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
▲(5.38% 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$1.14B
Dividend Yield6.66%
Average Volume (3M)2.51M
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth-8.59%
EPS Growth-93.48%
CountrySG
Employees40,000
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)-0.02
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$0.70Price Target Upside7.69% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)0.04
Revenue Forecast (FY)S$247.66M
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:Oct 28, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a mixed sentiment with notable achievements in C-REIT listing and logistics revenue growth. However, there were significant challenges in revenue declines and occupancy rates, particularly in Business Parks. Despite positive developments in debt management and retail traffic, the overall revenue and NPI declines weigh heavily.Positive Updates
Successful C-REIT Listing
CLCT, along with its sponsor, listed the C-REIT CLCR on the Shanghai Stock Exchange, marking China's first international sponsored retail C-REIT. It opened trading at 19.6% above its IPO price, with institutional oversubscription at 254x and retail at 535x.
Negative Updates
Decrease in Gross Revenue and NPI
Overall gross revenue and net property income (NPI) for Q3 decreased by 8% year-on-year, largely due to the divestment of CapitaMall Yuhuating.
Read all updates
Q3-2025 Updates
Positive
Negative
Successful C-REIT Listing
CLCT, along with its sponsor, listed the C-REIT CLCR on the Shanghai Stock Exchange, marking China's first international sponsored retail C-REIT. It opened trading at 19.6% above its IPO price, with institutional oversubscription at 254x and retail at 535x.
Read all positive updates
Company Guidance
In the third quarter of 2025, CapitaLand China Trust (CLCT) provided a comprehensive business update, highlighting several key metrics and developments. The retail allocation decreased to 69.9% of the Gross Revenue Income (GRI) due to the divestment of CapitaMall Yuhuating, which was part of a C-REIT securitization exercise. The distribution yield compressed to 6.2% as stock prices rose slightly, reflecting broader S-REIT yield trends. CLCT's listing of the C-REIT CLCR on the Shanghai Stock Exchange marked a significant milestone, with the IPO exceeding expectations, oversubscribed 254 times by institutional investors and 535 times by retail investors. During this quarter, gross revenue and Net Property Income (NPI) both fell by 8%, but on a same-store basis, excluding Yuhuating, the decline was mitigated to 3.4% for gross revenue and 4.4% for NPI. Retail revenue witnessed a narrower decline of 1.8% compared to the first half's 4.7% drop. Business Parks revenue saw a 9.1% decrease, while logistics revenue rose by 13%, driven by improved occupancy at Shanghai Fengxian. Despite these challenges, CLCT maintained a 5-star GRESB rating for the third consecutive year, underscoring its sustainability commitments. The overall occupancy for retail slightly increased, and tenant sales and shopper traffic grew by 3.2% and 4.5%, respectively, fueled by strong performance in sectors like F&B, IT, toys, and jewelry. The company also successfully refinanced SGD 150 million of perpetuals with a 3.4x subscription coverage. Looking ahead, CLCT aims to leverage its C-REIT structure to explore further retail investments and strategic divestments.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
0.65
Price Trends
0.70
Negative
0.73
Negative
0.73
Negative
Market Momentum
-0.01
Negative
43.66
Neutral
65.48
Neutral
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 0.65 is above the 20-day moving average (MA) of 0.65, below the 50-day MA of 0.70, and below the 200-day MA of 0.73, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 43.66 is Neutral, neither overbought nor oversold. The STOCH value of 65.48 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | S$1.16B | ― | 1.92% | 7.16% | -3.65% | -69.86% | |
66 Neutral | S$1.39B | 13.53 | 4.06% | 1.83% | -8.06% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$803.09M | 13.50 | 6.25% | 8.87% | 5.89% | 1.81% | |
58 Neutral | S$1.14B | 44.40 | 4.45% | 4.51% | -6.67% | 581.75% | |
53 Neutral | S$1.14B | -247.46 | 0.04% | 6.66% | -8.59% | -93.48% | |
43 Neutral | S$329.49M | ― | 0.97% | 8.37% | -11.29% | ― |
* Real Estate Sector Average
SG:AU8U
CapitaLand China Trust
0.65
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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.