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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
▲(18.48%Upside)
Positive Factors
Financial Strategy
Strong performance at newly added Ion Orchard Mall and divestment proceeds used to reduce high-cost debt are key catalysts driving distribution per unit growth.
Market Position
CapitaLand Integrated Commercial Trust is riding the upcycle in Singapore’s office and retail markets, providing stability and growth.
Portfolio Performance
Portfolio occupancy remains stable at 96.4%, with retail reversions exceeding expectations at 10.4%.
Negative Factors
Economic Risks
The key risks to our view are an economic downturn, as well as a prolonged recovery and weak sentiment.
Operational Challenges
Potential downside risks include slower-than-expected rental recovery and escalating operating expenses or cost overruns.
CapitaLand Mall (C38U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$15.22B
Dividend Yield4.82%
Average Volume (3M)22.75M
Price to Earnings (P/E)15.3
Beta (1Y)0.63
Revenue Growth1.54%
EPS Growth4.48%
CountrySG
Employees646
SectorReal Estate
Sector Strength62
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.08
Shares Outstanding7,317,151,400
10 Day Avg. Volume27,019,409
30 Day Avg. Volume22,754,735
Financial Highlights & Ratios
PEG Ratio1.96
Price to Book (P/B)0.91
Price to Sales (P/S)0.00
P/FCF Ratio16.89
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$2.35Price Target Upside11.61% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
CapitaLand Mall Business Overview & Revenue Model
Company DescriptionCapitaLand 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 MoneyCapitaLand Mall Trust generates revenue primarily through the rental income from its portfolio of retail properties. The trust leases out retail spaces in its malls to a variety of tenants, including retail brands, food and beverage outlets, and entertainment providers. Rental income forms the bulk of its revenue, and lease agreements are typically structured with fixed base rents and variable components tied to tenant sales performance. Additionally, CapitaLand Mall Trust may earn income from car park operations, advertising spaces, and promotional events hosted within its properties. The trust benefits from its strategic partnerships with various leading retailers and its ability to attract high footfall to its malls, ensuring a consistent demand for retail space.
CapitaLand Mall Earnings Call Summary
Earnings Call Date:Feb 05, 2025
(Q4-2024)
| % Change Since: 11.17%|
Next Earnings Date:Jul 23, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong operational performance and strategic asset management resulting in positive rental reversions and high occupancy rates. However, challenges in overseas asset valuations, debt refinancing, and rising operational costs were notable concerns. The sentiment reflects a balanced outlook with strategic plans for sustainable growth.Q4-2024 Updates
Positive Updates
Strong Portfolio Occupancy
Portfolio occupancy increased to 97.3%, with high tenant retention and rental reversion.
Positive Rental Reversion
Retail rental reversion was positive at 8.5% for 2023, with good demand from retailers.
Successful Portfolio Reconstitution
Completion of acquisitions and asset enhancements led to stable operating metrics and valuation uplift in Singapore.
Debt Management and Cost Control
Average cost of debt increased by only 10 basis points due to active cash management and refinancing strategies.
Strategic Asset Enhancements
Upgrade of IMM mall with 70% pre-commitment and plans for further assets enhancements in Singapore and overseas.
Negative Updates
Downdraft in Overseas Assets
Valuation declines in overseas assets due to expanded cap rates and geopolitical tensions, particularly in Australia and Germany.
Debt Maturity and Refinancing Needs
$1.5 billion of debt maturing in 2024, requiring refinancing efforts amid a high-interest rate environment.
Challenges in Retail Sales
Marginal decline in tenant sales towards the end of the year due to economic uncertainties and GST hikes.
High Utility Costs
Significant year-on-year increase in utility and marketing expenses by 59%.
Gallileo Vacancy and AEI Costs
Gallileo building faced downtime and extensive AEI costs impacting short-term profitability.
Company Guidance
During the CapitaLand Integrated Commercial Trust (CICT) FY 2023 Results Briefing, several key performance metrics and strategic initiatives for 2024 were highlighted. Notably, CICT achieved a portfolio occupancy rate of 97.3% and a positive rental reversion of 8.5% in 2023. Looking ahead, CICT plans to focus on revenue protection through proactive lease management and cost control, including reducing utility costs and restructuring property management agreements. Additionally, CICT is exploring new revenue streams with the completion of Clarke Quay and plans to upgrade IMM as a key regional outlet mall, already securing 70% pre-commitment in the AEI space. Financially, CICT maintained an average debt cost that increased slightly by 10 basis points, with a strategic focus on cash management and refinancing $1.5 billion of debt due in 2024. The trust plans to carefully manage gearing, ideally bringing it down to 37-38%, while also exploring potential divestments and acquisitions to optimize its portfolio.CapitaLand Mall Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 1.59B | 1.59B | 1.58B | 1.44B | 1.31B | 745.21M | Gross Profit |
| 1.08B | 1.15B | 1.14B | 1.04B | 951.08M | 512.74M | EBIT |
| 1.07B | 0.00 | 1.05B | 961.92M | 1.28B | 60.96M | EBITDA |
| 1.05B | 1.29B | 1.02B | 966.09M | 1.29B | 63.28M | Net Income Common Stockholders |
| 839.66M | 933.68M | 862.57M | 723.37M | 1.08B | 349.82M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 712.95M | 156.36M | 140.70M | 248.40M | 365.13M | 183.62M | Total Assets |
| 8.13B | 25.51B | 24.74B | 24.67B | 22.74B | 22.42B | Total Debt |
| 2.85B | 8.97B | 9.50B | 9.61B | 8.19B | 8.73B | Net Debt |
| 2.14B | 8.82B | 9.36B | 9.36B | 7.82B | 8.55B | Total Liabilities |
| 3.19B | 9.79B | 10.34B | 10.39B | 9.05B | 9.35B | Stockholders Equity |
| 4.94B | 15.52B | 14.20B | 14.07B | 13.67B | 13.04B |
| Cash Flow | Free Cash Flow | ||||
| 909.43M | 865.49M | 961.21M | 896.15M | 733.69M | 323.99M | Operating Cash Flow |
| 909.99M | 1.04B | 1.08B | 1.02B | 827.53M | 379.68M | Investing Cash Flow |
| -115.06M | -520.57M | -38.88M | -926.02M | 256.40M | -922.41M | Financing Cash Flow |
| -901.92M | -507.98M | -1.15B | -214.25M | -902.42M | 524.15M |
CapitaLand Mall Technical Analysis
Neutral
2.11
Price Trends
2.09
Negative
2.03
Positive
2.01
Positive
Market Momentum
>-0.01
Negative
49.28
Neutral
62.70
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 2.11 is above the 20-day moving average (MA) of 2.07, above the 50-day MA of 2.09, and above the 200-day MA of 2.01, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.28 is Neutral, neither overbought nor oversold. The STOCH value of 62.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:C38U.
CapitaLand Mall Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $15.22B | 15.29 | 6.32% | 4.82% | 1.54% | 4.48% | |
61 Neutral | $2.83B | 10.91 | 0.42% | 8438.90% | 5.74% | -20.95% | |
| $2.57B | 15.05 | 5.22% | 6.77% | ― | ― | ||
| $3.40B | 20.90 | 5.08% | 5.13% | ― | ― | ||
| $4.87B | 11.17 | 6.29% | 6.46% | ― | ― | ||
| $2.15B | 34.72 | 11.74% | 1.24% | ― | ― | ||
| $2.55B | 30.26 | 1.86% | 5.30% | ― | ― |
* Real Estate Sector Average
Performance Comparison
SG:C38U
CapitaLand Mall
2.08
0.22
11.65%
ATTRF
Ascott Residence
0.67
0.05
8.06%
FRZCF
Frasers Centrepoint
1.76
0.24
15.79%
MPCMF
Mapletree Commercial
0.93
0.06
6.90%
SPHEF
Paragon REIT
2.80
0.04
1.45%
SURVF
Suntec Real Estate Investment
0.87
0.12
16.00%
CapitaLand Mall Corporate Events
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.
CapitaLand Integrated Commercial Trust Issues S$150 Million Green Notes
Mar 28, 2025
CapitaLand Integrated Commercial Trust has announced the issuance of S$150 million in fixed rate green notes, due in 2032, under its Euro-Medium Term Note Programme. This strategic move reflects CICT’s commitment to sustainable financing and is expected to enhance its financial flexibility, potentially strengthening its position in the commercial real estate market.
CapitaLand Integrated Commercial Trust Announces Leadership Transition
Mar 17, 2025
CapitaLand Integrated Commercial Trust Management Limited has announced leadership changes effective May 1, 2025, with Mr. Tan Choon Siang appointed as the new CEO, succeeding Mr. Tony Tan Tee Hieong. This transition is part of the company’s succession planning and leadership renewal process. Mr. Tony Tan, who has significantly contributed to the company’s growth and strategic positioning since 2017, will take on the role of Chief Corporate Officer at CapitaLand Development. Under his leadership, CICT achieved notable milestones, including the merger of CapitaLand Mall Trust and CapitaLand Commercial Trust, and received recognition for its financial growth and commitment to environmental, social, and governance practices.
CapitaLand Integrated Commercial Trust Issues Units for Management Fee
Mar 10, 2025
CapitaLand Integrated Commercial Trust Management Limited announced the issuance of 15,636,808 units in CICT to Premier Healthcare Services International Pte Ltd as part of the management fee payment for 2024. This strategic move, involving both unit issuance and cash payment, reflects CICT’s operational approach to managing its investments and maintaining its market position.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.