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  Bookmark this page   Sunday, 26 Oct 2014
 
Today's Headlines
CapitaCommercial Trust: Looking ahead to CapitaGreen completion

3Q14 distributable income increased 4.8% YoY to S$61.6m. This cumulates to an YTD distributable income of S$185.6m, which we deem to be in line with expectations and comprises 76.4% of our FY14 forecast. 3Q13 DPU is 2.1 S-cents – this is 2.9% or 0.06 S-cents higher than the 2.04 S-cents paid out in 3Q13 and translates to a distribution yield of 5.2% based on CCT’s last closing price. The growth in distributable income in 3Q14 was mainly due to higher contributions from portfolio assets, except for Wilkie Edge, and stronger NPI and distributable income from RCS Trust as well. Management reports that CapitaGreen remains on track to be completed by the end of FY14. The trust has secured aggregate lease commitments for 40% (279.5k sq ft) of total NLA. We continue to expect contributions from CapitaGreen to MSO Trust from 2H15 onwards, and to CCT’s distributable income from FY16. Maintain HOLD with an unchanged fair value estimate of S$1.67.

 
  Market Pulse
Market Pulse: Ascendas REIT, CCT, Midas, FCT, Cache Logistics Trust (24 Oct 2014)
Market Pulse: SingTel, KepCorp, Suntec REIT, FCOT, KepLand, SGX, MLT, Soilbuild REIT (23 Oct 2014)
Market Pulse: Genting, MLT, FCOT (21 Oct 2014)
Market Pulse: CMT, First REIT, Tiger Airways, SIA, SembMarine (20 Oct 2014)
Market Pulse: M1, Tiger Air, Ascott Residence Trust (17 Oct 2014)
Market Pulse: Singapore Press Holdings (16 Oct 2014)
Market Pulse: SingPost, Vard (15 Oct 2014)
Market Pulse: United Envirotech, SPH REIT, Singapore Economy (14 Oct 2014)
Market Pulse: Wheelock, Sembcorp Marine, United Envirotech, Yoma (13 Oct 2014)
Market Pulse: NOL, S-REITs, Tiger Air (10 Oct 2014)
  Research
CapitaCommercial Trust: Looking ahead to CapitaGreen completion
3Q14 distributable income increased 4.8% YoY to S$61.6m. This cumulates to an YTD distributable income of S$185.6m, which we deem to be in line wi ...
Singapore Exchange: Challenging securities market outlook
Singapore Exchange (SGX) posted 1QFY15 net earnings of S$77.6m, in line with consensus estimate of S$78.6m. Securities market continued to experie ...
Keppel Land: Actively recycling capital into regional mixed-use
3Q14 PATMI decreased 10.6% YoY to S$113.0m, mostly due to lower profits from the property development segment, but partially offset by divestment ...
Keppel Corporation: Well-positioned to capture quality growth
Keppel Corp (KEP) reported an 8.1% YoY rise in revenue to S$3.18b but saw a 9.5% decrease in net profit to S$414.2m in 3Q14, such that 9M14 net pr ...
SingTel: Upgrade to BUY on valuation ground
SingTel’s share price has fallen some 7% to hit a recent S$3.64 low since we downgraded our call to Hold on 14 Aug; this in line with the lower ov ...
Suntec REIT: 3Q14 results below our expectations
Suntec REIT’s 3Q14 revenue grew 8.5% YoY to S$71.5m, underpinned largely by the completion of Phase 2 (opened in Jun 2014) of the asset enhancemen ...
 
 Strategy
Singapore Market: Position for better 1H15
Despite yesterday’s correction for the STI, equities are still up for the year. We expect equities to remain in favor, despite higher interest rat ...
Healthcare Sector: Rich valuations may cap upside potential
SGX-listed healthcare companies which we track have largely reported improved financial performance during the recent 2QCY14 results season. Under ...
Telecom Sector: Pretty dull 2QCY14
For 2QCY14, it was a pretty muted quarter for the telcos, with all of them reporting results that were within our expectations. Nevertheless, we h ...
Oil and Gas: Neutral view, but positive over the longer term
In our earlier report, we highlighted that international oil companies are reining in their capex plans, though national oil companies are still k ...
Singapore Property: Further enhancement of Singapore’s outer regions
Over the last week, the authorities highlighted their various plans to transform the Jurong Lake District into a key regional center and also anno ...
Singapore Property: Deep value in West Orchard could be unlocked
With a dearth of upcoming projects in the Orchard retail space pipeline over 2015-17, we believe there could be a greater impetus for strategic re ...
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