Sunday, April 21, 2024

80% of CapitaLand China Trust debts are in SGD

Earlier, I noted that Chinese reits have debts in non-RMB (link). 

CapitaLand China Trust's borrowings are mostly in non-RMB too. In fact, 80% of its borrowings are in SGD. So when SGD is getting stronger while RMB is getting weaker, the leverage and the amount of interest payments rose. 

CapitaLand China Trustowns assets in China. Its gearing is 41.5%. 

Based on 2H 2023's DPU of 3 cents and share price of 0.695, CapitaLand China Trust dividend yield is around 8.6%. 

Will give CapitaLand China Trust a miss, as I don't like the currency mis-match in its debts. 

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