CapitaLand China Trust - DBS Research 2024-01-31: Logistics Headwinds Priced In

CapitaLand China Trust - Logistics Headwinds Priced In

CapitaLand China Trust (SGX:AU8U) | SGinvestors.ioCapitaLand China Trust (SGX:AU8U)
  • CapitaLand China Trust (SGX:AU8U) reported full-year FY23 revenue of RMB1,912.5m (+3.3% y-o-y) and NPI of RMB1,293.7m (+5.3% y-o-y). Distributable income for the year declined 9.4% y-o-y to S$113.8m due to the impact of higher interest cost and forex translation.
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Performance dragged down by interest and logistics assets

  • Retail segment performance: Occupancy rose 0.7ppt q-o-q to 98.2%, with flat reversions of +0.2%, supported by a 42% y-o-y increase in same-store tenant sales and 46% y-o-y increase in traffic flow.
  • Business park performance was stable with a 0.2ppt improvement q-o-q to 91.0% with positive reversions of +1.6%.
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Portfolio Valuation:

  • CapitaLand China Trust's portfolio valuation is down 0.9% in local currency terms, primarily led by logistics assets, which saw a y-o-y decline of 4.3%, as opposed to retail (-0.7% y-o-y) and business parks (-0.3% y-o-y).

Capital management:

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Geraldine WONG DBS Group Research | Derek TAN DBS Research | 2024-01-31

Read also DBS's most recent report:
2024-04-25 CapitaLand China Trust - Uphill Battle Persists For The New Economy Segment.

Price targets by other brokers at CapitaLand China Trust Target Prices.

Listing of research reports at CapitaLand China Trust Analyst Reports.

Relevant links:
CapitaLand China Trust Share Price History,
CapitaLand China Trust Announcements,
CapitaLand China Trust Dividends & Corporate Actions,
CapitaLand China Trust News Articles


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