Winners and losers in the retail market

Here are CMT's profitable and non-proftable tenants in 2012.

CIMB tags CMT's 4Q12 DPU 'unexciting even as results were decent. 4Q12 DPU was up 3% yoy, as a 14% NPI increase from completed AEIs was offset by an enlarged unit-base after its recent unit placement in Nov. "Results were decent but unexciting – occupancy was lower qoq at 98.2% (3Q:98.4%) due to the impact from AEI works at IMM and reconfiguration of Plaza Singapura after the departure of Carrefour.

Full-year rental reversions of +6.0% were a tad weaker than FY11’s +6.4%, partly due to negative rental reversions at Sembawang Shopping Centre and lower rents arising from the reconfiguration of IMM.

Operating metrics remain fairly muted with tenant sales up 1.6% yoy but shopper traffic down 1.4% yoy. Asset revaluation gains Portfolio value rose by S$134.6m (+1.7% hoh) to S$8.2bn, mainly from the completion of asset enhancement works at JCube, Atrium and Iluma. Raffles City office also saw a marginal cap rate compression of 25bp, likely due to improved rental projections.

"With these and the recent placement, asset leverage dipped to a lower 36.7% from 38.4% as at end-3Q," said CIMB.

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