Here's what CapitaMalls Asia must thank for its impressive China earnings

Tenant sales surged 15.9%.

According to CIMB, CMA’s 1Q13 property income in China was boosted by new contributions from Olinas Mall and the recent completion of Star Vista.

Other improvements came from CMT, Ion Orchard and the income from its China funds. Associate income came in slightly below expectations, which we suspect was due to more pre-opening losses booked for malls completed in FY12.

Here's more from CIMB:

Operating metrics continued to improve, with same-mall NPI and tenant sales in China up 15.2% and 15.9%, respectively.

CMA also reported good yield improvements, such as those opened in 2010 and 2011, which saw 32-38% yoy jump in yields.

Overall, we estimate core earnings rose 83% yoy due to a combination of new contributions and improved yields. More malls are expected to be completed this year.

CapitaMall Meilicheng, Chengdu, will open in Apr, with c.90% occupancy currently and an expected NPI yield of 5% after the first year of operation.

This level is not ideal but is expected to improve considerably after one leasing cycle (3-4 years). In Singapore, Bedok Mall is on track to open in 4Q13; current occupancy is over 70%.

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