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Singapore, 24 July 2014
CapitaRetail China Trust Management Limited (CRCTML), the manager of CapitaRetail China Trust (CRCT),
announced today that it achieved distributableincome of S$21.3 million for the period from 1 April
to 30 June 2014 (2Q 2014), an increase of 18.7% over the S$17.9 million for 2Q 2013.
Distribution per unit (DPU) for 2Q 2014 was 2.59 cents, an increase of 8.8% from the 2.38
cents for the corresponding period a year ago. Based on an annualised DPU of 10.39 cents
and CRCT’s closing price of S$1.58 per unit on 23 July 2014, the annualised distribution
yield for 2Q 2014 was 6.6%. Unitholders can expect to receive their DPU for 2Q 2014, along
with their DPU for 1Q 2014, totalling 4.99 cents on 25 September 2014.
Mr Victor Liew, Chairman of CRCTML, said, “In the second quarter of 2014, China’s
economy expanded 7.5% year-on-year and in the first half of the year, the country’s retail
sales rose by 12.1% year-on-year to RMB12.4 trillion. With the Chinese government’s
strong commitment to balanced and sustainable long-term growth, CRCT remains upbeat on
China’s retail sales prospects.”
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http://www.businesstimes.com.sg/companie...dpu-up-103
CapitaRetail China Trust's Q3 DPU up 10.3%
By
Lee Meixianleemx@sph.com.sg@LeeMeixianBT
25 Oct5:50 AM
Singapore
CAPITARETAIL China Trust (CRCT) on Friday posted a 10.3 per cent increase in its distribution per unit (DPU) to 2.35 Singapore cents for its third quarter ended Sept 30, 2014. Income available for distribution rose 14.1 per cent to S$19.5 million.
Gross revenue rose 30.2
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CapitaRetail China Trust: Still going strong
CapitaRetail China Trust (CRCT) reported 1Q15 results which came in within our expectations. Gross revenue jumped 13.3% YoY to S$54.5m due to rental growth from its multi-tenanted malls and a stronger CNY vis-à-vis the SGD. DPU grew 10.0% to 2.64 S cents. CRCT’s malls registered robust tenants’ sales growth of 14.3% YoY, while shopper traffic inched up 1.6%. Although management secured positive rental reversions of 12.8% in 1Q15, we note that this was softer than the 20.6%-24.9% rental uplifts recorded from 1Q14 to 4Q14. As at 31 Mar 2015, CRCT had a healthy gearing ratio of 28.6%, with an average cost of debt of 2.99%. 76.7% of its total borrowings are fixed (89.0% if we exclude onshore RMB loans). We retain our forecasts, HOLD rating and S$1.64 fair value estimate on CRCT given this in-line set of results. The stock is currently trading at FY15F distribution yield of 6.1% and P/B ratio of 1.08x. (Wong Teck Ching Andy)
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The interesting thing about CRCT is that it had decent results.
From the OCBC Research Report :
CapitaLand Retail China Trust (CRCT) reported its 4Q15 results which came in within our expectations. Gross revenue increased 6.7% YoY to S$56.2m, but this was attributed largely to FX translation impact, as gross revenue in RMB terms inched up 0.4% to RMB253.3m. DPU grew 4.4% to 2.59 S cents.
For FY15, CRCT’s gross revenue jumped 8.4% to S$220.3m (up 1.8% in RMB terms to RMB1,005.1m) and formed 101.6% of our FY15 forecast; while DPU of 10.60 S cents represented growth of 7.9% and was 0.6% shy of our fullyear projection.
CRCT’s malls registered YoY tenants’ sales growth of 3.6% in 4Q15 and 11.6% in FY15; while shopper traffic increased slightly by 1.0% YoY for the quarter and 1.8% for the full-year. Overall portfolio rental reversions came in at 8.1% in FY15. We maintain HOLD and S$1.48 fair value estimate on CRCT.
Source: OCBC Research - 4 Feb 2016
However, over the last one year, the share price has fallen 14%, by close to 22 cents from 1.67 to 1.45 today.
In this period, one would have got 9 cents as dividends, so, total return will around -8%.
I guess what this highlights is that when sentiment falls / sours on a market, even if the trust / company delivers on DPU / earnings, it will still suffer.
Disclaimer :-
I am not an investment professional.
I encourage you to do your own independent "due diligence" on any idea that I write about, because I could be and probably am wrong.
Nothing written here is an invitation to buy or sell any particular stock.
At most, I am handing out an educated guess as to what the markets may do.
The market will always find a new way to make a fool out of me (and maybe, even you!).
Even the best strategies of the past fail, sometimes spectacularly, when you least expect it.
I am not immune to that, so please understand that any past success of mine will probably be followed by failures
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CapitaRetail China Trust generally bounces up once the 50 day MA breaks out above the 200 day MA.
http://sgx-stocks-sti.blogspot.sg/2016/0...etail.html
Using this one would have entered CapitaRetail China Trust in March 2012 at 1.19.
The exit would have been in May 2013 at 1.56, using the trading rules of breach of 200 day MA, A return of 31%.
Similarly, you would see the next entry point in April 2014 at 1.445.
Exit would have been in July 2015 at 1.62 using the trading rules of breach of 200 day MA, A return of 12%.
The reason i am posting today is that we are approaching a key 200 day breach up of the 50 day MA. i.e. this stock is setting for a move up.
Disclaimer :-
I am not an investment professional.
I encourage you to do your own independent "due diligence" on any idea that I write about, because I could be and probably am wrong.
Nothing written here is an invitation to buy or sell any particular stock.
At most, I am handing out an educated guess as to what the markets may do.
The market will always find a new way to make a fool out of me (and maybe, even you!).
Even the best strategies of the past fail, sometimes spectacularly, when you least expect it.
I am not immune to that, so please understand that any past success of mine will probably be followed by failures
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CRCT turned in a decent set of results despite a weakening of the RMB during the reporting quarter. Annualized dpu of 10.9 cents gives a dividend yield of 7.49% based on yesterday's closing price. Gearing at 28.7%. NAV (ex-dividend) of $1.64. Two of its ten malls are undergoing stabilization hence still room to grow.
<vested since 2008>
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CAPITALAND Retail China Trust (CRCT) has announced a 2.7 per cent increase in distribution per unit (DPU) to 2.71 Singapore cents for the quarter ended March 31, 2016....
http://www.businesstimes.com.sg/companie...-dpu-up-27
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The remaining lease for the CRCT properties range from around 20 to 28 years.
That is very short, like industrial properties in Singapore.
Anyone knows what happens when the land lease expires in China? Do you get a chance to renew, or does the land and building revert back to the Chinese government and value becomes zero?
I checked with IR, and reply is "As there is no precedent case, we are unable to advise for now. We will share when we have a clearer picture of the Chinese government’s approach towards this."
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13-05-2016, 02:04 PM
(This post was last modified: 13-05-2016, 02:10 PM by Muck.
Edit Reason: Edit
)
(13-05-2016, 12:23 PM)gzbkel Wrote: The remaining lease for the CRCT properties range from around 20 to 28 years.
That is very short, like industrial properties in Singapore.
Anyone knows what happens when the land lease expires in China? Do you get a chance to renew, or does the land and building revert back to the Chinese government and value becomes zero?
I checked with IR, and reply is "As there is no precedent case, we are unable to advise for now. We will share when we have a clearer picture of the Chinese government’s approach towards this."
It's a risk that shareholders should take cognizance of and weigh for themselves. This is nothing new and was stated in pg 58 of the prospectus.
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There is uncertainty about the quantum of land grant premium which CRCT will have to pay and additional conditions which may be imposed if the Manager decides to seek an extension of the land use rights for the Properties.
Six of the Properties are, or will be, directly held by the Project Companies under land use rights granted by the Chinese government. Upon the expiration of the terms of the land use rights, the land use right as well as the ownership of the Properties will revert to the Chinese government unless the land user applies for an extension of the term of such land use rights. If an application for extension is granted, the land user will be required to, among other things, pay a land grant premium. As none of the land use rights granted by the Chinese government similar to those granted for the Properties has, as at the Listing Date, run its full term, there is no precedent to provide an indication of the quantum of land grant premium which the Project Companies will have to pay and additional conditions which may be imposed if the Manager decides to seek an extension of the land use rights for the Properties upon the expiry thereof.
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06-12-2023, 05:49 PM
(This post was last modified: 06-12-2023, 05:50 PM by weijian.)
Selling at a cap rate of 2.8% in current Chinese market conditions. Currency translation losses are been crystalized with such a sale but it is done at ~20% above last fair valuation and with CCT trading at 40% below NAV, the sale is value accretive for shareholders. Kudos to the manager CLIM for executing it.
DIVESTMENT OF THE COMPANY WHICH HOLDS CAPITAMALL SHUANGJING
The adjusted net asset value of the Target SPV as at 31 October 2023 of RMB763.7 million (approximately S$143.2 million) (the “Equity Transfer Price”), which takes into account the agreed price of the Divestment Interest of RMB842.0 million (approximately S$157.8 million) (the “Agreed Interest Price2”) and an existing shareholder’s loan in principal amount of US$10.3 million (approximately S$14.0 million3) owed by the Target SPV.
The independent valuation (“Valuation”) of the Property conducted for financial reporting purpose is RMB621.0 million 4 (approximately S$116.4 million). The valuation was commissioned by the Manager and the Trustee and carried out by CBRE (Shanghai) Management Limited using the discounted cash flow method and income capitalisation method.
https://links.sgx.com/FileOpen/20231206%...eID=780091
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