CapitaRetail China Trust: 2Q10 results. Net property income +1.9% yoy to S$19.8m; would have been higher if not for appreciation of SGD vs RMB. Most malls saw good growth, in particular Xizhimen Mall (+23.6% yoy), and Saihan Mall which performed well after the completion of asset enhancement works. DPU is S2.07 cts, (+6.7% yoy), translating to annualised distribution yield of 6.6%...
Mgt expects Reit to continue to benefit from the Chinese government’s stimulus measures to boost domestic consumption (IMF forecasts 10.5% growth in 2010) and maintain stable and sustainable economic growth. Stock last traded at $1.25, vs NAV/unit of $1.13.
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