CapitaLand Integrated Commercial Trust (C38U) AI Stock Analysis

• Market Cap: S$18.50B
• Dividend Yield: 5.26%
• Average Volume (3M): 22.32M
• Price to Earnings (P/E): 18.9
• Beta (1Y): 0.33
• Revenue Growth: 0.17%
• EPS Growth: 8.05%
• Country: SG
• Employees: 646
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.07
• Shares Outstanding: 7,611,318,000
• 10 Day Avg. Volume: 19,666,921
• 30 Day Avg. Volume: 22,315,350
• PEG Ratio: -2.65
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 10.85
• P/FCF Ratio: 20.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$2.73
• Price Target Upside: 13.72% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 0.12
• Revenue Forecast (FY): S$1.72B

• Rating: 70 Outperform
• Price Target: S$2.50 ▲(4.17% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 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.

Strong cash generation & DPU growth

Meaningful growth in distributable income and DPU, coupled with consistently positive free cash flow (2025 FCF near net income), indicates high earnings quality. Reliable cash generation funds AEIs, covers distributions and lowers dependence on dilutive external equity for incremental growth.

Improved capital management

Moderate leverage and a lower average funding cost provide balance-sheet headroom. Combined with strategic disposals (e.g., Bukit Panjang) and active refinancing, this strengthens liquidity and reduces interest expense risk, enabling internal financing for AEIs and selective acquisitions.

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.

Weak organic revenue momentum

Modest like‑for‑like growth signals constrained organic leasing and tenant sales momentum absent major asset moves. That suggests future income expansion may rely more on acquisitions, AEIs or portfolio churn rather than steady tenant-driven rental escalation, increasing execution dependency.

Interest‑rate sensitivity

Material floating-rate exposure and sensitivity to market rates mean a rate reversal could raise interest expense and compress distributable income. Combined with the recent rise in debt, higher rates would reduce cash available for distributions and capital projects, stressing metrics.

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 debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust. CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/or office) purpose, located predominantly in Singapore. As the largest proxy for Singapore commercial real estate, CICT's portfolio comprises 22 properties in Singapore and two in Frankfurt, Germany, with a total property value of S$22.3 billion as at 31 December 2020. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited, which is a wholly owned subsidiary of Singapore-listed CapitaLand Limited, one of Asia's largest diversified real estate groups.

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 rents tied to sales performance. Additionally, CapitaLand Mall benefits from service charges and management fees associated with property management and maintenance. The REIT also earns income through strategic partnerships with retailers and brands, enhancing the shopping experience and driving foot traffic to its malls. Seasonal events, promotions, and advertising within the properties further contribute to its revenue streams, making it a multifaceted income generator in the retail real estate sector.

CapitaLand Integrated Commercial Trust Financial Statement Overview

Summary

Financials are solid overall: steady revenue growth and strong profitability with consistently positive free cash flow. Offsets include softer margins in 2025, operating cash flow coverage below net income, and higher debt in 2025 that reduces flexibility.

Income Statement

Revenue shows a steady upward trajectory from 2022–2025 (with mid‑single‑digit growth in 2025 vs. 2024), supporting a generally stable top line for a retail REIT. Profitability is consistently strong with high gross and net margins across the period, indicating resilient earnings power. Offsetting this, margins have softened versus 2024 (notably lower gross and operating profitability in 2025), and the very large 2021 revenue jump looks non-recurring relative to the more normalized growth rates that followed.

Balance Sheet

The balance sheet is supported by a sizable equity base, and leverage is moderate for a REIT, with debt-to-equity generally in the ~0.58–0.68 range (improving in 2024 before ticking up in 2025 as debt increased). Returns on equity are steady but not accelerating, remaining in the mid‑single digits in recent years. The key watch-out is the upward move in total debt in 2025 versus 2024, which reduces flexibility if financing conditions tighten or asset values come under pressure.

Cash Flow

Cash generation is solid, with free cash flow consistently positive and in 2025 nearly matching net income, which supports earnings quality. Operating cash flow is healthy in absolute terms, but it does not fully cover accounting earnings in recent years (coverage remains below 1.0), implying some reliance on non-cash items or working-capital timing. Free cash flow growth has turned slightly negative in 2024–2025 after stronger expansion earlier, suggesting a more mature (and potentially more rate-sensitive) cash flow profile.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 2.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C38U, the sentiment is Neutral. The current price of 2.4 is below the 20-day moving average (MA) of 2.43, above the 50-day MA of 2.38, and above the 200-day MA of 2.24, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 47.06 is Neutral, neither overbought nor oversold. The STOCH value of 24.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:C38U.

CapitaLand Integrated Commercial Trust Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
C38U	70 Outperform	S$18.50B	18.93	6.41%	5.26%	0.17%	8.05%
HMN	70 Outperform	S$3.62B	―	5.16%	6.46%	1.47%	-7.50%
N2IU	68 Neutral	S$7.34B	21.59	7.32%	5.50%	-6.34%	49.60%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
J69U	65 Neutral	S$4.56B	22.23	4.49%	5.29%	10.82%	-5.02%
T82U	62 Neutral	S$4.05B	―	-0.32%	4.55%	0.01%	-110.22%

CapitaLand Integrated Commercial Trust Corporate Events

CICT Wins S$1.5 Billion Hougang Central Mixed-Use Site to Boost Singapore Portfolio

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 billion, with CICT’s Commercial Trust to fully develop and own the roughly 300,000 square feet commercial component at an expected development cost of about S$1.1 billion and projected yield on cost above 5%, targeted for completion around 2030/2031. The transaction deepens CICT’s exposure to the stable Singapore market, supports its strategy of growing through development, and strengthens its positioning as a leading vehicle for investors seeking exposure to Singapore’s commercial real estate, potentially enhancing long-term value for its stakeholders through a sizable new suburban commercial hub.

The most recent analyst rating on (SG:C38U) stock is a Buy with a S$2.59 price target. To see the full list of analyst forecasts on CapitaLand Integrated Commercial Trust stock, see the SG:C38U Stock Forecast page.

CapitaLand Integrated Commercial Trust Leads $1.5 Billion Bid for Hougang Central Site

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 transport hubs and is expected to feature 830 residential units and 300,000 square feet of retail space, potentially becoming the largest mall in Hougang. This strategic move is set to enhance CICT’s market position by leveraging its expertise in mixed-use developments and expanding its footprint in a key location.

The most recent analyst rating on (SG:C38U) stock is a Buy with a S$2.59 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

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 component of the management fee for the third quarter of 2025, with the remaining fee paid in cash. The issuance does not affect the total number of units held by the company, maintaining its position in the market.

The most recent analyst rating on (SG:C38U) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on CapitaLand Mall stock, see the SG:C38U Stock Forecast page.