Shoppers of CapitaMalls down 2.2% in 3Q

Revenues up only due to higher rentals.

Post market close on 19 Oct, CMT announced 3Q12 revenues of S$167.2mn (+5.1%y-y; +1.0%q-q) and DPU of Scts 2.42.

Nomura notes that revenue was higher q-q largely due to higher rental incomes from Bugis+ which completed its asset enhancement works (AEI), offsetting a lower contribution from IMM where AEI work is still ongoing.

Here's more from Nomura.

Property expenses were slightly higher q-q, partly due to the opening expenses at JCube.

CMT’s portfolio occupancy dipped slightly to 98.4%, down from 98.6% in 2Q12. This was largely due to lower occupancy at IMM, which is currently undergoing AEI. 9M12 shopper traffic was down 2.2%y-y, it appears that the y-y decline was lower in 3Q12 versus 2Q12. 9M12 portfolio tenant sales were up 1.2% y-y.

Overall, we judge 9M12 results to be broadly in-line with our FY12F estimates, and we expect minimal stock price reaction on the latest set of results.

AEI work completed at JCube and Bugis+ with both assets substantially leased.

As at 3Q12, AEI work at JCube and Bugis+ is completed, with both assets attaining committed occupancies of 99.5% and 98.5%, respectively. In addition, an average of 1.3m and 1.4m people a month visit the malls, respectively. Atrium@Orchard AEI is on track for completion in 4Q12 and has committed occupancy increasing to 90.0% as of 3Q12, whilst Block E of Clark Quay is scheduled for opening in 4Q12 as well.

On the whole, it appears that AEI and pre-leasing activity is on-track as of 9M12.P

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