Towards Financial Freedom
Capital Mall Trust - 2Q13 earnings remained strong
Capital Mall Trust - 2Q13 earnings remained strong. CapitaMall Trust (CT) reported a DPU of 2.53 cents (+6.1% y-o-y) for 2Q13, in line with our forecast with a deviation of 1.2% (7.8% if the retained amount of SGD5.7m was included). Revenue for the period grew 10.4% y-o-y to SGD182.7m, while NPI climbed 12.2% y-o-y to SGD125.6m. The strong 2Q13 results was mainly attributed to higher rental rates achieved from the portfolio's new and renewed leases, and contributions from the well-executed asset enhancement initiatives (AEIs) at JCube, Bugis Junction and The Atrium@Orchard. As of 30 June 2013, the occupancy rates at these malls were 99.9%, 99.5% and 98.5% respectively. Together with an expected increase in earnings contributions from Westgate by 1Q14 (currently c.70% pre-committed and is scheduled to open by 4Q13), we remain confident with CT's ability to post strong earnings for the rest of FY13. As we roll over to FY14F earnings, we upgrade CT to a BUY, with a slightly higher DDM-based (COE: 7.8%, TGR: 2.0%) TP of SGD2.21. (OSK-DMG)
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
