An analysis on CapitaRetail China Trust (CRCT)

CRCT is listed on 8 Dec 2006

Financial Data

Year                               Net Property Income               Distribution / Share
                                               (mil)                                          (cents)
2013                                                                                      9.3c - 9.8c (est)
2012                                     99.676                                          9.54c
2011                                     85.806                                          8.70c
2010                                     77.226                                          8.36c
2009                                     77.084                                          8.14c
2008                                     69.466                                          7.53c
2007                                     48.933                                          6.78c

Other Data (as at Q2'2013 report)

Debt

• Current - 22.131 mil
• Total     - 388.503 mil

Cash Balance - 98.228 mil
Shares Issued - 750, 861, 096
Div period - March , September

NAV -  $1.42 

Business Model

An asset holding company that uses commercial properties for rental in China.

Current Holding Properties:

1. Capitamall Xizhimen
2. Capitamall Wangjing
3. Capitamall Anzhen
4. Capitamall ErQi
5. Capitamall Shuangjing
6. Capitamall Minzhong Leyuan
7. Capitamall Qibao
8. Capitamall Saihan
9. Capitamall Wuhu (51% owed)

Opinion

CRCT provides a stable income for dividend players. Given that its current trading range is between $1.33 - $1.36, it is able to provide a dividend yield of 7% with a PE of 14. This counter requires long term patience and at its current price, we can look forward to accumulate on a 5-yr basis plan.



DISCLAIMER The ideas expressed in this blog should not be used to buy or sell the securities, commodities or assets mentioned. The accuracy or completeness of the information provided cannot be guaranteed. Readers should carry out independent verification of information provided. No warranty whatsoever is given and no liability whatsoever is accepted for any loss howsoever arising whether directly or indirectly as a result of actions taken based on ideas and information found in this blog.