CapitaLand China Trust (SG:AU8U)
SGX:AU8U
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CapitaLand China Trust
(SGX:AU8U)
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Rating:53Neutral
Price Target:
S$0.69
▲(0.74% Upside)
Action:ReiteratedDate:03/09/26
The score is driven primarily by mixed financial performance: strong operating margins and positive free cash flow are offset by declining revenue, net losses in 2024–2025, and weakening cash-flow momentum. Technicals further pressure the score due to a clear downtrend and weak momentum. A high dividend yield provides partial support, but the P/E is not informative given losses.
Positive Factors
Property-level margins
Sustained gross and EBIT margins near 60% indicate strong underlying property economics and effective cost control at the portfolio level. For a retail/business-park REIT, durable high margins support distributable income even if top-line softness persists, aiding long-term payout stability and reinvestment capacity.
Negative Factors
Declining revenue trend
A multi-year top-line decline signals structural pressure on rental income or occupancy that could persist. For an income-focused REIT, falling revenue narrows the margin for error on distributions and capex and may require more aggressive leasing, tenant mix changes, or asset disposals to restore growth and fee income streams.
Read all positive and negative factors
Positive Factors
Negative Factors
Property-level margins
Sustained gross and EBIT margins near 60% indicate strong underlying property economics and effective cost control at the portfolio level. For a retail/business-park REIT, durable high margins support distributable income even if top-line softness persists, aiding long-term payout stability and reinvestment capacity.
Read all positive factors
CapitaLand China Trust (AU8U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.19B
Dividend Yield6.66%
Average Volume (3M)2.51M
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue Growth-11.25%
EPS Growth46.08%
CountrySG
Employees40,000
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)N/A
Shares Outstanding1,757,150,100
10 Day Avg. Volume1,999,940
30 Day Avg. Volume2,509,850
Financial Highlights & Ratios
PEG Ratio5.35
Price to Book (P/B)0.70
Price to Sales (P/S)4.43
P/FCF Ratio14.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.69Price Target Upside0.98% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)0.04
Revenue Forecast (FY)S$268.30M
CapitaLand China Trust Business Overview & Revenue Model
Company Description
CapitaLand China Trust (CLCT), formerly known as CapitaLand Retail China Trust, is Singapore's largest China-focused real estate investment trust (REIT). Upon completion of the transformational acquisition of five business parks and balance 49% in...
How the Company Makes Money
CapitaLand China Trust generates revenue primarily through rental income from its portfolio of properties. The trust leases space to various tenants, including retail brands and corporate offices, which provides a steady stream of cash flow. Addit...
CapitaLand China Trust Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call conveyed cautious optimism: operational metrics show improving underlying trends (same-store NPI +1.3%, traffic +3.3%, tenant sales +5.5%, AEI income contribution, high mall occupancy) and management has made tangible funding cost and hedging progress (cost of debt down to ~3.1%, stronger RMB debt mix). Key negatives are the reported headline revenue/NPI declines driven by the Yuhuating divestment, ongoing weakness in business parks (reversion -11%) and some short-term leverage/refinancing items to monitor. Overall, the positives (stabilization, cost and capital improvements, AEI benefits and robust retail trading) materially outweigh the negatives, though risks remain in the business park segment and macro rent environment.Positive Updates
Portfolio Size and Asset Mix
Total assets of SGD 4.5 billion across 8 retail malls, 5 business parks and 4 logistics assets; retail represents ~70% of gross rental income (GRI) with business parks ~27% and logistics a smaller share.
Negative Updates
Headline Revenue and NPI Declines (Reported)
Reported portfolio gross revenue and NPI declined ~5% and ~3% respectively in 1Q26, largely driven by the divestment of CapitaMall Yuhuating (RMB ~21 million revenue loss).
Read all updates
Q1-2026 Updates
Positive
Negative
Portfolio Size and Asset Mix
Total assets of SGD 4.5 billion across 8 retail malls, 5 business parks and 4 logistics assets; retail represents ~70% of gross rental income (GRI) with business parks ~27% and logistics a smaller share.
Read all positive updates
Company Guidance
Guidance from the call was to prioritize portfolio reconstitution and targeted retail-led expansion while continuing AEI-driven income growth and proactive capital management to lower funding costs and FX risk, with specific metrics: total assets ~SGD4.5bn; asset mix c.70% retail / 27% business parks / 7% logistics of GRI; headline portfolio gross revenue and NPI down ~5% and ~3% (impacted by disposal of CapitaMall Yuhuating, ~RMB21m), but on a same‑store basis gross revenue was -0.4% y/y and NPI +1.3% y/y; retail revenue -7.2% y/y (ex‑Yuhuating -0.5% y/y) with AEIs adding ~RMB5m per quarter; retail traffic +3.3% and tenant sales +5.5% (vs ~2% for FY2025), occupancy cost ~17%, mall occupancy ~97% (almost all >95%), retail reversion ~-2% and business‑park reversion ~-11%; business‑park occupancy ~86% with ~60,000 sqm of Q1 new/renewal leases; logistics occupancy materially improved (Chengdu 96.2%, overall logistics ~99%); capital metrics – aggregate leverage 41.4% (March 2026), average cost of debt down from 3.3% to 3.1% YTD (40 bps y/y, 20 bps vs FY2025) delivering ~SGD2.9m interest savings (~18% y/y), RMB debt ~60% of borrowings (c.78% including hedges), ICR ~2.9x under stress (staying above ~2.3x), annual refinancing ~25% of debt and a RMB600m 3.8% FTZ bond maturing Q4 2026 (target to refinance at <3%), and FX hedging typically 75–90% over 6–12 months (Q1 hedged ~80% at c.5.4% effective) to protect distribution stability.CapitaLand China Trust Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 327.79M | 306.07M | 341.53M | 364.75M | 383.17M | 377.97M |
| Gross Profit | 208.56M | 186.78M | 208.74M | 238.58M | 256.35M | 245.44M |
| EBITDA | 195.42M | 184.03M | 146.06M | 218.94M | 242.42M | 236.18M |
| Net Income | 4.17M | -5.49M | -14.68M | 40.83M | 122.99M | 106.68M |
Balance Sheet | ||||||
| Total Assets | 4.61B | 4.48B | 4.72B | 5.00B | 5.23B | 5.58B |
| Cash, Cash Equivalents and Short-Term Investments | 240.87M | 237.73M | 228.84M | 243.46M | 231.05M | 288.86M |
| Total Debt | 1.82B | 1.70B | 1.85B | 1.95B | 1.95B | 2.00B |
| Total Liabilities | 2.42B | 2.26B | 2.41B | 2.58B | 2.54B | 2.62B |
| Stockholders Equity | 1.92B | 1.94B | 2.03B | 2.04B | 2.41B | 2.69B |
Cash Flow | ||||||
| Free Cash Flow | 171.92M | 96.23M | 158.54M | 205.58M | 143.30M | 186.36M |
| Operating Cash Flow | 172.29M | 96.58M | 175.79M | 206.07M | 182.08M | 214.09M |
| Investing Cash Flow | 29.73M | 94.25M | 85.15M | -5.63M | -43.96M | -533.42M |
| Financing Cash Flow | -197.39M | -178.87M | -275.85M | -177.99M | -173.51M | 362.76M |
CapitaLand China Trust Technical Analysis
Neutral
0.68
Price Trends
0.68
Positive
0.72
Negative
0.73
Negative
Market Momentum
<0.01
Negative
58.69
Neutral
81.02
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AU8U, the sentiment is Neutral. The current price of 0.68 is above the 20-day moving average (MA) of 0.65, above the 50-day MA of 0.68, and below the 200-day MA of 0.73, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.69 is Neutral, neither overbought nor oversold. The STOCH value of 81.02 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:AU8U.
CapitaLand China Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$1.29B | ― | 6.62% | 6.29% | 0.65% | 62.33% | |
71 Outperform | S$1.56B | ― | 10.96% | 5.83% | 5.40% | -27.18% | |
70 Outperform | S$18.38B | 8.38 | 5.88% | 5.26% | 1.66% | -6.80% | |
68 Neutral | S$7.39B | 21.59 | 7.29% | 5.50% | -4.61% | -55.41% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$834.71M | 13.50 | 5.29% | 8.87% | -0.78% | 12.00% | |
53 Neutral | S$1.19B | -247.46 | 0.93% | 6.66% | -11.25% | 46.08% |
* Real Estate Sector Average
SG:AU8U
CapitaLand China Trust
0.69
0.05
7.54%
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1.04
0.15
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SG:C38U
CapitaLand Integrated Commercial Trust
2.38
0.33
15.87%
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Mapletree Pan Asia Commercial Trust
1.35
0.20
17.49%
SG:P40U
Starhill Global Real Estate Investment
0.56
0.09
19.87%
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0.66
0.09
14.78%
CapitaLand China Trust Corporate Events
CapitaLand China Trust Strengthens Audit and Risk Committee with New Appointment
Feb 5, 2026
CapitaLand China Trust Management Limited, the manager of CapitaLand China Trust, has adjusted its board committee structure with the appointment of Non-Executive Independent Director Mr Liu Sing Cheong to the Audit and Risk Committee, effective 5...
CapitaLand China Trust Posts 6.2% Yield as Logistics Strength Offsets Retail Weakness
Feb 5, 2026
CapitaLand China Trust reported FY 2025 distributable income of S$83.9 million and a distribution per unit of 4.82 Singapore cents, implying a yield of 6.2%, as softer performance in its retail and business park assets and a weaker renminbi were p...
CapitaLand China Trust Posts 6.2% Yield as Logistics Strength Offsets Retail Weakness
Feb 5, 2026
CapitaLand China Trust reported FY 2025 distributable income of S$83.9 million and a distribution per unit of 4.82 Singapore cents, implying a yield of 6.2%, as softer performance in its retail and business park assets and a weaker renminbi were p...
CapitaLand China Trust Perpetual Securities Gain Qualifying Debt Status for Tax Concessions
Jan 27, 2026
CapitaLand China Trust has obtained a tax ruling from the Inland Revenue Authority of Singapore that its S$150 million fixed rate subordinated perpetual securities, issued under its S$1 billion multicurrency debt issuance programme, will be treate...
CapitaLand China Trust Enhances S$1 Billion Multicurrency Debt Programme for CMU Settlement
Jan 2, 2026
CapitaLand China Trust has updated and amended its S$1 billion multicurrency debt issuance programme, originally set up in 2012, to enable settlement and clearance of future securities via the Hong Kong Monetary Authority’s Central Moneymark...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.