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Stocks In Focus SG (Capitamall Trust, Frasers Centrepoint Trust, Raffles Medical Group) – 22/01/14
CapitaMall Trust’s FY13 Distribution To Unitholders Jumps 12.4%
For the year ended 31 December 2013, CapitaMall Trust recorded a 12.9 percent increase in net property income to $502.7 million from $445.3 million, supported mainly by increased gross revenue contribution from the completion of asset enhancement initiatives at Bugis+ and Atrium as well as the reopening of Jcube.
Property operating expenses moved up slightly by 4.7 percent to $226.5 million in FY13, compared to $216.3 million. This was mainly attributed to JCube, Bugis+, Atrium and Westgate, contributing $9.8 million to the increase in property operating expenses.
Subsequently, total distribution paid to unitholders for the year amounted to $356.2 million, a 12.4percent increase as compared to the previous year of $316.9 million.
Significance: Total distribution paid to unitholders in FY13 translates into a distribution per unit of $0.1027, representing an 8.6 percent increase from the previous year.
Fraser Centrepoint Trust’s 1Q14 Distribution To Unitholders Rises 4.3%
For the quarter ended 31 December 2013, Fraser Centrepoint Trust reported a 4.4 percent increase in net property income to $28.3 million from $27.1 million in the corresponding quarter last year. This was mainly attributed to higher contribution from Causeway Point upon the completion of its addition and alteration works.
Property expenses in 1Q14 edged up 6.6 percent to $11.6 million from $10.9 million amid higher other property expenses incurred arising from the provision of doubtful debts and receivables write-off.
Consequently, distribution to unitholders for the year was up 4.3 percent on a year-on-year basis to $20.6 million, translating into a distribution per unit of $0.025.
Significance: Performance of Fraser Centrepoint Trust portfolio of suburban malls is expected to remain stable on the back of projected healthy economic growth in Singapore, the company is expected to drive further growth through the acquisition of pipeline assets.
Raffles Medical To Acquire Land For Hospital Expansion
Raffles Medical Group (RMG) via its subsidiary, Raffles Hospital Properties, agreed to acquire a land site adjacent to Raffles Hospital for a purchase consideration of $105.2 million.
RMG intends to expand its existing healthcare facilities at North Bridge Road from its present Gross Floor Area (GFA) of 28,604.9 square metres (sqm) to 49,217.3 sqm. To be funded by both cash and bank borrowings, the total development cost, including the purchase price of the land site, costs associated with construction and extension works to the existing hospital, is estimated to be $310 million.
The land site of 1,978.1 square metres (sqm) yields a GFA of 11,077.4 square metres. Including the company’s existing land, the land site purchase will extend the total GFA to 20,612.3 sqm. Provisional permission for the extension has been obtained from the Urban Redevelopment Authority in July 2010.
Significance: The latest land acquisition is a strategic opportunity for RMG to expand its existing core business of providing medical and healthcare services. The additional space will be used for the expansion of inpatient and outpatient facilities as well as a venue to conduct training for doctors, nurses, ancillary staff and research.
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