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CapitaLand Mall (SG:C38U)
SGX:C38U
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CapitaLand Mall
(SGX:C38U)
Rating:73Outperform
Price Target:
S$2.50
▲(10.62% Upside)
Positive Factors
Acquisitions
CICT will gain 100% ownership of CapitaSpring after acquiring the remaining 55% stake.
Asset Enhancement Initiatives
CICT's proposed asset enhancement initiatives are expected to yield ROI of above 7% each.
Rental Performance
CapitaSpring registered positive rental reversion of 5-7% in 2023 and 2024 and 7% in 1H25.
Retail Performance
CICT achieved robust +10.4% retail rental reversion.
Negative Factors
Debt and Leverage
The acquisition of the remaining 55% stake in CapitaSpring is expected to lift gearing by 0.4% pt to 38.3%.
Potential Divestments
CICT could consider divesting Gallileo and Main Airport Centre (MAC) in Frankfurt.
CapitaLand Mall (C38U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$16.54B
Dividend Yield5.47%
Average Volume (3M)23.18M
Price to Earnings (P/E)16.7
Beta (1Y)0.51
Revenue Growth0.17%
EPS Growth8.05%
CountrySG
Employees646
SectorReal Estate
Sector Strength55
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.06
Shares Outstanding7,317,151,400
10 Day Avg. Volume20,890,499
30 Day Avg. Volume23,180,422
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.50
Enterprise Value/Revenue15.60
Enterprise Value/Gross Profit21.45
Enterprise Value/Ebitda19.16
Forecast
1Y Price Target
$2.41Price Target Upside6.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
CapitaLand Mall Business Overview & Revenue Model
Company DescriptionCapitaLand Mall Trust (CMT), listed as C38U on the Singapore Exchange, is one of Asia's prominent real estate investment trusts focusing on retail properties. As part of CapitaLand, one of Asia's largest diversified real estate groups, CMT owns and invests in a portfolio of high-quality shopping malls strategically located in key urban and suburban areas. These properties are designed to offer a diverse mix of retail, dining, and entertainment options, attracting a wide array of consumers and retailers.
How the Company Makes MoneyCapitaLand Mall Trust generates revenue primarily through rental income from its extensive portfolio of retail properties. The trust leases space to a variety of tenants, ranging from international and local retail brands to food and beverage outlets and entertainment providers. This rental income is structured through fixed leases, turnover rents, and often includes rent escalations over time. Additionally, CMT derives income from car park operations and advertising within its malls. The trust's revenue model is supported by strategic partnerships with retailers, property management services, and ongoing enhancements to its mall offerings to maintain high occupancy rates and attract foot traffic. These factors, combined with a proactive approach to asset enhancements and acquisitions, contribute significantly to its earnings.
CapitaLand Mall Earnings Call Summary
Earnings Call Date:Aug 04, 2025
(Q2-2025)
| % Change Since: 0.89%|
Next Earnings Date:Oct 23, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While there were significant achievements such as increased distributable income, DPU growth, and a successful acquisition of CapitaSpring, there were also challenges such as a slight decline in gross revenue and flat tenant sales. The proactive capital management and high occupancy rates are strong positives, but challenges in retail spending and the flat tenant sales indicate areas of concern.Q2-2025 Updates
Positive Updates
Distributable Income Surge
Distributable income rose 12.4% year-on-year to a record $411.9 million for the first half of 2025.
Increased DPU
The first half DPU increased 3.5% to a new high of $0.0562 despite an enlarged unit base.
Proactive Capital Management
Aggregate leverage improved to 37.9%, down 0.6 percentage points from end 2024, and the average cost of debt declined to 3.4% from 3.6%.
High Occupancy Rates
Overall occupancy remained robust at 96.3%, with tenant retention rates high in both retail and office sectors.
Successful CapitaSpring Acquisition
Acquisition of the remaining 55% interest in CapitaSpring, valued at $1.9 billion, is expected to be accretive to DPU by 1.1%.
Positive Rent Reversions
Rent reversion for the office portfolio was 4.8% and for the retail portfolio 7.7%.
CapitaSpring Yield
The entry yield for CapitaSpring acquisition is approximately 4.2% based on the first half 2025 NPI.
Negative Updates
Slight Revenue Decline
Gross revenue declined 0.5% year-on-year to $787.6 million due to the absence of income from 21 Collyer Quay.
Flat Tenant Sales
Tenant sales per square foot were flat excluding the inclusion of ION Orchard, despite a 3.4% increase in shopper traffic.
Retail Spending Challenges
Luxury spending is down year-on-year, affecting ION Orchard's performance despite better-than-expected results.
Company Guidance
During the CICT briefing, several key metrics were discussed. For the first half of 2025, CICT reported gross revenue of approximately $787.6 million, a slight 0.5% decline year-on-year due to the divestment of 21 Collyer Quay, though on a like-for-like basis, gross revenue increased by 1.4%. Net Property Income (NPI) also showed a similar trend, down 0.4% year-on-year but up 1.7% on a like-for-like basis. Distributable income surged 12.4% to $411.9 million, leading to a 3.5% increase in DPU to $0.0562. The company improved its aggregate leverage to 37.9%, a 0.6 percentage point decrease from the end of 2024, while the average cost of debt dropped to 3.4% from 3.6%. Operationally, the portfolio maintained a strong overall occupancy rate of 96.3% with a WALE of 3.2 years. Rent reversion rates were positive, with office and retail portfolios achieving 4.8% and 7.7% respectively. The acquisition of the remaining 55% interest in CapitaSpring was highlighted, valued at $1.9 billion with an entry yield of approximately 4.2%, expected to provide a 1.1% accretion to DPU on a pro forma basis.CapitaLand Mall Financial Statement Overview
Summary
CapitaLand Mall exhibits strong financial performance with consistent revenue growth and robust profitability margins. While the EBIT margin is concerning, the overall financial health remains strong with stable leverage and healthy cash flow generation.Income Statement
CapitaLand Mall has demonstrated strong revenue growth, with a 9.98% increase from 2022 to 2023 and a consistent rise over the years. The gross profit margin remains robust at 72.7% in 2023, indicating efficient cost management. However, the EBIT margin is concerning at 0% for 2023, likely due to significant expense adjustments or non-operating costs. Despite this, the net profit margin improved to 58.8% in 2023, reflecting strong bottom-line performance driven by strategic adjustments in expenses or gains.85
Very Positive
Balance Sheet
The company's balance sheet is solid, with a debt-to-equity ratio of 0.58 in 2023, showing a well-managed leverage position. The equity ratio stands at 57.3%, indicating a healthy reliance on equity financing. Return on equity (ROE) is strong at 6.08%, reflecting efficient use of shareholder funds. However, the increase in total debt over the years could present a potential risk if not managed carefully.78
Positive
Cash Flow
CapitaLand Mall's cash flow is robust, with a free cash flow to net income ratio of 1.11 in 2023, suggesting that the company is generating sufficient cash to cover its net income. The operating cash flow to net income ratio is also strong at 1.25, indicating good cash generation from core operations. However, free cash flow has slightly decreased from 2022 to 2023, which could impact future liquidity if not reversed.80
Positive
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.59B | 1.58B | 1.44B | 1.31B | 745.21M |
| Gross Profit | 1.15B | 1.14B | 1.04B | 951.08M | 512.74M |
| EBITDA | 1.29B | 1.02B | 966.09M | 1.29B | 63.28M |
| Net Income | 933.68M | 862.57M | 723.37M | 1.08B | 349.82M |
Balance Sheet | |||||
| Total Assets | 25.51B | 24.74B | 24.67B | 22.74B | 22.42B |
| Cash, Cash Equivalents and Short-Term Investments | 156.36M | 140.70M | 248.40M | 365.13M | 183.62M |
| Total Debt | 8.97B | 9.50B | 9.61B | 8.19B | 8.73B |
| Total Liabilities | 9.79B | 10.34B | 10.39B | 9.05B | 9.35B |
| Stockholders Equity | 15.52B | 14.20B | 14.07B | 13.67B | 13.04B |
Cash Flow | |||||
| Free Cash Flow | 865.49M | 961.21M | 896.15M | 733.69M | 323.99M |
| Operating Cash Flow | 1.04B | 1.08B | 1.02B | 827.53M | 379.68M |
| Investing Cash Flow | -520.57M | -38.88M | -926.02M | 256.40M | -922.41M |
| Financing Cash Flow | -507.98M | -1.15B | -214.25M | -902.42M | 524.15M |
CapitaLand Mall Technical Analysis
Positive
2.26
Price Trends
2.18
Positive
2.14
Positive
2.04
Positive
Market Momentum
0.02
Negative
65.06
Neutral
87.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C38U, the sentiment is Positive. The current price of 2.26 is above the 20-day moving average (MA) of 2.22, above the 50-day MA of 2.18, and above the 200-day MA of 2.04, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 65.06 is Neutral, neither overbought nor oversold. The STOCH value of 87.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:C38U.
CapitaLand Mall Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $3.35B | 14.78 | 5.16% | 6.94% | 1.47% | -7.50% | |
74 Outperform | $7.01B | 12.01 | 6.22% | 5.97% | ― | ― | |
73 Outperform | $16.54B | 16.67 | 6.41% | 5.47% | 0.17% | 8.05% | |
69 Neutral | S$4.55B | 19.77 | 5.08% | 5.38% | 1.49% | 5.99% | |
65 Neutral | $3.65B | 30.23 | -0.32% | 5.08% | 0.01% | -110.22% | |
64 Neutral | C$1.98B | 4.69 | -0.88% | 5.25% | 2.53% | -62.52% |
* Real Estate Sector Average
Performance Comparison
SG:C38U
CapitaLand Mall
2.27
0.28
14.30%
SG:HMN
Ascott Residence
0.87
0.07
8.34%
SG:T82U
Suntec Real Estate Investment
1.25
0.12
10.91%
SG:N2IU
Mapletree Commercial
1.34
0.18
15.22%
SG:J69U
Frasers Centrepoint
2.26
0.14
6.55%
CapitaLand Mall Corporate Events
CapitaLand Integrated Commercial Trust Expands Euro Medium Term Note Programme
Jun 18, 2025
CapitaLand Integrated Commercial Trust has announced the update of its Euro Medium Term Note Programme, increasing the programme limit from US$3 billion to US$7 billion. This update allows the issuance of notes in various currencies and incorporates the option to issue Australian law medium term notes, potentially enhancing CICT’s financial flexibility and market reach.
The most recent analyst rating on (SG:C38U) stock is a Buy with a S$2.45 price target. To see the full list of analyst forecasts on CapitaLand Mall stock, see the SG:C38U Stock Forecast page.
CapitaLand Integrated Commercial Trust Issues Units for Management Fee Payment
May 22, 2025
CapitaLand Integrated Commercial Trust has issued 3,044,633 units at S$2.1016 per unit to Premier Healthcare Services International Pte Ltd as part of the payment for the management fee for the first quarter of 2025. This issuance represents 50% of the base component of the management fee, with the remaining 50% to be paid in cash, increasing the total units in issue to over 7.3 billion. This move reflects CICT’s strategy to manage its financial obligations while maintaining its operational efficiency.
The most recent analyst rating on (SG:C38U) stock is a Buy with a S$2.45 price target. To see the full list of analyst forecasts on CapitaLand Mall stock, see the SG:C38U Stock Forecast page.
CapitaLand Integrated Commercial Trust Holds Annual General Meeting
May 19, 2025
CapitaLand Integrated Commercial Trust held its Annual General Meeting on April 22, 2025, at Marina Bay Sands Expo and Convention Centre. The meeting was attended by unitholders, proxies, and the board of directors, including key figures such as the Chairman and the CEO. This gathering underscores CICT’s commitment to transparency and stakeholder engagement, essential for maintaining trust and confidence in its operations and strategic direction.
The most recent analyst rating on (SG:C38U) stock is a Buy with a S$2.45 price target. To see the full list of analyst forecasts on CapitaLand Mall stock, see the SG:C38U Stock Forecast page.
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.