Stock Name: CapitaRChina
Company Name: CAPITARETAIL CHINA TRUST
DBS Vickers Securities in a July 18 research report says: "Gross revenue (in RMB) grew 10.9% y-o-y and NPI 11.3%. But a 7% stronger SGD led to smaller 3.8% and 4.1% reported numbers, respectively. The trust also recorded a 4.8% revaluation gain from December 2010.
"Excluding that, 2Q11 DPU increased by 3.9% to 2.15 cents. Result was relatively flat q-o-q. Balance sheet remains robust with 29.7% gearing post-placement. We nudged down DPU by <1% after imputing the enlarged unit base, which lowered our DCF-value by 1 cent to $1.29.
"We are pleased with the result of the trust's efforts to revamp its malls into multi-tenanted properties for better leverage to rising rents and retail sales, but its near-term performance is likely to continue to be affected by the strong SGD. MAINTAIN HOLD."
Company Name: CAPITARETAIL CHINA TRUST
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 1.29 |
DBS Vickers Securities in a July 18 research report says: "Gross revenue (in RMB) grew 10.9% y-o-y and NPI 11.3%. But a 7% stronger SGD led to smaller 3.8% and 4.1% reported numbers, respectively. The trust also recorded a 4.8% revaluation gain from December 2010.
"Excluding that, 2Q11 DPU increased by 3.9% to 2.15 cents. Result was relatively flat q-o-q. Balance sheet remains robust with 29.7% gearing post-placement. We nudged down DPU by <1% after imputing the enlarged unit base, which lowered our DCF-value by 1 cent to $1.29.
"We are pleased with the result of the trust's efforts to revamp its malls into multi-tenanted properties for better leverage to rising rents and retail sales, but its near-term performance is likely to continue to be affected by the strong SGD. MAINTAIN HOLD."
No comments:
Post a Comment