- CapitaLand China Trust (SGX:AU8U) reported full-year revenue of S$383m (+1.4% y-o-y in RMB terms). NPI is S$254.2m (+1.5% y-o-y), which was driven by full-year contributions from acquisitions that were completed across 2021. This is partially offset by rental relief provided to tenants, with the heightened effect of lockdowns concentrated in 2H22.
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Occupancy saw the sharpest h-o-h decline; Sharp pick-up in metrices in Dec upon easing restrictions
- FY22 saw higher disruption to CapitaLand China Trust's operations in terms of mall closure days.
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- Operationally, reversions continue to be stable while occupancy saw the largest h-o-h decline in 2H22 (retail: - 1.7 ppt, new economy: -3.3ppt h-o-h). Retail reversions were +2.7% (ex-Qibao Mall), partially supported by strong returns post AEI completions.
- Shopper traffic saw a sharp decline from the beginning to mid-December, as case counts hiked post the official easing of domestic COVID restrictions on 5 December. This saw a sharp turnaround towards end-Dec/early Jan, as traffic eased +58% w-o-w in the last week of December. Jan 23 saw the sustenance of the recovery momentum of +81% m-o-m from December numbers.
- New economy reversions remain strong at +6.4%, with a dip in occupancy q-o-q at selected assets such as Hangzhou science tech park (I & II). Correspondingly, the retail/new economy/logistics portfolios ended the year at 95.4%/91.4%/96.4% occupancy, respectively.
Valuations up 2.0% y-o-y, supported by cap rate compressions
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