CCT: CapitaLand Commercial Trust (CCT) 3Q15 DPU of 2.14¢ (+2.4% y/y, -2.3% q/q) came in line with street estimates, with 9M15's DPU of 6.45¢ (+2.2%) forming 76% of FY15 forecast.
Gross revenue and NPI grew to $68.3m (+2.9% y/y, -1.2% q/q) and $52.7m (+1.5% y/y, -2.2% q/q) from higher rents across the portfolio except at Golden Shoe Car Park, but partially offset by increased property tax and ad hoc maintenance expenses.
Overall portfolio occupancy slipped to 96.4% (-3.3ppt q/q), brought down by CapitaGreen, which opened doors on 9 Sep and has a committed occupancy of 87.7%.
Aggregate leverage climbed to 30.1% (+0.6ppt q/q) with average cost maintained at 2.4%.
Among peers, CCT's exposure to the impending office supply glut is low at 14% of office space up for renewal in 2016, compared with Keppel REIT (16%) and Suntec REIT (21%).
At the current price, CCT is trading at a 3Q15 annualized yield of 6% and 0.82x P/B.
Latest broker ratings:
Maybank-KE maintains Hold with TP of $1.25
OCBC maintains Hold, places TP of $1.39 under review
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