Disclaimer: This information is provided to you for information only and is not intended to or nor will it create/induce the creation of any binding legal relations. It does not constitute an investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of this information. Investments are subject to investment risks including possible loss of the principal amount invested. The value of the product and the income from them may fall as well as rise. You may wish to seek advice from an independent financial adviser before making a commitment to purchase or invest in the investment product(s) mentioned herein. In the event that you choose not to do so, you should consider whether the investment product(s) mentioned herein are suitable for you. The information and/or materials are provided "as is" without warranty of any kind, either express or implied. In particular, no warranty regarding accuracy or fitness for a purpose is given in connection with such information and materials.

Saturday, 25 March 2017

CapitaLand Retail China Trust

27/3/2017
Accumulate:
  1. Cheap valuation - PNAV 0.87, Dividend yield 7%
  2. Strong fundamentals - Occupancy, Gearing, NPI
  3. China economic growth
Metrics
Last Done (as of 27/3/2017): S$1.435
AUM: S$2.54 billion
Debt: Gearing 35.3%, WADM 1.84 years, 87.5% fixed, Cost of debt 2.81%, 93.9% SGD
Occupancy: 95.9%, WALE 5 years
NAV: S$1.65, PNAV 0.87
Dividend: 2016 DPU S$0.1005, Dividend yield 7%, CAGR ~1%
NPI: CAGR ~7%
DRP offered

Operations
Retail REIT: 11 Shopping malls
China, Hong Kong and Macau

Growth story
FY 2016 China GDP grew 6.7%* y-o-y
Chinese Academy of Social Sciences expected FY 2017 GDP at 6.5%
FY 2016 urban disposable income and expenditure increased 5.6%* and 5.7%* y-o-y respectively
Continue to seek acquisition opportunities to strengthen CRCT’s portfolio

 Risks
SGDRMB - Strengthening of SGD will affect DPU received in RMB
Change in property tax basis for Beijing malls increased tax expenses


at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)