Brokers' take

CapitaLand Retail China Trust | Accumulate April 30 close: S$1.57 Target price: S$1.66 PhillipCapital, April 30

TOTAL net gain from the Anzhen divestment in July 2017 was around S$32 million. We estimate loss of net property income from Anzhen to be around S$3.4 million a quarter, and expect management to continue utilising divestment gains to top up loss of income. Distribution per unit outlook is stable.

Positive rental reversions from the Wangjing asset enhancement initiative and Rock Square will continue to support earnings. No debt expiring this year mitigates impact from interest rate volatility.