OCBC
CapitaMalls Asia: 3Q11 PATMI at S$36.5m
CapitaMalls Asia (CMA) reported 3Q11 PATMI of S$36.5m, down 30.3% YoY versus restated 3Q10 PATMI of S$52.4m. But it was still above our expectations due to lower-than-expected operating expenses. Revenue came in at S$66.9m, up 57.3% YoY, mainly due to Queensbay Mall acquired in Apr 11.
For operational malls in the portfolio, we saw occupancy rates in Singapore dip marginally from 98% the previous quarter to 96.6%, while occupancy rates in India increased from 91.6% to 96.1%. From a vintage breakdown perspective, we continue to see YTD NPI yields increase across all vintages; in particular, we saw malls opened in 2009 clock an increase in annualized yield from 3.5% to 5.1%. We will discuss the results further with management and, in the meantime, put our BUY rating and fair value of S$1.67 UNDER REVIEW. (Eli Lee)
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