Simons Trading Research
CapitaLand Retail China Trust - Time to Shine
- 2Q18 DPU of 2.64 Scts in line with expectations.
- Positive organic growth momentum; tenant remix strategy to bear fruits.
- Headroom to acquire offers upside.
Time to Shine
After the divestment of CapitaMall Anzhen, CapitaLand Retail China Trust (CRCT) has acquired a much younger asset, Rock Square, in the first-tier city of Guangzhou. Although the initial yield is lower in comparison, we believe the asset has greater growth potential and is also an indication of CRCT embarking on a growth path.
In addition, with a recapitalised balance sheet, we believe that the time is ripe for CRCT to take on a more aggressive acquisition-led growth strategy.
Source: DBS Research - 31 Jul 2018
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