CapitaLand China Trust - OCBC Investment 2024-01-31: Riding The Downcycle

• On a CNY basis, CapitaLand China Trust (SGX:AU8U)’s 2H23 gross revenue and net property income (NPI) grew by 5.9% and 10.5% y-o-y to CNY964.7m and CNY630m, respectively.
• For full year FY23, gross revenue and NPI increased by 3.3% and 5.3% y-o-y to CNY1.9b and CNY1.3b, respectively. This was entirely underpinned by recovery in CapitaLand China Trust’s retail assets, while its new economy portfolio continued to struggle.
• - Read this at SGinvestors.io -

FY23 results missed our expectations

• Meanwhile, FY23 gross revenue and NPI declined by 4.8% and 2.9% y-o-y to S$364.7m and S$246.7m, respectively. 2H23 DPU of S$0.03, down 11.8% y-o-y. See CapitaLand China Trust's distribution dates.
• - Read this at SGinvestors.io -

New economy portfolio likely to remain a drag in the near term

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-02-06 CapitaLand China Trust - An Uphill Task.

Previous report by OCBC:
2024-10-30 CapitaLand China Trust - A Balancing Act Between Occupancy & Rental Reversions.

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 Dividend Payout Dates & Corporate Actions,
CapitaLand China Trust News