CapitaRetail China Trust

CapitaRetail China Trust

Postby winston » Wed Oct 08, 2008 8:13 am

Not vested.

CAPITARETAIL CHINA TRUST - JPMorgan reiterated its "overweight" recommendation on CapitaRetail China Trust , saying the trust will stand out from the competition given its high quality management, resilient cash flow and strong organic growth.

JPMorgan estimates CRCT's internal rate of return is about 20 percent even without the help of leverage.
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Re: CapitaRetail China Trust

Postby millionairemind » Fri Oct 31, 2008 3:59 pm


CapitaRetail China Trust

Oct 30 close: S$0.545
DBS Vickers Securities, Oct 30

SLEEPING dragon: CapitaRetail China Trust's (CRCT) Q3 2008 numbers were in line with expectations.

Gross revenues and net property income grew by 49 per cent and 54 per cent year-on-year (y-o-y) to S$28.3 million and $18.1 million respectively. Growth was mainly from: 1) contribution from Xizhimen, and 2) improved occupancies at their various malls. Distribution income was 10.5 per cent higher y-o-y at S$12 million, translating into a DPU of 2.01 cents.

In Q3 2008, CRCT held back 3 per cent of net profit for working capital purposes, but it is committed to distribute 100 per cent of its income in FY2008.

Rental growth and occupancies are expected to soften on the back of a slowing domestic engine and influx of retail space. In the near term, CRCT is likely to focus its efforts on improving tenant mix in its various malls to optimise yields, retain quality tenants and improve shopper traffic.

Acquisition-funded purchases after the completion of Xizhimen Phase 2 should slow down till equity markets are more conducive for fund-raising.

In terms of enhancement activities, Saihan Mall, which has undergone extensive asset enhancement initiative activities since Q3 2007, is 84 per cent completed and is on track for completion by the end of the year.

While valuations remain attractive at 0.5 times P/B with a FY2008-FY2010 DPU yield ranging from 14 to 16 per cent, catalyst for the stock in the near term appears lacking on the back of limited growth opportunities.

Maintain 'hold', with a target price of S$0.62 based on 20 per cent discount to our RNAV of S$0.77.
HOLD
"If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he has been wrong" - Bernard Baruch

Disclaimer - The author may at times own some of the stocks mentioned in this forum. All discussions are NOT to be construed as buy/sell recommendations. Readers are advised to do their own research and analysis.
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Re: CapitaRetail China Trust

Postby winston » Thu Jan 22, 2009 11:26 am

From DBS:-

CapitaRetail China Trust’s FY08 distributable income grew by 43% to S$45.9m (DPU of 7.53 Scts), mainly due to contribution from its acquisition of Xizhimen asset.

However, share price performance could be capped by potential equity raisings, given its current gearing of 33% is near the 35% regulatory gearing cap.

Maintain HOLD,TP$0.66.
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Re: CapitaRetail China Trust

Postby winston » Fri Mar 06, 2009 2:45 pm

DJ MARKET TALK: CapitaRetail China Off 6.2%; Goes Ex-Dividend

0355 GMT [Dow Jones] CapitaRetail China Trust (AU8U.SG) down 6.2% at S$0.605 as stock goes ex-dividend for 4.28 Singapore cents dividend today; JPMorgan says trust may benefit from China government move to allow insurers to invest certain percentage of total assets in real estate.

Believes this may provide valuation support for commercial properties; "this valuation support could also help to alleviate market concerns about CRCT's portfolio valuation and the implications for the trust's gearing."

Reiterates Overweight rating with unchanged S$1.05 target price. Share price fall roughly in line with dividend amount, suggests further downside likely limited; order book quotes suggest near-term floor at S$0.59 with buying interest concentrated there.
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Re: CapitaRetail China Trust

Postby winston » Tue Oct 27, 2009 8:26 am

Not vested. From Phillips:-

CapitaRetail China Trust reported a 5.4% increase in gross revenue to S$29.8 million and 0.7% increase in net property income to S$18.3 million for the third quarter ended 30 September 2009.

The increase in revenue was due to the appreciation of RMB and the increase in occupancy rates in Xizhimen Mall and Xinwu Mall. It announced that the distribution per unit is 2.02 Singapore cents for the period.
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Second quarter 2010 results for CRCT

Postby sreitinvestor » Sat Jul 24, 2010 8:27 am

Second quarter 2010 results for CRCT:
Key Points
* DPU for the quarter ended 30 June 2010 is 2.07 Singapore cents.
* Unitholders will receive a distribution of 4.21 Singapore cents per unit for the six months ended to 30 June 2010.
* The books closure date is 9 September 2010 and the distribution payment date is 24 September 2010.
* As at 30 June 2010, the total portfolio valuation was RMB5.8 billion, which increased by 1.7% or RMB100.0 million over the previous valuation as at 31 December 2009.


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Q3 2010 results for CRCT

Postby sreitinvestor » Wed Oct 20, 2010 9:23 am

CapitaRetail China Trust
Q3 2010 results for CRCT:
Key Points
* DPU for the quarter ended 30 September 2010 is 2.08 Singapore cents.
* CRCT has achieved net property income (NPI) of RMB94.2 million for 3Q 2010, up 9.1% against the same period last year.
* Income available for distribution is S$13.0 million.
* As at 30 September 2010, CRCT’s total borrowing was S$413.7 million, with gearing at 33.7% and healthy interest cover of 6.2 times.
* CRCT has secured the refinancing of the S$200.5 million loans maturing in November 2010. The debt maturity will be extended to 2013 and 2014. With this completed, there will be no major refinancing needs in 2011.


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Re: CapitaRetail China Trust

Postby winston » Thu Oct 21, 2010 6:27 pm

Not vested. From DBS:-

PE 19

Maintain Hold, TP raised to S$1.30.

We maintain our HOLD call, given limited upside to our raised TP of S$1.30 after rolling
valuation forward to FY11. CRCT offers forward yields of 6.7-6.9%

http://www.remisiers.org/cms_images/res ... d_DBSV.pdf
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Re: CapitaRetail China Trust

Postby winston » Wed Jun 22, 2011 10:52 am

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Singapore's CapitaRetail China Trust may be in focus after it said on Tuesday that it is planning a private placement of between 46.3 million and 60.9 million new units to raise gross proceeds of at least S$55 million ($44.6 million).

The firm requested a trading halt on Wednesday pending announcement.


Source: Reuters
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Re: CapitaRetail China Trust

Postby winston » Mon Oct 17, 2011 8:44 am

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Singapore-listed CapitaRetail China Trust said on Friday, its income available for distribution rose 12.3 percent in the third quarter to S$14.6 million ($11.5 million), helped by higher occupancies and rental growth.

Source: Reuters
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