CapitaLand China Trust 3Q24 Update - DBS Research 2024-10-30: Cloudy, But Likely Priced In

• CapitaLand China Trust reported 3Q24 gross revenue of RMB452.8m (-5.2% y-o-y) and NPI of RMB298.9m (-5.4% y-o-y). The top line revenue decline was attributed to lower occupancy and rents from the new economy segments, and absence of contribution from divested malls Shuangjing Mall and Qibao.
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3Q24 Operational Update – trailing behind expectations.

Retail

• Retail occupancy saw a marginal 10 bps improvement q-o-q to 97.9%. CapitaLand China Trust’s retail segment saw a 2.9% y-o-y (9M24) increase in operating net property income on a same-store basis, uplifted by stronger shopper traffic (9M24: +10.1% y-o-y) and tenant sales (9M24: +2.4% y-o-y) post AEI completions. Retail reversions were marginally negative <-1% on a year-to-date basis.

Business park

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Logistics

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Geraldine WONG DBS Group Research | Derek TAN DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-10-30 SGinvestors.io

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