CapitaLand Mall (SG:C38U)
SGX:C38U
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CapitaLand Integrated Commercial Trust
(SGX:C38U)
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Rating:70Outperform
Price Target:
S$2.50
▲(4.60% Upside)
Action:ReiteratedDate:02/08/26
The score is driven by sound underlying financial performance (stable growth, strong profitability, positive free cash flow) and supportive technical momentum (price above key moving averages with positive MACD). An attractive ~5% dividend helps, but a moderate P/E and noted risks from the earnings call—especially interest-rate sensitivity, higher 2025 debt, and development/execution uncertainties—cap the upside.
Positive Factors
High portfolio occupancy & WALE
Sustained high occupancy, multi-year WALE and positive rent reversions underpin predictable recurring rental cash flows and lower vacancy risk. This durable leasing profile supports steady distributable income, gives time to execute AEIs and reduces short-term earnings volatility.
Negative Factors
Rising total debt
Higher reported total debt in 2025 shrinks financial flexibility and raises refinancing and covenant risk. Increased leverage magnifies exposure to funding shocks, limits capacity to self‑fund large projects like Hougang, and can force reliance on external capital under stressed market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
High portfolio occupancy & WALE
Sustained high occupancy, multi-year WALE and positive rent reversions underpin predictable recurring rental cash flows and lower vacancy risk. This durable leasing profile supports steady distributable income, gives time to execute AEIs and reduces short-term earnings volatility.
Read all positive factors
CapitaLand Integrated Commercial Trust (C38U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$18.91B
Dividend Yield5.26%
Average Volume (3M)22.32M
Price to Earnings (P/E)8.4
Beta (1Y)0.33
Revenue Growth1.66%
EPS Growth-6.80%
CountrySG
Employees646
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.07
Shares Outstanding7,625,439,000
10 Day Avg. Volume19,666,921
30 Day Avg. Volume22,315,350
Financial Highlights & Ratios
PEG Ratio-2.65
Price to Book (P/B)1.09
Price to Sales (P/S)10.85
P/FCF Ratio20.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.80Price Target Upside17.15% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.12
Revenue Forecast (FY)S$1.71B
CapitaLand Integrated Commercial Trust Business Overview & Revenue Model
Company Description
CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S$14.0 billion as at 31 December 2020. It d...
How the Company Makes Money
CapitaLand Mall generates revenue primarily through rental income from its retail properties. The company leases out retail spaces to various tenants, including local and international brands, which pay rent based on fixed leases or percentage ren...
CapitaLand Integrated Commercial Trust Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive performance picture: NPI, distributable income and DPU all grew, portfolio value and occupancy levels are strong, cost of debt has fallen and management has secured strategic transactions (Bukit Panjang divestment, Hougang development win) while advancing multiple AEIs. Headwinds remain — modest like‑for‑like revenue, a quarter‑specific dip in office occupancy, development execution risks, retail tenant churn, interest‑rate uncertainty and unresolved items like the ION tax matter — but management articulated mitigants (strong balance sheet, lower average debt cost, progressive AEI contribution and divestment proceeds) and a measured outlook. Overall, positives materially outweigh the negatives.Positive Updates
Net Property Income (NPI) Growth
Full-year NPI rose 3.1% year‑on‑year to $1,189.7 million; second-half NPI accelerated, up 6.8% y/y to ~ $610 million, driven by strong asset performance and the step‑up acquisition of CapitaSpring.
Negative Updates
Modest Like‑for‑Like Revenue Growth
Like‑for‑like revenue growth was modest at ~1.4% y/y, which contrasts with stronger rent reversion figures and raises questions about underlying organic momentum excluding large portfolio changes (e.g., ION).
Read all updates
Q4-2025 Updates
Positive
Negative
Net Property Income (NPI) Growth
Full-year NPI rose 3.1% year‑on‑year to $1,189.7 million; second-half NPI accelerated, up 6.8% y/y to ~ $610 million, driven by strong asset performance and the step‑up acquisition of CapitaSpring.
Read all positive updates
Company Guidance
Management gave cautious but constructive 2026 guidance: they expect average cost of debt around 3.0–3.1% (group average cost of debt was 3.2% at end‑2025, down from 3.6% a year earlier), mid‑single‑digit rent reversions (management said mid‑singles for retail and office), continued organic growth from positive rental reversions plus AEI contributions (Gallileo to fully contribute in 2026; AEIs at Tampines, Lot One, Raffles City and a Capital Tower uplift running through 2026–27), and full‑year contribution from CapitaSpring (acquired Aug 2025) and interest‑cost tailwinds as floating rates ease; FY25 metrics referenced as context were NPI $1,189.7m (+3.1% YoY; H2 $610m, +6.8% YoY), distributable income +14.4% (H2 +16.4%), DPU $0.1158 (+6.4% YoY; H2 $0.0596, +9.4% YoY), aggregate leverage 38.6% (pro forma 37.6% after Bukit Panjang $428m divestment), portfolio value $27.4bn (+5.2%), occupancy 96.9%, WALE 3.0 years, rent reversion 6.6%, tenant sales/ft2 +14.9% YoY (ex‑ION +1.2% YoY; H2 ex‑ION +1.9%), shopper traffic +20.5% YoY (ex‑ION +4.6%), and they flagged a new Hougang development (~$1.1bn, ≈$3,600/psf, yield on cost >5%, 4–5 year build) as accretive while keeping balance‑sheet headroom.CapitaLand Integrated Commercial Trust Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.64B | 1.59B | 1.56B | 1.44B | 1.31B |
| Gross Profit | 1.10B | 1.15B | 1.06B | 1.04B | 884.02M |
| EBITDA | 1.07B | 1.29B | 1.02B | 966.09M | 1.29B |
| Net Income | 937.29M | 933.68M | 862.57M | 723.37M | 1.08B |
Balance Sheet | |||||
| Total Assets | 27.43B | 25.51B | 24.74B | 24.67B | 22.74B |
| Cash, Cash Equivalents and Short-Term Investments | 149.49M | 156.36M | 140.70M | 248.40M | 365.13M |
| Total Debt | 10.01B | 8.97B | 9.50B | 9.61B | 8.19B |
| Total Liabilities | 10.94B | 9.79B | 10.34B | 10.39B | 9.05B |
| Stockholders Equity | 16.29B | 15.52B | 14.20B | 14.07B | 13.67B |
Cash Flow | |||||
| Free Cash Flow | 867.64M | 865.49M | 961.21M | 896.15M | 733.69M |
| Operating Cash Flow | 868.22M | 1.04B | 1.08B | 1.02B | 827.53M |
| Investing Cash Flow | -742.21M | -520.57M | -38.88M | -926.02M | 256.40M |
| Financing Cash Flow | -132.88M | -507.98M | -1.15B | -214.25M | -902.42M |
CapitaLand Integrated Commercial Trust Technical Analysis
Positive
2.39
Price Trends
2.38
Positive
2.35
Positive
2.29
Positive
Market Momentum
<0.01
Negative
57.90
Neutral
75.00
Neutral
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 2.39 is above the 20-day moving average (MA) of 2.34, above the 50-day MA of 2.38, and above the 200-day MA of 2.29, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.90 is Neutral, neither overbought nor oversold. The STOCH value of 75.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:C38U.
CapitaLand Integrated Commercial Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$5.39B | 16.53 | 3.20% | 1.42% | 6.89% | -4.23% | |
70 Outperform | S$18.91B | 8.38 | 5.88% | 5.26% | 1.66% | -6.80% | |
68 Neutral | S$7.39B | 21.59 | 7.29% | 5.50% | -4.99% | 52.77% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | S$4.41B | 8.38 | 8.90% | 7.36% | -0.43% | 337.21% | |
65 Neutral | S$4.72B | 22.23 | 2.34% | 5.29% | 18.93% | -1.15% | |
62 Neutral | S$4.43B | ― | -0.38% | 4.55% | 1.45% | 39.79% |
* Real Estate Sector Average
SG:C38U
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CapitaLand Integrated Commercial Trust Corporate Events
CICT Wins S$1.5 Billion Hougang Central Mixed-Use Site to Boost Singapore Portfolio
Jan 14, 2026
CapitaLand Integrated Commercial Trust has secured, via a consortium structure, the tender for a new 99-year mixed-use commercial and residential site at Hougang Central from Singapore’s Housing and Development Board for approximately S$1.5 ...
CapitaLand Integrated Commercial Trust Leads $1.5 Billion Bid for Hougang Central Site
Dec 16, 2025
CapitaLand Integrated Commercial Trust, as part of a consortium, has submitted the highest bid of approximately $1.5 billion for a mixed-use commercial and residential site at Hougang Central, Singapore. The development will integrate with local t...
CapitaLand Integrated Commercial Trust Issues Units for Management Fee
Nov 17, 2025
CapitaLand Integrated Commercial Trust Management Limited has announced the issuance of 2,955,400 units in CICT to Premier Healthcare Services International Pte Ltd as part of the management fee payment. This issuance represents 50% of the base co...
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.