Stock Name: CapitaRChina
Company Name: CAPITARETAIL CHINA TRUST
DBS Vickers Securities in a Jan 30 research report says: "In SGD terms, 4Q11 gross revenue and NPI grew by c.20% y-o-y to $36.4 million and $22.8 million respectively, partly due to contribution from Mingzhongleyuan, which was acquired in June 2011.
"Stripping that off, NPI growth was still a healthy 12% on the back of strong rental reversions, higher tenants sales and stronger RMB vs SGD. Consequently, distributable income came in 21% higher y-o-y at $15.7 million but a smaller 10% on a DPU basis (2.28 cents) due to an enlarged unit base. Portfolio occupancy remained robust at 98.1%.
"Net gearing declined from 31.4% to 28% due to revaluation gain of $96 million. Separately, the trust has also secured refinancing for 88.2% of its loans due in 2012. The stock is currently trading at FY12 DPU of 7.5%. Target price of $1.31. MAINTAIN HOLD."
Company Name: CAPITARETAIL CHINA TRUST
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 1.31 |
DBS Vickers Securities in a Jan 30 research report says: "In SGD terms, 4Q11 gross revenue and NPI grew by c.20% y-o-y to $36.4 million and $22.8 million respectively, partly due to contribution from Mingzhongleyuan, which was acquired in June 2011.
"Stripping that off, NPI growth was still a healthy 12% on the back of strong rental reversions, higher tenants sales and stronger RMB vs SGD. Consequently, distributable income came in 21% higher y-o-y at $15.7 million but a smaller 10% on a DPU basis (2.28 cents) due to an enlarged unit base. Portfolio occupancy remained robust at 98.1%.
"Net gearing declined from 31.4% to 28% due to revaluation gain of $96 million. Separately, the trust has also secured refinancing for 88.2% of its loans due in 2012. The stock is currently trading at FY12 DPU of 7.5%. Target price of $1.31. MAINTAIN HOLD."
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