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CapitaRetail China Trust (CRCT)
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Joelton
Supreme |
06-Feb-2023 09:25
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CapitaLand China Trust posts 24.4% drop in second-half DPU on higher rental reliefs for tenants
SINGAPORE &ndash CapitaLand China Trust (CLCT) on Friday posted a 24.4 per cent year-on-year drop in distribution per unit (DPU) to 3.4 cents for its second half ended Dec 31, 2022, from 4.5 cents a year ago.
 
The lower DPU came despite the real estate investment trust (Reit) releasing $3.6 million from the amount available for distribution to unit holders previously retained in the first half of 2022.
 
Distributable income fell 20.3 per cent year on year to $56.9 million from $71.4 million, impacted by lower retail performance, higher interest expenses and the absence of one-off proceeds, said the Reit&rsquo s manager.
 
The decline in second-half performance can also be attributed to higher rental relief provided for tenants whose operations were affected by long periods of Covid-19 lockdowns during the year, particularly in the second half, the manager noted.
 
The manager&rsquo s chief executive, Mr Tan Tze Wooi, expects the Reit&rsquo s retail portfolio to shift to a positive trajectory in 2023 following China&rsquo s easing of Covid-19 restrictions.
 
CLCT&rsquo s portfolio is &ldquo well-placed to capitalise on growth opportunities across multiple sectors&rdquo , said Mr Soh Kim Soon, chairman of the Reit manager.
 
Gross revenue was down 8.6 per cent to $183.9 million for the half-year period, from $201.1 million a year ago, mainly due to a decline from the retail portfolio as most of the Reit&rsquo s China malls were mandated to close for various days in the second half of 2022.
 
Net property income (NPI) fell 11.8 per cent year on year to $114.7 million for the half-year, from $130.1 million.
 
The latest set of second-half results brought CLCT&rsquo s financial year 2022 DPU to 7.5 cents, down 14 per cent from 8.73 cents in financial year 2021, as the top-line increase was dragged by finance costs and taxes.
 
Gross revenue for the full year rose 1.4 per cent to $383.2 million from $378 million, as the provision for rental relief in the second half was more than offset by higher contributions from new acquisitions. The NPI for financial year 2022 increased 1.5 per cent to $254.2 million.
 
The business parks and logistics parks segments showed positive year-on-year performance for the year ended Dec 31, compared with financial year 2021.
 
In contrast, the retail malls segment saw a decline in gross revenue, falling by 6.5 per cent to $260.3 million in financial year 2022. The NPI for the segment also fell, dropping 8.7 per cent to $164.1 million.
 
CLCT&rsquo s retail assets, business parks and logistics parks registered positive rental reversions for financial year 2022 and achieved steady occupancy of 95.4 per cent, 91.4 per cent and 96.4 per cent respectively as at end-2022, with improved tenant quality.
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asianguy
Senior |
03-Feb-2023 13:37
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https://www.businesstimes.com.sg/companies-markets/capitaland-china-trust-posts-244-drop-h2-dpu-s0034
Following the release of CLCT&rsquo s H2 results, DBS Group Research has removed the trust from its list of dividend equity picks as it noted an 11 per cent gain since its inclusion in mid-December 2022. &ldquo While a pullback in the stock price is possible, we will look for re-entry opportunities as we stay positive on the China reopening theme,&rdquo said the research team on Friday, adding that the FY2022 headline numbers were weaker than expected.   |
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pasttime
Elite |
03-Feb-2023 10:06
Yells: "Buy good stock on sale and collect dividend long long time" |
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dpu not as bad as i have expected. fair considering the lock down in china. bad things has happened to landlord in 2022. now it is past. their help extended to tenants will bear fruits in future. hopefully 2023 they return back to normal and  grow more in 2024. interest rate increased has hit or near peak. treasury par yield above 4% for 2 years and below versus 10 year 3.4%. i see this as market expectations that rates will come down in time further away. so for reits no need worry too much about impact of rates increased.   |
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pkli899
Supreme |
03-Feb-2023 09:11
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Wishful thinking on my part. DPU is lower than I expected. Quite far off in fact.  ![]() Nevertheless, bad days are over, looking forward to better performance in 2023. |
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spursfan
Elite |
03-Feb-2023 08:20
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FY 2022 results presentation https://links.sgx.com/1.0.0/corporate-announcements/N96WPVJWCN9F8BEC/745666_20230203%20CLCT%20FY%202022%20Financial%20Results%20Presentation.pdf |
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pkli899
Supreme |
26-Jan-2023 10:41
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Recently price went up I think is because China outlook turning positive. As for dividend, I don' t think it will be that good, as the period involved still affected by China locked down. In fact, we look back, only 2015 to 2018, dividend above 10c. Thereafter, 2019 was above 9c, 2020 was bad because of Covid. 2021  was above 8c. 2022 1st half 4.1c. So, I expecting something around the same figure for this 2nd half. 2023 perhaps, we can look forward to better dividend. |
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halleluyah
Supreme |
26-Jan-2023 08:57
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div coming vry soon...heading 1.30.. | ||||
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Wordee
Member |
25-Jan-2023 18:02
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insider news on upcoming div windfall or knee jerk reaction? | ||||
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actan99
Veteran |
25-Jan-2023 12:41
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UP LIAO LO  | ||||
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actan99
Veteran |
17-Jan-2023 00:50
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China open up liao,  huat ah  :)  | ||||
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stonkmaster
Senior |
30-Nov-2022 19:10
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Because I sold and it suddenly shoot up.
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des_khor
Supreme |
30-Nov-2022 16:24
![]() Yells: "Tell me who is God or Market Fortune Teller in this forum ??" |
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Ya lo ? market go opposite direction!
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hokpin
Elite |
30-Nov-2022 15:44
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Why is it so strong today? China will open soon?! | ||||
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pkli899
Supreme |
25-Nov-2022 20:40
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Not like that la. For existing holders, they merely take part of the dividend in advance. Balance will be payout at usual timing, that' s all, no difference in the full year amount. For 2021, 1st half year DPU was 4.23c Then Advance DPU of 2.7c given before 2nd half results. So, 2nd half year DPU was 1.8c (the full amount of 4.5c less ADPU of 2.7c). Original holders got the full 8.73c.  
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prophetjul
Senior |
25-Nov-2022 14:35
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So in essense, the normal DPU should be around 6 cents or lower? 
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pkli899
Supreme |
25-Nov-2022 10:53
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Yes, nothing special about this " Advance DPU" . New shares issued thru Rights Issue, etc, should not enjoy the dividend for period prior to them being added to the market. Hence, Advance Distributions are given to existing holders for period up to immediately before the listing of the new shares. |
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Observers
Master |
25-Nov-2022 07:30
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I may be mistaken but if memory doesnt fail me, I think some of these distribution is due to mergers or big purchases using equity (new shares) and the company pays a special dividend before the new equity is distributed perhaps to make the transaction cleaner and easier to account to both older and newer shareholders?
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prophetjul
Senior |
24-Nov-2022 13:39
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So what is happening in China now?  | ||||
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pasttime
Elite |
19-Nov-2022 07:21
Yells: "Buy good stock on sale and collect dividend long long time" |
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asset in china. affected by sgdcny exchange rate. fall from end jun about 4.8 to current 5.19  a drop of about 8.1%.  there was increased in number of reits units and increased in property income. so expect the dividend to drop a bit. estimate dividend about 7%. going forward if usd weaken and cny strengthen then this stock price may go up. hopefully with usd drop money flow will reverse and flow to other markets. | ||||
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blizzzz
Member |
18-Nov-2022 23:00
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Today already 18 Nov, still not declare special dividend I think this year no more special dividend again from the information you posted only 2020 and 2021 have special dividend |
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