Singapore Stock Market News
CapitaMall Trust - Cautious consumer spending
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Publish date: Wed, 23 Apr 2014, 06:05 PM
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CMT's 1Q14 DPU of 2.6 Sct was in line with expectations at 23% of our and consensus's full-year estimates. While its portfolio rental reversion of 6.2% suggests that operating metrics remain stable, CMT did report a cautious trend in consumer spending, with shopper traffic and tenant sales down 1.9% and 4.0%, respectively.
We think execution on its piecemeal AEIs will increasingly become more important if DPUs are to be sustained. There is also some scope for acquisition growth after the sale of Westgate Office Tower. We tweak our FY14-16 DPU estimates by -1% to 1% and keep our DDM-based (discount rate: 7.5%) target price of S$2.06.
Maintain Hold on valuations, with catalysts from accretive acquisitions and upside surprise from AEIs.
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