Stock Name: CapitaRChina
Company Name: CAPITARETAIL CHINA TRUST
Research House: DBS Vickers
DBS Vickers Securities in an Apr 18 research report says: "CRCT reported a 4.7% y-o-y (+2.5% q-o-q) growth in topline to $30.9 million. Operating performance improved but hit by stronger S$ vs RMB. Net property income rose 7.1% y-o-y and 8.8% q-o-q sequentially to $20.7 million on improved cost management.
"In RMB terms, revenue grew by 11.1% y-o-y to RMB159 million thanks to higher portfolio occupancy of 98.4% and an average 8% higher rental renewals on the back of +33.7% y-o-y greater tenant sales and 18.4% y-o-y increase in shoppers' traffic. Distributable income grew a modest 1.0% y-o-y to $13.5 million due to under-provision of tax in prior years, translating to DPU of 2.15 cents.
"With current gearing of 32.6%, CRCT will explore further acquisitions. Target price of $1.28. CRCT currently offers FY2011 and FY2012 DPU yield of 6.6-6.7%. MAINTAIN HOLD."
Company Name: CAPITARETAIL CHINA TRUST
Research House: DBS Vickers
DBS Vickers Securities in an Apr 18 research report says: "CRCT reported a 4.7% y-o-y (+2.5% q-o-q) growth in topline to $30.9 million. Operating performance improved but hit by stronger S$ vs RMB. Net property income rose 7.1% y-o-y and 8.8% q-o-q sequentially to $20.7 million on improved cost management.
"In RMB terms, revenue grew by 11.1% y-o-y to RMB159 million thanks to higher portfolio occupancy of 98.4% and an average 8% higher rental renewals on the back of +33.7% y-o-y greater tenant sales and 18.4% y-o-y increase in shoppers' traffic. Distributable income grew a modest 1.0% y-o-y to $13.5 million due to under-provision of tax in prior years, translating to DPU of 2.15 cents.
"With current gearing of 32.6%, CRCT will explore further acquisitions. Target price of $1.28. CRCT currently offers FY2011 and FY2012 DPU yield of 6.6-6.7%. MAINTAIN HOLD."
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