CapitaLand Integrated Commercial Trust (Merger CMT & CCT)

Re: CapitalMall Trust

Postby behappyalways » Wed Jan 22, 2020 3:44 pm

CMT, CCT propose merger to create largest REIT in Singapore, third largest in Asia Pacific
https://www.theedgesingapore.com/news/r ... ia-pacific
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Re: Capital Commercial Trust

Postby winston » Thu Apr 30, 2020 10:58 am

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CapitaLand Commercial Trust: Softer outlook but likely priced in

CapitaLand Commercial Trust’s (CCT) 1Q20 results fell short of our expectations, as DPU fell 25.0% YoY to 1.65 S cents. This was due to the retention of distributions and tax-exempt income.

Its portfolio occupancy dipped 3.5 ppt QoQ to 95.1% due largely to the expiry of Standard Chartered’s lease in Jan 2020 at Six Battery Road and downsizing by tenants at Asia Square Tower 2 and CapitaGreen.

The situation was brighter on the rental reversion front, as positive rental uplifts were achieved for most of the leases signed in 1Q20.

Rental reversions are likely to remain positive for the remainder of FY20, in our view.

We cut our FY20F and FY21F DPU forecasts by 10.3% and 8.6%, respectively. This is to take into account the rental rebates announced and weaker occupancy and rent assumptions.

We also lower our terminal growth rate by 25 bps to 1.75% given the subdued macroeconomic landscape. Our fair value estimate decreases from S$1.95 to S$1.80. BUY.

Source: OCBC
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Re: CapitalMall Trust

Postby winston » Mon May 04, 2020 11:32 am

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CapitaLand Mall Trust: Unprecedented income retention during unprecedented times

CapitaLand Mall Trust’s (CMT) 1Q20 DPU slumped 70.5% YoY to 0.85 cents due largely to the retention of S$69.6m (~1.89 S cents per unit) of taxable income available for distribution.

We consider this to be within our expectations as we had already adjusted our FY20 forecasts down in early Apr in anticipation of a significant income retention in 1Q to provide some buffer for 2Q.

CMT highlighted that ~25% of tenants in its portfolio are operating during the ‘Circuit Breaker’ period. There will thus be pressure on shopper traffic, tenants’ sales and rental reversions ahead in light of the cautious macroeconomic and retail environment.

Management has committed a rental relief package totalling ~S$114m to-date, including the property tax rebates to be received from the Singapore government.

In terms of financial position, CMT’s balance sheet strength remains firm with a low aggregate leverage ratio of 33.3% and long average debt to maturity of 4.7 years.

This will allow it to better withstand the economic downturn ahead.

We maintain our fair value estimate of S$2.12. BUY.

Source: OCBC
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Re: CapitalMall Trust

Postby winston » Thu Jul 23, 2020 1:32 pm

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CapitaLand Mall Trust (CT SP) - Worst likely over

CapitaLand Mall Trust (CMT) reported its 2Q20 results which were within our expectations, as DPU fell 27.7% YoY to 2.11 S cents.

This was partially mitigated by the release of some taxable income available for distribution which was retained in 1Q20.

While headline shopper traffic and tenants’ sales numbers were soft, recovery is in progress, with suburban malls outperforming downtown malls.

To-date, CMT has committed a total of S$154.5m of rental relief package to its tenants, comprising rental waivers of S$76.5m from itself, and the remainder from property tax rebates and cash grants from the government.

Rental reversions (+0.1% for 1H20) and occupancy figures (-0.8 ppt QoQ to 97.7%) reflect some resiliency in CMT’s operations.

Its properties saw valuation declines ranging from -0.6% to -4.8% as compared to end-FY19.

Due to the Phase 2 reopening of the Singapore economy and signs of stabilisation in the number of Covid-19 community cases, we lower our cost of equity assumptions by 43 bps to 6.3%.

Consequently, our fair value estimate increases from S$2.12 to S$2.29. BUY.

Source: OCBC
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Re: CapitalMall Trust

Postby behappyalways » Thu Sep 03, 2020 2:40 pm

CMT to list 2.78 bil new units following SGX approval; CCT to delist
https://www.theedgesingapore.com/news/r ... cct-delist
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Re: Capital Commercial Trust

Postby winston » Thu Dec 10, 2020 8:58 pm

CapitaLand Integrated Commercial Trust is currently the biggest S-REIT 'at a bargain': DBS

by Felicia Tan

DBS Group Research analysts Rachel Tan, Geraldine Wong and Derek Tan have maintained their “buy” recommendation on CapitaLand Integrated Commercial Trust (CICT) with a raised target price of $2.50 from $2.40 previously as they view the REIT as a serious bargain.

Calling it “big, cheap and fresh”, the combined entity following the merger of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT), is now trading at attractive valuations of close to 1.0x price/net asset value (P/NAV).

“With forward yields of around 6%, CICT offers the highest yield among its large cap peers which are trading at around 5% yield,” say the analysts.

Believing FY2021 to be the year of recovery as the world progressively emerges from the Covid-19 pandemic, the analysts are positive that the REIT will ride the cyclical recovery trend.

With the imminent release of the vaccine, the analysts believe that a “V-shaped recovery will be the key catalyst to drive valuations close to its historical average (since it was listed) of 1.24x P/NAV”.

As the largest S-REIT, the analysts view that CICT will eventually be “too big to ignore”.

“The company’s integrated commercial assets will drive synergistic value from its existing portfolio. In addition, its size offers a bigger platform and opportunity to grow with acquisitions of integrated development led by the rising global trend of live-work-play,” they say.

Source: The Edge

https://www.theedgesingapore.com/capita ... argain-dbs
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Re: CapitaLand Integrated Commercial Trust (Merger CMT & CCT

Postby winston » Wed Dec 23, 2020 6:22 am

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Maybank KE reinstates coverage on CICT with 'buy', TP $2.50

by Jeffrey Tan

The brokerage notes that CICT’s valuations are “undemanding” given its FY21 dividend yield of 5.2% and book value versus history and peers.

According to Maybank KE, negative reversions are expected to moderate in 2021 as social-distancing measures continue to ease and retail recovery gains traction.

Shopper traffic has remained stable since Phase 2’s reopening as tenants’ sales have gradually improved, returning to 89% of pre-Covid-19 levels, versus 85% in 1H20, it says.

“…there’s optimism as the rent-relief cycle seen in 3Q20 has peaked, and tenants expanding again in 2021-22,” Maybank KE analyst Chua Su Tye writes in a note dated Dec 15.

Source: The Edge

https://www.theedgesingapore.com/capita ... buy-tp-250
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Re: CapitaLand Integrated Commercial Trust (Merger CMT & CCT

Postby winston » Thu Jan 21, 2021 12:45 pm

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BRIEF-CapitaLand Integrated Commercial Trust Posts Qtrly Distributable Income Of S$145.4M, Up 26.8%

Jan 21 (Reuters) - CapitaLand Integrated Commercial Trust:

* QTRLY DISTRIBUTABLE INCOME OF S$145.4 MILLION, UP 26.8%

* FY NET PROPERTY INCOME S$558.2 MILLION VERSUS S$512.7MILLION

* UNITHOLDERS TO RECEIVE DPU OF 1.74 CENTS FOR PERIOD 21 OCTOBER TO 31 DECEMBER 2020 IN MARCH 2021

* WILL BE PAYING DISTRIBUTION ON A SEMI-ANNUAL BASIS FROM FINANCIAL YEAR 2021

Source: Reuters
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Re: CapitaLand Integrated Commercial Trust (Merger CMT & CCT

Postby winston » Thu Jan 21, 2021 2:31 pm

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Jefferies initiates coverage on CICT with 'buy', TP $2.32

by Jeffrey Tan

In a note dated Jan 18, Jefferies has initiated coverage on CapitaLand Integrated Commercial Trust (CICT) with a “buy” rating and target price of $2.32.

CICT is the merged entity between CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT).

According to the brokerage, CICT is a scale play on recovery, rejuvenation and regionalisation of Singapore retail and office space.

The trust’s valuation is also “reasonable” with a yield of 5% and implied psf of $2,200, it adds.

Although the yield curve steepening is a “handicap”, Jefferies notes that CICT’s non-linear journey needs to be seen in the context of 30% growth in distribution.
Moreover, the news flow has been positive for CICT.

Jefferies points out that household brands are setting up shops on the high street, while asset managers and family offices are “making a beeline”.

Source: The Edge

https://www.theedgesingapore.com/capita ... buy-tp-232
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Re: CapitaLand Integrated Commercial Trust (Merger CMT & CCT

Postby winston » Fri Jan 22, 2021 9:16 am

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CapitaLand Int. Comm. Trust (CICT SP)
Share Price: SGD2.30
Target Price: SGD2.55
Recommendation: Buy

Recovery On Track

CICT’s 4Q20 revenue, NPI rose 36.0% YoY, 36.4% YoY, after the CCT-CMT merger while it delivered FY20 DPU at -27.4% YoY, marginally below ours’ and street’s estimates.

It has emerged as Singapore’s largest REIT and among Asia’s largest with a SGD22.3b AUM across 24 retail, office and integrated development assets.

We see near-term catalyst from DPU recovery in 2021 and mid-term earnings upside as it leverages added development capacities into value-accretive AEIs and redevelopment opportunities.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/2 ... 96606a.pdf
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