CapitaLand Mall (C38U) AI Stock Analysis

• Market Cap: S$15.95B
• Dividend Yield: 4.99%
• Average Volume (3M): 25.24M
• Price to Earnings (P/E): 16.0
• Beta (1Y): 0.59
• Revenue Growth: 1.54%
• EPS Growth: 4.48%
• Country: SG
• Employees: 646
• Sector: Real Estate
• Sector Strength: 55
• Industry: REIT - Retail
• EPS (TTM): 0.08
• Shares Outstanding: 7,317,151,400
• 10 Day Avg. Volume: 32,700,070
• 30 Day Avg. Volume: 25,238,743
• PEG Ratio: -0.46
• Price to Book (P/B): 0.69
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 27.76
• 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$2.33
• Price Target Upside: 6.98% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 73 Outperform
• Price Target: S$2.50 ▲(14.68%Upside)

CapitaLand Mall's overall score reflects strong financial health and a solid earnings call with strategic growth plans. However, technical analysis indicates bearish momentum, and valuation metrics suggest moderate growth potential.

Positive Factors

Organic Growth

Continuous generation of organic growth through asset enhancement initiatives and tenant mix optimization boosts investor confidence.

Rental Income

Rejuvenation of Tampines Town Central is expected to generate a sizable rental uplift, enhancing financial performance.

Tourism Impact

Returning China tourists to Singapore could mean a boost to growth, potentially driving share price performance higher.

Negative Factors

Divestment Considerations

CICT could consider divesting Gallileo and Main Airport Centre (MAC) in Frankfurt, potentially impacting future income streams.

Economic Risks

The key risks to the outlook include an economic downturn and a prolonged recovery with weak sentiment.

Occupancy Risks

Despite improvements, there remains a risk of fluctuating occupancy levels impacting revenue stability.

CapitaLand Mall 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 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 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.

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.

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.46B	1.59B	1.58B	1.44B	1.31B	745.21M
Gross Profit	967.42M	1.15B	1.14B	1.04B	951.08M	512.74M
EBITDA	959.56M	1.29B	1.02B	966.09M	1.29B	63.28M
Net Income	6.93B	933.68M	862.57M	723.37M	1.08B	349.82M
Balance Sheet
Total Assets	22.74B	25.51B	24.74B	24.67B	22.74B	22.42B
Cash, Cash Equivalents and Short-Term Investments	365.13M	156.36M	140.70M	248.40M	365.13M	183.62M
Total Debt	8.19B	8.97B	9.50B	9.61B	8.19B	8.73B
Total Liabilities	9.05B	9.79B	10.34B	10.39B	9.05B	9.35B
Stockholders Equity	13.67B	15.52B	14.20B	14.07B	13.67B	13.04B
Cash Flow
Free Cash Flow	808.21M	865.49M	961.21M	896.15M	733.69M	323.99M
Operating Cash Flow	808.70M	1.04B	1.08B	1.02B	827.53M	379.68M
Investing Cash Flow	-948.59M	-520.57M	-38.88M	-926.02M	256.40M	-922.41M
Financing Cash Flow	23.16M	-507.98M	-1.15B	-214.25M	-902.42M	524.15M

CapitaLand Mall Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.18
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 Positive. The current price of 2.18 is above the 20-day moving average (MA) of 2.13, above the 50-day MA of 2.11, and above the 200-day MA of 2.02, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 68.34 is Neutral, neither overbought nor oversold. The STOCH value of 66.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:C38U.

CapitaLand Mall Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
C38U	73 Outperform	S$15.95B	16.03	6.32%	4.99%	1.54%	4.48%
Sector *	61 Neutral	AU$2.82B	8.09	4.17%	5.29%	17.25%	41.52%
ATTRF		$2.63B	15.34	5.22%	7.67%	―	―
FRZCF		$3.61B	20.72	5.08%	4.01%	―	―
MPCMF		$5.21B	11.94	6.29%	4.77%	―	―
SPHEF		$2.17B	34.72	11.74%	1.24%	―	―
SURVF		$2.60B	30.76	1.86%	5.45%	―	―

CapitaLand Mall Corporate Events

CapitaLand Integrated Commercial Trust Expands Euro Medium Term Note Programme

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

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

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.