CapitaMalls Asia's launching costs for China malls hit $12m

And it lost ~$3m in India projects.

According to Barclays, 4Q12 reported PATMI was S$184.8mn (-10% y/y, +196% q/q), bringing FY12 PATMI to S$546.0mn (+20% y/y). Excluding revaluations of S$270mn and one-offs of S$101mn, FY12 core PATMI of S$167mn (+73% y/y) was 88% of the firm's S$189mn and 84% of the Bloomberg/IBES FY12 median forecast of S$198mn.

"We believe the shortfall was mainly due to some S$12mn in opening costs for its seven new China malls, S$3mn losses in India on project delays and higher finance costs," Barclays said.

"Final dividend of 1.625 Singapore cents, brings FY12 total dividend to 3.25 Scts, which implies a payout ratio of c46% of its cash earnings (ex-revaluations) and 1.5% dividend yield."