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
1.48
Same
1.48
