Thursday, February 7, 2013

CMA

CMA: 4Q/FY12 results above expectations. 4Q12 revenue was $113.6m, +71% yoy, mainly due to the acquisition of Olinas Mall in Jul ’12, additional stakes in 3 malls in Japan in Feb ’12, and new contribution from The Star Vista which began operations in Sep ’12, and improved mgt fee revenue due to higher project and property mgt fees arising from better performances of shopping malls, leasing commissions from new mall openings and new projects undertaken. Net profit was $184.8m, -10% yoy, mainly due to lower fair value gains mainly from properties in Singapore and China, and impairment losses suffered from India on its invmts and properties. Excluding fair value gains and impairment losses, core net profit would have been $51.3m, +81% yoy. CMA proposed final div of 1.625 cts. Including interim div of 1.625 cts, FY12 div is 3.25 cts, +8.3% yoy, translating to 1.5% yield. For 2013, mgt will focus on opening 6 malls, comprising 2 new malls in Singapore (Westgate and Bedok Mall), 2 new malls in China as well as Phase 2 of CapitaMall Jinniu in Chengdu and one in India. CMA trades at 1.3x P/B, 15.5x P/E.

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