CRCT: FY11 DPU of 8.7c approx 7.3% yield. 4Q DPU of 2.28c declared. Increase in DPU by 11% was attributed to Minzhongleyuan acquisition and strong rental reversions. Net income for FY11 was 7.5% higher yoy at $119.7m
Gearing declined to 28% with overall interest cost at 2.6%. Rental reversions came in at 11.5% for the yr, substantially improving from 5.1% in FY10. Phase II of CapitaMall Xizhimen was finally opened in 4Q11 which saw a 10% increase in shopper traffic. Other potential upsides include AEI for Mingzhongleyuan and conversion of some of the master leased malls.
JP Morgan retains Neutral but raises TP to $1.25.
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