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CapitaLand Mall Trust’s unit price rise 1.15% after its Q2 DPU was raised to 2.92 cents

The REIT’s net property income for the second quarter grew 10.2% to S$133.2 million, from S$120.8 million a year ago.

The unit price of CapitaLand Mall Trust (CMT), a Singapore-based real estate investment trust (REIT) rose by 1.15% after it raised its second quarter distribution per unit (DPU) by 3.9% to 2.92 Singapore cents in its earnings announcement posted before the market opened on Tuesday.

The REIT’s net property income for the second quarter grew 10.2% to S$133.2 million, from S$120.8 million a year ago. Gross revenue rose by 10.6% to S$189.5 million, from S$171.4 million a year ago.

CapitaLand Mall Trust unit price rise 1.15% on positive Q2 results

Units of the REIT gained S$0.03 to reach S$2.63 in early trading on Tuesday morning. Year-to-date, the REIT has risen by 15.9%, from the price of S$2.27 per share on January 2, 2019.

The REIT has cooled slightly from its 11-year high closing price of S$2.74 on July 5, 2019. The last time its unit price reached such levels was in June 2008.

Contributions from Westgate and Funan mall supported the ‘steady financial performance’

Contributions to the second quarter gross revenue was supported by the completion of the acquisition of the remaining 70% interest in Westgate Shopping Mall on November 1, 2018 as well as the re-opening of the Funan Mall after a redevelopment which took three years to complete, CMT’s manager said.

Westgate Shopping Mall added S$18.4 million in gross revenue while the Funan Mall contributed S$900,000.

Meanwhile, lower gross revenue due to the divestment of Sembawang Shopping Centre in June 2018 partially offset the revenue gains.

Mr Tony Tan, the chief executive of CapitaLand Mall Trust Management said the contributions from Westgate and Funan are expected to ‘anchor CMT’s steady financial performance’ as the trust starts its rejuvenation of Lot One Shoppers’ Mall in the third quarter.

Cautious outlook ahead as Singapore economy slows, cites CEO

Looking at the slowing Singapore economy, Mr Tan said that CMT remains ‘cautious’ in its outlook.

The Singapore economy fell below expectations with a 0.1% year-on-year gain in the second quarter this year, drawing concerns from economists on a possible technical recession looming. A technical recession is defined as economic growth contracting for two consecutive quarters on a quarter-on-quarter basis.

‘Competition for the consumer wallet is expected to stay keen with the progressive opening of new malls, although the supply of new retail space is projected to taper off from 2020. As a proactive REIT manager, we will continue to review our portfolio for possibilities to create value through acquisition and development opportunities,’ Mr Tan said.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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