SGX Stocks and Warrants

Author: kimeng   |   Latest post: Fri, 6 Dec 2019, 4:05 PM


CapitaLand Retail China Trust: Results Within Expectations

Author:   |    Publish date:

CapitaLand Retail China Trust (CRCT) posted results within expectations. In SGD terms, 2Q19 gross revenue dropped 1.9% YoY to S$55.2m while NPI increased 7.3% YoY to S$40.4m.

With regards to the NPI growth, note that there has been an accounting change; operating lease rental expenses associated with the CapitaMall Qihan and CapitaMall Minzhongleyuan leases have been replaced with net changes in fair value of investment properties and interest expense on lease liabilities.

In RMB terms, gross revenue was 1.9% YoY higher due to stronger rental growth from the multi-tenanted malls, offset by lower revenue from CapitaMall Grand Canyon and CapitaMall Qibao.

Overall, 2Q19 distributable income increased 5.0% YoY to S$25.4m, but due to the lack of capital distributions this quarter (2Q18 saw S$1.5m in capital distributions), the total distributable amount to unitholders dropped 1.2% YoY.

DPU decreased 3.8% YoY to 2.54 S cents or 24.6% of our initial full-year forecast which we consider with expectations. We maintain HOLD on CRCT but place our fair value of S$1.38 under review.

Source: OCBC Research - 31 Jul 2019

Share this

Related Stocks

Chart Stock Name Last Change Volume 
CapitaR China Tr 1.57 -0.01 (0.63%) 1,783 

  Be the first to like this.


124  142  160  677 

Top 10 Active Counters
 Rex Intl 0.188+0.002 
 SunMoonFood 0.051+0.011 
 TEE Intl 0.058+0.003 
 YZJ Shipbldg SGD 1.10-0.03 
 Golden Agri-Res 0.215-0.005 
 Tritech 0.025+0.001 
 Interra Resou.. 0.065+0.004 
 Singapore-eDev 0.045+0.005 
 CapitaMall Trust 2.41-0.01 
 AusGroup^ 0.032-0.001 
Partners & Brokers