CapitaLand Integrated Commercial Trust (Merger CMT & CCT)

Re: CapitalMall Trust

Postby winston » Mon May 21, 2012 11:31 am

not vested

CapitaMall Trust (Buy) offers 5.7%/6.2% FY12/13E yields:

1) GSe for DPU is 4% above Reuters consensus;
2) laggard: YTD underperformed SREITs by 7% and FSSTI by 3%;
3) highest organic growth, +6.6% 2-yr CAGR, led by positive rental reversions and disciplined roll out of AEIs;
4) resilient/stable demand about 70% exposure to non-discretionary spend, and
5) during 2008/09 crisis there was no sequential decline in same-store Revenue/NOI.

Source: GS
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Re: CapitalMall Trust

Postby winston » Tue May 22, 2012 10:35 am

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Our analyst expects stronger earnings growth from 2H12 for Retail REITS as Asset Enhancement Initiatives (AEI) works bear fruit.

Coupled with the positive rental reversions, retail reits should register strong FY13 DPU growth of 6% y-o-y.

More importantly, we note that malls that have post AEI works are able to achieve higher average annual rental growth of at least 8% vs the average reversionary rental reversion of 2-3% p.a.

Healthy pre-commitment rates with strong tenant mix is also expected to continue to drive strong organic growth.

Our top pick is CapitaMall Trust (BUY, TP: S$2.05), for its strong earnings visibility.


Source: DBS
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Re: CapitalMall Trust

Postby winston » Fri Jun 15, 2012 10:57 am

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CapitaMall Trust: More Plus Points; BUY with TP SGD2.20
Mkt Cap USD4.7b
ADTV USD9.2m

We recently visited Bugis+, CapitaMall Trust’s (CMT) latest mall, a week after its soft opening. Even though asset enhancement works are not fully completed, the footfall we observed was encouraging, and we see strong synergies with Bugis Junction.

With over 80% of the NLA committed, CMT projects the yield-on-cost at Bugis+ after asset enhancement to be 5.8% – comparable with that of Bugis Junction. We see this as vindication of management’s decision to acquire the property at an initial low passing yield of just 3.8%.

We expect CMT’s defensive nature to shine through, backed by steady DPU growth, with FY13F DPU yield projected to be an attractive 6%. CMT is a “must-own” investment, in our view, and we have a target price of SGD 2.20.

Source: Kim Eng
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Re: CapitalMall Trust

Postby winston » Mon Jul 02, 2012 9:14 am

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Unfazed by CEO departure, but share price upside limited
NEUTRAL - Downgrade
Share Price S$1.91
Tgt. S$2.02

------------------------------------------------------------------------------

We do not expect the departure of CEO, Simon Ho to affect CMT’s business strategy.

But share price upside looks limited given its rich P/BV of 1.2x and the difficulty of squeezing further significant organic growth from its well-optimised large portfolio.

Furthermore, its fairly high asset leverage implies the need for equity fundraising if it makes a sizeable acquisition which could limit accretion.

We, therefore, downgrade CMT from Outperform to Neutral while retaining our DDM target price (discount rate: 8.1%).

We prefer CCT among the large-cap S-REITs.


Source: CIMB
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Re: CapitalMall Trust

Postby winston » Wed Jul 18, 2012 8:53 am

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CapitaMall Trust said its distributable income rose 5.5 percent in the second quarter to S$79.6 million from a year ago, helped by higher gross revenue from its shopping malls.


Source: Reuters
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Re: CapitalMall Trust

Postby winston » Thu Jul 19, 2012 9:10 am

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CapitaMall Trust - Unexciting quarter

Pockets of weakness were observed in 2Q12, which saw a consecutive quarterly decline in shopper traffic and moderation in tenant sales.

While portfolio performance should remain resilient, we see limited share price upside from current levels.

2Q/1H12 DPUs were broadly in line with the street and our estimates, forming 24/47% of our FY12 forecasts, respectively.

We expect back-end loaded contributions as AEIs come on stream.

We lower DPUs and our DDM-based target price (disc. rate: 8.1%) on rental adjustments.

Maintain Neutral.


Source: CIMB
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Re: CapitalMall Trust

Postby winston » Tue Oct 23, 2012 9:52 am

CapitaMall Trust: Value emerging from strong execution

CapitaMall Trust’s (CMT) 3QFY12 results exceeded our expectations.

NPI was up 4.0% to S$332.3m whereas DPU was up 0.4% to 7.10 S cents. This forms 77.6% and 76.1% of full-year NPI and DPU projections respectively.

CMT’s occupancy remained largely stable at 98.4% (98.6% in 2Q), despite a 4.6ppt drop QoQ at IMM building as a result of repositioning of the mall. For YTD, 6.1% positive rental reversions were achieved, largely unchanged from 6.4% seen in 1H.

Looking ahead, we believe CMT is likely to sustain its growth profile, given the smooth execution of its AEIs and strong leasing activities. The development of Westgate, of which CMT has 30% stake, is also expected to start contributing to its income by end-2013.

We now revise our assumptions to incorporate the better-than-expected results and rental uplift resulting from its AEIs. Rolling our valuations to FY13, our fair value is raised from S$2.04 to S$2.38.

Upgrade CMT to BUY from Hold as we see an attractive upside potential.

Source: OCBC
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Re: CapitalMall Trust

Postby winston » Tue Oct 23, 2012 11:01 am

STOCKS NEWS SINGAPORE-DMG upgrades CapitaMall Trust to 'buy'

DMG & Partners upgraded CapitaMall Trust to 'buy' from 'hold' and raised its target price to S$2.36 from S$2.03, citing higher contributions from new shopping malls.

By 0232 GMT, units of CapitaMall Trust rose 1.4 percent to S$2.16. They have surged 27 percent since the start of the year, compared with the FTSE ST Real Estate Investment Trust Index's <.FTFSTAS8670> 35 percent rise.

CapitaMall Trust's third-quarter distribution per unit was flat at 2.42 Singapore cents compared with a year earlier.

However, DMG expects CapitaMall Trust to post strong earnings going forward, helped by higher contributions from its shopping malls JCube and Bugis+, which opened in April and August respectively.

The trust should also see additional income after renovation at its Orchard Atrium mall in Singapore is completed in the fourth quarter.

"As the hunt for dividend yield plays continues on the back of high liquidity, prolonged low interest rate environment and a strong Singapore currency, we believe CMT has room for further upside," said DMG in a report.

Source: Reuters
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Re: CapitalMall Trust

Postby winston » Mon Jan 21, 2013 9:41 am

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CapitaMall Trust: Solid 4Q12 performance

CapitaMall Trust (CMT) turned in a sturdy set of 4Q12 results last Friday.

DPU saw a 2.6% growth to 2.36 S cents, despite S$15.3m capital distribution received from CapitaRetail China Trust was retained for corporate and working capital purposes.

This brings the FY12 DPU to 9.46 S cents (+1.0%), slightly ahead of our full-year DPU projection of 9.16 S cents.

Over the year, a total of 446 leases were renewed at an average positive rental reversion of 6.0% (FY11: 6.4%).

CMT also completed three major asset enhancement initiatives or AEIs in 2012 and saw strong committed occupancy rates ranging 95.3-99.6% post refurbishment.

Looking ahead, CMT anticipates its completed AEI works to continue to boost its rental income in 2013.

In addition, management will focus on its repositioning exercise for IMM Building and leasing activities for Westgate (both of which, we note, are currently on track).

We maintain our BUY rating with a higher fair value of S$2.32 (S$2.30 previously) after we incorporate the results into our assumptions.


Source: OCBC
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Re: Capital Commercial Trust

Postby behappyalways » Wed Jul 29, 2015 3:15 pm

Are investors overly pessimistic on office rents?
http://sbr.com.sg/commercial-property/n ... fice-rents
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