CapitaRetail China Trust’s 3Q12 results are in line with expectations, OCBC says, noting 3Q12 DPU rose 14.2% on-year to 2.42 cents, with the 7.24-cent year-to-date DPU at 76% of its original FY12 forecast.
“Higher revenue was registered across the portfolio except for Minzhongleyuan, which is undergoing asset enhancement.” It notes net property income rose 10.3% on-year to CNY126.5 million ($24.7 million), while excluding Minzhongleyuan, it was up 12.7% on-year; it adds, rental reversions were good across the six multi-tenanted malls, rising 18.2%.
The house raises its FY12 DPU estimate to 9.7 cents, and nudges its fair value up to $1.71 from $1.70. It keeps a Buy call, saying the FY12 dividend yield of 6.0% is attractive. The stock is down 0.6% at $1.625.
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