Perennial China Retail Trust

Perennial China Retail Trust: 4Q13 results in-line. Result largely driven by fair value gain of $60.3m and from earn-out of $21.9m. FY12 and 4Q12 Distribution Income amounted to $43.6m and $11.2m respectively, both of which are in line with Forecast. PCRT will distribute 1.96c for 2H12 as forecast, together with 1H12 DPU of $1.90, FY12 DPU stands 3.86c, as per Forecast (6.2% yield) Grp note that with more than 90.0% of PCRT’s IPO assets having completed construction, the development risk for the IPO portfolio has been largely reduced. Expect China’s economy is expected to slow to a more moderate pace & operating environment in Shenyang will remain challenging in the next few quarters. Grp will be gearing up for the opening of Perennial Jihua Mall in Foshan and Perennial Qingyang Mall in Chengdu. Where opportunities arise, they will also pursue initiatives to unlock value and recycle capital for Unitholders. With the earn-out arrangements in place till FY14, grp is on track to deliver a target annual Amount Distribution Income of Rmb227.0m for FY13 and FY14.