凯德商务产业信托: 稳定投资组合的诱人估值

  • 2020年一季度的收入符合预期,DPU较低,为65分,2020财年的DPU为18.3%,这是由于可分配收入的保留,因为预期租金的延期支付将会扰乱现金流。
  • 升级至增持评级,目标价为74新元 (先前目标价为2.18新元)。2020财年的DPU下调了15%,从9.03分降至7.67分,其收益率为5%。股权成本从6.34%增加至7.25%,贝塔系数提高了13个基点,以反映更高的市场风险,并将我们的终端增长假设从1.85%下调至1.6%,以考虑到租赁需求的疲软。

 

积极方面

 

+ 本年度仍有约10%的租赁到期,2020财年中60%的到期租赁已承诺续约。CCT在2020年一季度,有近303,000平方英尺的租赁面积已签约,其正向回归率为0%至31%的区间。其中22%的已签约租赁为新租赁合同,需求来自金融服务,法律能源,大宗商品,海事和物流行业。在经济情绪疲软的情况下,租赁需求预计将会减弱,续租的数量将超过新租约的预计数量。

 

消极方面

 

– 投资组合入住率从98.0%降至95.2%。这主要是由于AEIs随着主租户(渣打银行)的租约在2020年1月份到期后,缩减了其租赁规模,导致Six Battery Road的入住率下降 (下降了20.2个百分点,从98.7%降至78.5%)。Raffles City Tower的入住率环比也下降了5个百分点,从97.2%降至92.2%。

 

前景

 

CCT将按各自的税率,将房产税退还给所有的租户;零售和餐饮租户(主要是RCS下的租户)将会获得大约两个月的租金回扣(包括房产税退税)。RCS将豁免酒店经营者在4月份的分成租金 (2019财年的可变租金在酒店经营者的总租金中占比22%)。
将有两个物业在2020财年接受AEIs评估 – 待HSBC于2020年4月的租约结束后,将部分终止 Six Battery Road的租赁,及全面终止21 Collyer Quay的租赁。资本支出成本预计分别为3500万新元和4500万新元。

 

升级至增持评级,并下调目标价至1.74新元 (先前目标价为2.18新元)。

 

我们下调了对20/21财年的预测,以考虑到近期需求疲软导致的入住率下降,以及租户支持计划导致的RCS收入下降。20/21财年末的DPU将分别下降15.0%和10.9%。我们的股权成本从6.34%提高至7.25%,此前我们将贝塔系数提高了13个基点,并将终端增长假设从1.85% 下调至1.6%,以考虑到市场风险的增加和租赁需求的疲软。
  
如果有想了解更多全球股市资讯,请关注微信公众号 “辉立资本新加坡” (SGPSPL)。同时提供在线免费开设股票账户,一个账户轻松交易全球股票和ETF美股,港股,新加坡股,中国A股,越南股票,韩国股票,德国股票,马来西亚股票,泰国股票,印尼股票,菲律宾股票,日本股票,澳大利亚股票,台湾股票,加拿大股票,英国股票,法国股票,荷兰股票,葡萄牙股票,比利时股票,土耳其股票如果本文是英文翻译版本,一切请以英文为准

联系我们开设账户

需要帮助吗?请分享您的详细资料,我们会给您答复。

IMPORTANT INFORMATION

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  

 

Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com