UOBKayhian on 23 Jan 2014
FY14F DPU Yld (%): 5.7
FY15F DPU Yld (%): 5.9
Results in line with expectations. CapitaMall Trust (CMT) reported 4Q13 distributable income of S$94m (+18% yoy, +6.3% qoq) and DPU of 2.72 cents (+15.3% yoy, 3% qoq). The 2013 DPU is in line with our expectation, accounting for 99.7% of our estimate of 10.30 cents. Included in 4Q13 distribution is the S$3.8m (0.11 cent) retained earlier in the year. Maintain HOLD and target price of S$2.14, based on DDM (required rate of return: 7.1%, terminal growth: 1.8%).
No comments:
Post a Comment