CapitaLand Retail China Trust - OCBC Investment 2016-02-04: 4Q15 results in-line with our expectations

CapitaLand Retail China Trust - OCBC Investment 2016-02-04: 4Q15 results in-line with our expectations CAPITALAND RETAIL CHINA TRUST AU8U.SI 

CapitaLand Retail China Trust: 4Q15 results in-line with our expectations 

  • CapitaLand Retail China Trust (CRCT) reported its 4Q15 results this morning which came in within our expectations. 
  • Gross revenue increased 6.7% YoY to S$56.2m, but this was attributed largely to FX translation impact, as gross revenue in RMB terms inched up 0.4% to RMB253.3m. 
  • DPU grew 4.4% to 2.59 S cents. 
  • For FY15, CRCT’s gross revenue jumped 8.4% to S$220.3m (up 1.8% in RMB terms to RMB1,005.1m) and formed 101.6% of our FY15 forecast; while DPU of 10.60 S cents represented growth of 7.9% and was 0.6% shy of our fullyear projection. 
  • CRCT’s malls registered YoY tenants’ sales growth of 3.6% in 4Q15 and 11.6% in FY15; while shopper traffic increased slightly by 1.0% YoY for the quarter and 1.8% for the full-year. 
  • Overall portfolio rental reversions came in at 8.1% in FY15. 
  • We maintain HOLD and S$1.48 fair value estimate on CRCT.



Andy Wong Teck Ching CFA OCBC Investment | http://www.ocbcresearch.com/ 2016-02-04
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 1.48 Same 1.48


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