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

• 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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Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-01-31 SGinvestors.io

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