Rev - 94.041 mil
Net Profit - 72.564 mil
EPS - 1.81c
DPU - 2.04c
NAV $ 1.64
Cash Balance - 59.259 mil
No outstanding debt with 1 yr.
Opinion - CCT maintains its DPU this qtr but its incoming rev has dropped as compared to Q3'2012. Much has been pointed at its lower occupancy at Capital Tower and the cessation of yield protection at George Street. The mkt expects the office rental to be revised upwards, thus CCT looks to be position for the ride. My opinion is to HOLD this stock as it is still below its book value with a Div yield @ 5.7% at current rate.
CapitaCommercial Trust listed on 11 May 2004
Financial Data
Yr Rev Net Income DPU
2013 8c
2012 375.806 mil 295.524 mil 8.05c
2011 361.242 mil 277.315 mil 7.52c
2010 391.911 mil 298.983 mil 7.83c
2009 403.323 mil 220.957 mil 7.06c
2008 335.285 mil 233.471 mil 11.0c
2007 240.078 mil 173.996 mil 8.70c
2006 155.722 mil 114.668 mil 7.33c
2005 115.131 mil 84.252 mil 6.81c
Other Data (as at 30 Jun 2013)
Debt
- Current: 801.416 mil
- L.Term: 1196.576 mil
- Total: 1991.180 mil
Shares Issued : 2,374,598,116
Outstanding Convertible Bonds:
- $190.3 mil @ 2.7% with conversion price at $1.2324 due in 2015
- $175 mil @ 2.5% with conversion price at $ 1.6394 due in 2017
Opinion
Currently, CCT is undervalued as compared with its book value of $1.65. With its current shr price at $1.43 (11 Oct 2013), and its reporting date on 18 Oct 2013, this counter may pick up slightly but wont be a big affair. Its dividend payment is around Feb and Aug semi-annually. This counter offers a DIV yield of 5.6%
and estimated 8c this year.
Looking at its current debt and its Debt reporting presentation on 14 Aug 2013, this counter managed to refinance its debt. The rest of its debt are 300 mil @ yr 2014, 430 mil @ yr 2015, 808 mil @ yr 2016. I believe they will need short term loans or Medium Term Note to pay off its debt.
Conclusion
This counter is for long term holding. Accumulate as its share price goes lower.
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.
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