Results Release of CapitaMall Trust FY 2011 and Fraser Centerpoint Trust Q1 2012
CapitaMall Trust (CMT), one of my largest stock holding at 14% of my total Singapore stock portfolio announced results today. The results are encouraging, performing in line with my expectations. I last spoke about buying into CapitaMall Trust at $1.79 and I entered CMT a couple of times all the way down to $1.64. Since then, the price has bounced back to the region of $1.75-$1.76.
Frasers Centerpoint Trust (FCT), which takes up about 6% of my total Singapore stock portfolio also announced results. The results are spectacular, exceeding expectations with the near completion of AEIs at Causeway Point and contribution from newly acquired Bedok Point.
CapitaMall Trust Financial Results
Q4 Total Distribution is almost the same yoy, while Q4 DPU is down slightly from 2.36cents to 2.3cents due to expanded unitholder base from private placement.
Overall though, FY 2011 Revenue increased 8.5% from $581.1 mil to $630.6 mil
FY 2011 Net Property Income increased 4.8% from $399.1 mil to $418.2 mil
FY 2011 Distributable Income increased 2.3% from $294.8 mil to $301.6 mil
FY 2011 DPU is up 1.4% over FY 2010 DPU of 9.24 cents to 9.37cents.
CMT Operational Results
Overall, CMT achieved positive rental reversions of 2.1% for 2011. Occupancy rate is currently at 94.8% due to ongoing AEIs at Illuma and The Atrium at Orchard which has only 53% occupancy and 65.5% currently. All other properties are running at close to 100% occupancy.
2012-2014 will be exciting with the Illuma AEIs, Clarke Quay AEIs, Atrium AEIs, Jcube AEIs and the Westgate Development. I am highly bullish on CMT for mid-long term with the completion of these AEIs.
Frasers Centerpoint Trust Financial Results
Q1 2012 Turnover increased 30% from $27.6 mil to $35.9 mil
Q1 2012 Net Property Income increased 33.6% from $24.9 mil to $18.6
Q1 2012 Distribution to Unitholders increased 20.8% from $15 mil to $18.1
Q1 2012 DPU increased 12.8% from 1.95 cents to 2.20 cents! Keep this up the whole year and we can see a 10-13% dividend growth yoy!
FCT Operational Results
FCT’s portfolio occupancy as at 31 December 2011 stood at a healthy 97.5%. This is a 2.4%-point improvement compared to the occupancy of 95.1% as at 30 September 2011. The average rental rate for leases renewed in 1Q12 was 9.6% higher than the average rental of the preceding leases.
The revenue and net property income growth in 1Q12 were driven by strong performance from Causeway Point and the full-quarter contribution from Bedok Point. FY 2012 results will capture the full contribution from Bedok Point, hence it is expected to be much higher. Causeway Point registered strong yoy growth of 41.4% in gross revenue to $16.3 million and growth of 56.5% in net property income to $11.5 million. Causeway Point refurbishments are currently 80% completed and is expected to complete in December 2012. I expect further upside in 2013.
For further reading, you may be interested in:
My Singapore Stock Portfolio End December 2011
CapitaMall Trust Dips in Response to Private Placement, Time to Buy?