CRCT’s 2Q16 results were in accordance with our desires. DPU fell 4.4% YoY to 2.61 S pennies, or 24.0% of our entire year estimate. Gross income diminished by 5.1% to S$51.5m, or 23.4% of our entire year gauge. This was essentially because of weaker RMB against SGD as income fell 1.1% in RMB terms. With the usage of China VAT change on 1 May 2016, income from May to June is netted off against 5% VAT.
Both CapitaMall Minzhongleyuan and CapitaMall Wuhu keep on facing challenges, posting 30.4% YoY and 27.5% YoY fall in gross income commitment in RMB terms. Net property pay fell 1.5% YoY to S$35.5m. Inhabitance stayed level, expanding marginally from 94.6% as at 1Q16 to 94.9% as at 2Q16.
Portfolio rental inversion came in at 5.1% higher for 6.3% of NLA that were up for restoration. Equipping remains at 29.2%. We put our HOLD rating and reasonable estimation of S$1.43 under audit, pending more data from the preparation later today.
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