April 24, 2014 STC: Sandakan Branch
[STC MARKET UPDATE] Strictly For Internal Circulation Only
Disclaimer: The information and opinions in these slides were
prepared by RHB Branch Broking. The investments discussed or
recommended in these slides may not be suitable
for all investors. These slides have been prepared for
discussion purposes only and are not an offer to sell or a
solicitation to buy any securities. The employees of
RHB Branch Broking may from time to time have a position in or
with the securities mentioned herein. Members of the RHB Group and
their affiliates may provide
services to any company and affiliates of such companies whose
securities are mentioned herein. The information herein was
obtained or derived from sources that
we believe are reliable, but while all reasonable care has been
taken to ensure that stated facts are accurate and opinions fair
and reasonable, we do not represent
that it is accurate or complete and it should not be relied upon
as such. No liability can be accepted for any loss that may arise
from the use of these slides. All
opinions and estimates included in this session constitute our
judgement as of this date and are subject to change without
notice.
STRAITS TIMES INDEX 3258. 01 -19.52 -0.60% Stock
Recommendation
CAPITALMALL TRUST Company Background CapitaMall Trust (CMT) is a
real estate investment trust (REIT). CMT owns and invests in assets
which are used, or
predominantly used, for retail purposes primarily in Singapore.
As of December 31, 2010, its portfolio consisted of a
list of over 2,400 leases with local and international
retailers. CMT's portfolio consists of 15 retail properties which
are
located in the suburban areas and downtown core of Singapore,
such as Tampines Mall, Junction 8, Funan DigitaLife
Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang
Shopping Centre, JCube, Hougang Plaza, Raffles
City Singapore, Lot One Shoppers' Mall, Bukit Panjang Plaza,
Rivervale Mall, The Atrium Orchard and Clarke Quay. As
of December 31, 2010, it also owned approximately 19.62%
interest in CapitaRetail China Trust. Its subsidiaries
include CapitaRetail Singapore Limited and CMT MTN Pte. Ltd. On
July 1, 2010, it acquired Clarke Quay. In February
2011, it acquired Iluma, a shopping mall located at Victoria
Street.
Highlights
Financial Result
CapitaMall Trust (CMT) released its 1Q14 results this morning.
NPI grew 5.3% YoY to S$114.3m, while distributable
income increased 4.5% to S$89.1m. DPU for the quarter came in at
2.57 S cents, 4.5% higher than that achieved in
1Q13. This met 23.4% of both ours and consensus full-year DPU
projections. The better performance was driven
mainly by higher occupancy at Plaza Singapura and
Atrium@Orchard, and completion of Phase 1 asset enhancement
initiative (AEI) at IMM Building. Looking ahead, CMT will
continue to focus on executing its AEIs at Bugis Junction
and Tampines Mall. In addition, it will also embark on Phase 2
AEI at IMM Building and reconfigure Level 2 of JCube
to enhance the shoppers experience. Source: OCBC Research - 23
Apr 2014
Avg Volume (4 weeks) : 9,059,105 4 Weeks Range : 1.88 - 2.02 52
Weeks Range : 1.80 - 2.45 Average Price Target : 2.16 Price Target
Upside/Downside: +0.19
April 24, 2014 STC: Sandakan Branch
[STC MARKET UPDATE] Strictly For Internal Circulation Only
Disclaimer: The information and opinions in these slides were
prepared by RHB Branch Broking. The investments discussed or
recommended in these slides may not be suitable
for all investors. These slides have been prepared for
discussion purposes only and are not an offer to sell or a
solicitation to buy any securities. The employees of
RHB Branch Broking may from time to time have a position in or
with the securities mentioned herein. Members of the RHB Group and
their affiliates may provide
services to any company and affiliates of such companies whose
securities are mentioned herein. The information herein was
obtained or derived from sources that
we believe are reliable, but while all reasonable care has been
taken to ensure that stated facts are accurate and opinions fair
and reasonable, we do not represent
that it is accurate or complete and it should not be relied upon
as such. No liability can be accepted for any loss that may arise
from the use of these slides. All
opinions and estimates included in this session constitute our
judgement as of this date and are subject to change without
notice.
Strategy Share Price of CapitalMall Trust has been trending up
since beginning of January 2014. It closed at SGD$1.97 yesterday
with total volume 12.6m traded. Based on the above, we expect a
short term fluctuation of share price around SDG$1.90 to SGD$2.00.
We expect a possible breakout in near term above SGD$2.05 with
immediate resistance is at SGD$2.05, crossing this point will
indicate a bullish rally. Immediate support is at SGD$1.915 and
second immediate support is at SGD$1.815. Short-term strategy:
Accumulate around SGD$1.90 with short term target set at SGD$RM2.05
SGD$2.10. Medium/long-term strategy: Buy around SGD$2.05 SGD$2.10.
Target set at SGD$2.34
