CRCT reported 4Q13 results that were in line with ours and the street’s expectations. Gross revenue climbed 8.9% YoY to S$41.2m, driven by revenue growth at CapitaMall Xizhimen, CapitaMall Wangjing and CapitaMall Saihan. Net property income rose 6.6% to S$25.8m. Distributable income grew 5.6% to S$17.7m. DPU, however, fell 4.3% to 2.20 S cents due to a private placement in Nov 2012. We maintain our BUY rating on CRCT but place our FV of S$1.64 under review pending a meeting with management.

Source: OCBC Research - 29 Jan 2014