- CapitaLand China Trust (SGX:AU8U) reported a ~1.6% y-o-y decline in top-line revenue to RMB468.1m. The retail segment continues to perform better than the new economy segment, in line with our expectations, rising 5.7% y-o-y on a same-store basis (excluding divestment of the Shuangjing and Qibao malls).
CapitaLand China Trust's 1Q operational update
- - Read this at SGinvestors.io -
- The new economy segment continues to see deepening woes, delivering a 6.6% y-o-y decline in gross revenues. Both the business parks and logistics segments continue to see a downward momentum in occupancies, landing at 90.2% and 67.6%, respectively.
- Notably, one of CapitaLand China Trust’s four logistics assets saw the vacation of its tenant in the quarter and the asset will likely sit vacant for a period of at least 3 to 6 months while CapitaLand China Trust prospect new tenants to take over the space.
Capital management was generally stable
- - Read this at SGinvestors.io -
- RMB-denominated loans rose from ~20% of overall debt profile in 4Q23 to 23% this quarter, with a long-term target to increase onshore exposure to 30%.
- There will be no refinancing requirement for the rest of the year.
Our views on CapitaLand China Trust
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-04-25
Read also DBS's most recent report:
2024-07-31 CapitaLand China Trust - Retail Segment Holding The Fort.
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