Small/Mid Cap Strategy and Stock Picks - the DBS Vickers ...
Small/Mid Cap Strategy and Stock Picks - the DBS Vickers ...
Small/Mid Cap Strategy and Stock Picks - the DBS Vickers ...
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Regional <strong>Small</strong>/<strong>Mid</strong> <strong>Cap</strong> <strong>Strategy</strong> Q2 2008<br />
Fortune REIT<br />
Income Statement (HK$m)<br />
FY Dec 2006A 2007A 2008F 2009F<br />
Turnover 614 615 655 703<br />
Property op. expenses* (176) (165) (172) (198)<br />
Net property income 438 450 483 505<br />
Interest (Exp)/Inc (107) (113) (113) (112)<br />
Exceptional gain/(loss) 707 461 0 0<br />
Total trust (expenses)/<br />
income (39) (34) (37) (38)<br />
Pre-Tax Profit 998 764 333 355<br />
Tax (59) (60) (65) (69)<br />
Minority Interest - - - -<br />
Net Profit 939 704 268 286<br />
Distribution income 277 285 294 295<br />
Revenue Growth (%) 35.6 0.1 6.6 7.4<br />
Net Property Inc. Gth (%) 35.4 2.9 7.4 4.6<br />
Distr. Inc Gr (%) 27.6 3.0 3.3 0.2<br />
DPU Growth (%) 1.7 2.5 2.7 0.2<br />
* Include manager's performance fee<br />
Balance Sheet (HK$m)<br />
FY Dec 2006A 2007A 2008F 2009F<br />
Fixed Assets 9,235 9,713 10,081 10,436<br />
O<strong>the</strong>r LT Assets 0 - - -<br />
Cash/ST Investments 252 242 242 253<br />
O<strong>the</strong>r Current Assets 31 37 39 41<br />
Total Assets 9,518 9,992 10,361 10,730<br />
ST Debt - - - 1<br />
O<strong>the</strong>r Current Liab 198 199 205 210<br />
LT Debt 2,335 2,339 2,343 2,346<br />
O<strong>the</strong>r LT Liab 119 148 148 148<br />
Minority Interests - - - -<br />
Unitholders' Fund 6,866 7,306 7,666 8,025<br />
Total <strong>Cap</strong>ital 9,518 9,992 10,361 10,730<br />
Share <strong>Cap</strong>ital (m) 807 812 816 816<br />
Total Debt (2,335) (2,339) (2,343) (2,347)<br />
Working <strong>Cap</strong>ital 84 80 76 83<br />
Book NAV (HK$) 8.53 9.04 9.43 9.87<br />
Cash Flow Statement (HK$m) Gross rental income breakdown (%)<br />
FY Dec 2006A 2007A 2008F 2009F<br />
FY Dec 2006A 2007A 2008F 2009F<br />
Profit before tax 998 764 333 355<br />
Tax Paid (39) (49) (65) (69)<br />
Depr/Amort 0 0 0 0<br />
Chg in Wkg <strong>Cap</strong> 18 (4) 3 3<br />
Othr Non-Cash (564) (320) 139 138<br />
Operational CF 413 391 410 427<br />
<strong>Cap</strong>ex 66 (17) (15) (15)<br />
Assoc, MI, Invsmt 7 8 8 8<br />
Investment CF 72 (10) (7) (7)<br />
Net Chg in Debt (48) - - -<br />
New <strong>Cap</strong>ital - - - -<br />
Dividend (279) (278) (289) (297)<br />
O<strong>the</strong>r financing CF (119) (113) (113) (112)<br />
Financing CF (447) (391) (403) (409)<br />
Chg in Cash 38 (9) (0) 11<br />
Chg in Net Cash 87 (9) (0) 11<br />
Source: Company, <strong>DBS</strong> <strong>Vickers</strong><br />
Metropolis 19 15 15 15<br />
Ma On Shan Plaza 20 22 23 23<br />
Household Center 4 4 3 3<br />
Smartl<strong>and</strong> 5 4 4 4<br />
Jubilee Court Shopping<br />
Centre 4 4 4 4<br />
City One Shatin property 35 36 35 34<br />
Waldorf Garden 6 6 8 9<br />
Tsing Yi Square property 4 4 4 4<br />
Centre de Laguna property 2 2 2 2<br />
Lido Garden property 1 1 1 1<br />
Rhine Garden 1 1 1 1<br />
100 100 100 100<br />
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