoY
Summary: CapitaCommercial Trust (CCT) reported 1Q13 distributable income of S$55.7m – up 3.3% YoY. This translates to a 1Q13 DPU of 1.96 S-cents,
which is 3.2% above the 1.90 S-cents paid in 1Q12. We see this to be in line with expectations and 1Q13 distributable income now makes up 24% of our
full year forecast. The growth in distributable income was mainly due to a full contribution from 20 Anson (acquired in Mar-12) and higher rentals
at HSBC Building. CCT’s portfolio occupancy remained fairly stable at 95.3% in 1Q13, down marginally from 97.2% in 4Q12, mainly due to Cisco’s
relocation from Capital Tower. We continue to see positive rental reversion in the portfolio – average monthly portfolio rents increased from $7.64
psf in 4Q12 to $7.83 psf in 1Q13. In addition, CapitaGreen remains on track for completion in 4Q14. Maintain BUY with a fair value estimate of S
$1.80. (Eli Lee)
CapitaRetail China Trust: 1Q13 in-line
Summary: CRCT's 1Q13 results were generally in line with ours and the street's expectations. Gross revenue climbed 3.7% YoY to S$39.3m and net
property income rose 1.8% YoY to S$25.9m. On a QoQ basis, NPI at CapitaMall Minzhongleyuan (MZLY) fell 32% to RMB4.7m. We expect NPI from MZLY to
dip further in the coming quarters since the AEI there is being fast-tracked, with temporary closure of the mall from Jul 2013 to 2Q14. According to
management, CRCT has secured offers at favorable terms to refinance S$150.5m due in Jun 2013. Adjusting our estimates slightly, we increase our fair
value from S$1.72 to S$1.76 but we maintain our HOLDrating on CRCT on valuation grounds. (Sarah Ong)
For more information on the above, visit www.ocbcresearch.comfor the detailed report.
NEWS HEADLINES
- Shares of Fraser and Neave (F&N) will resume trading on Monday, and the company will have three months, or until July 19, to restore its public
float to above 10 per cent.
- Sembcorp Industries will be developing new energy from a waste facility in Teeside, Britain, the group's first energy-producing waste facility
outside of Singapore. Total investment for facility is expected to cost S$473.5m
- Power company, SP AusNet, has won approval from The Australian Energy Regulator (AER) to apply to recover costs from customers for all insured
events.
- Elektromotive Group has resolved its dispute with the final vendor involved in the reverse takeover deal that saw the failed share transfer of 80m
shares of the mainboard-listed firm.
- Entry-level salaries for Singaporeans have been stagnant over the past five years and this cannot continue, Acting Manpower Minister Tan Chuan-Jin
said.
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