CapitaLand Mall Trust: 1Q16 in line; bolstered by active portfolio management
CapitaLand Mall Trust (CMT) 1Q16 DPU of 2.73¢ (+1.9% y/y) came in line, constituting 24% of street's full year estimates.
Revenue and NPI improved to $179.8m (+7.4%) and $127.9m (+8.6%), respectively, bolstered by new contribution from recently-acquired Bedok Mall (Oct '15), completion of phase two AEI at IMM Building and supported by an overall upward reversion of 1.4%.
Meanwhile, the slower growth in DPU was due to an increase in retained income for general corporate and working capital purposes.
At the current price, CMT is valued at 1.16x P/B and trades at an annualised 1Q16 yield of 5%.
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