Capitaland India Trust (CY6U) AI Stock Analysis

• Market Cap: $1.37B
• Dividend Yield: 6.05%
• Average Volume (3M): 1.59M
• Price to Earnings (P/E): 3.1
• Beta (1Y): 0.61
• Revenue Growth: 14.96%
• EPS Growth: 186.43%
• Country: SG
• Employees: 17
• Sector: Real Estate
• Sector Strength: 63
• Industry: Real Estate - Services
• EPS (TTM): 0.33
• Shares Outstanding: 1,351,704,500
• 10 Day Avg. Volume: 2,160,080
• 30 Day Avg. Volume: 1,593,713
• PEG Ratio: -0.32
• Price to Book (P/B): 1.01
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 9.09
• 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: $1.20
• Price Target Upside: 16.29% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 75 Outperform
• Price Target: S$1.00 ▼(-2.91%Downside)

Capitaland India Trust's overall stock score reflects its strong financial performance and attractive valuation. Financial strength is highlighted by significant revenue growth and profitability, despite some concerns about cash flow conversion. The valuation suggests the stock is undervalued. Technical indicators show mixed signals, indicating potential but uncertain short-term price movements.

Positive Factors

Earnings

A strong start with net property income rising +12% y/y despite a 2% depreciation in the SGD-INR rate.

Expansion

Entered into a forward purchase agreement to fund and acquire a 1.13mn sqft project, which is a value accretive deal offering more office space solutions in Bangalore.

Growth Potential

CapitaLand India Trust is one of the fastest growing S-REITs with a projected three-year DPU CAGR of 8% due to recovering cash flows and planned acquisitions.

Negative Factors

Currency Risks

DPU from the trust will be negatively impacted on a lagged basis if the INR depreciates, despite hedging each half-yearly distribution.

Economic Outlook

Deterioration in the Indian economic outlook or companies outsourcing operations to India may negatively impact demand for space and rents.

Interest Rates

Interest rate hikes will result in higher interest payments which would reduce income available for distribution, though this risk is partially mitigated by the fact that over 75% of the trust’s debt is fixed.

Capitaland India Trust Business Overview & Revenue Model

Company Description

Ascendas India Trust (a-iTrust) was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in August 2007 as the first Indian property trust in Asia. Its principal objective is to own income-producing real estate used primarily as business space in India. a-iTrust may also develop and acquire land or uncompleted developments primarily to be used as business space, with the objective of holding the properties upon completion. As at 31 December 2019, a-iTrust's asset under management stands at S$2.1 billion. a-iTrust's portfolio comprises seven world-class IT business parks and one logistics park in India, namely the International Tech Park Bangalore, International Tech Park Chennai and CyberVale in Chennai, CyberPearl, The V and aVance in Hyderabad, aVance in Pune and Arshiya warehouses near Mumbai. a-iTrust is structured as a business trust, offering stable income distributions similar to a real estate investment trust. a-iTrust focuses on enhancing shareholder value by actively managing existing properties, developing vacant land in its portfolio, and acquiring new properties. a-iTrust is managed by Ascendas Property Fund Trustee Pte. Ltd. The trustee-manager 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 India Trust generates revenue primarily through leasing out its portfolio of properties in India to various tenants across different sectors. The trust earns rental income from its business parks, industrial facilities, logistics spaces, and data centers. This rental income serves as the primary revenue stream, providing a stable and recurring cash flow. Additionally, the trust may engage in property development or enhancement activities, which can lead to capital appreciation and increased rental yields. Strategic partnerships with local developers and operators, along with its expertise in property management, also contribute to optimizing its asset value and maximizing returns for unitholders.

Capitaland India Trust Financial Statement Overview

Summary

Capitaland India Trust shows strong financial performance with significant revenue and net income growth. The income statement indicates high profitability, though the absence of EBIT data is a concern. The balance sheet is stable but has increased leverage, while cash flow analysis points to challenges in cash conversion and free cash flow generation.

Income Statement

Capitaland India Trust demonstrates strong revenue growth with a 18.76% increase from 2023 to 2024. Gross profit margin improved to 65.32%, indicating efficient cost management. However, the net profit margin surged to 157.93% due to significant net income, which may require further analysis given the absence of EBIT. EBITDA margin at 198.26% highlights strong operating performance, although EBIT is missing for 2024.

Balance Sheet

The company's debt-to-equity ratio rose to 0.95, indicating moderate leverage. Return on Equity (ROE) is robust at 23.63%, reflecting strong profitability. The equity ratio is stable at 41.44%, showing a solid equity base relative to total assets. Overall, the balance sheet is healthy, but increased debt levels could be a concern if not managed properly.

Cash Flow

Free cash flow decreased by 32.17% from 2023 to 2024, which could impact future investments. The operating cash flow to net income ratio is 0.39, suggesting a need for better cash conversion. The free cash flow to net income ratio is 0.35, indicating some challenges in converting income into cash flow, possibly due to increased capital expenditures.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
334.98M	277.88M	234.05M	210.61M	192.73M	191.67M
	Gross Profit
248.17M	181.51M	160.25M	166.80M	155.74M	147.92M
	EBIT
216.44M	174.91M	160.25M	253.58M	313.70M	222.19M
	EBITDA
171.08M	550.98M	169.00M	254.56M	314.42M	222.63M
	Net Income Common Stockholders
241.12M	438.77M	147.43M	137.40M	192.29M	130.72M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
95.30M	134.62M	179.82M	167.40M	167.89M	101.13M
	Total Assets
3.88B	4.48B	3.73B	3.22B	3.14B	2.65B
	Total Debt
1.52B	1.76B	1.39B	1.24B	1.09B	817.06M
	Net Debt
1.42B	1.63B	1.21B	1.08B	918.30M	715.94M
	Total Liabilities
2.24B	2.51B	2.09B	1.84B	1.69B	1.33B
	Stockholders Equity
1.53B	1.86B	1.54B	1.29B	1.36B	1.24B
Cash Flow		Free Cash Flow
168.36M	153.61M	226.51M	143.76M	146.35M	140.86M
	Operating Cash Flow
213.81M	171.06M	245.04M	145.28M	147.58M	141.59M
	Investing Cash Flow
-393.55M	-381.63M	-360.89M	-152.63M	-211.40M	-67.76M
	Financing Cash Flow
112.05M	192.70M	128.69M	11.12M	130.19M	-48.57M

Capitaland India Trust Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.03
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:CY6U, the sentiment is Positive. The current price of 1.03 is above the 20-day moving average (MA) of 0.98, above the 50-day MA of 0.96, and above the 200-day MA of 1.02, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 66.51 is Neutral, neither overbought nor oversold. The STOCH value of 86.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:CY6U.

Capitaland India Trust Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CY6U	75 Outperform	$1.37B	3.08	26.09%	6.05%	14.96%	186.43%
JYEU	67 Neutral	S$1.20B	20.33	3.16%	7.33%	-8.34%	-22.51%
AU8U	67 Neutral	S$1.20B	79.35	-0.91%	7.65%	-7.66%	-145.74%
ACV	62 Neutral	S$1.35B	74.47	1.45%	2.93%	7.02%	-79.65%
Sector *	61 Neutral	$2.86B	10.96	0.41%	6.08%	5.73%	-21.25%
ADN		S$1.16B	12.84	4.50%	4.47%	―	―
H13		S$1.32B	12.06	3.01%	2.01%	―	―

Capitaland India Trust Corporate Events

CapitaLand India Trust Convenes Annual General Meeting

CapitaLand India Trust held its Annual General Meeting at Marina Bay Sands Expo and Convention Centre in Singapore. The meeting was attended by unitholders, proxies, and the board of directors, discussing key management roles and the presence of significant stakeholders, reflecting the trust’s operational and strategic focus.

The most recent analyst rating on (SG:CY6U) stock is a Buy with a S$1.20 price target. To see the full list of analyst forecasts on Capitaland India Trust stock, see the SG:CY6U Stock Forecast page.

CapitaLand India Trust Issues New Units for Base Fee Payment

CapitaLand India Trust Management Pte. Ltd., the Trustee-Manager of CapitaLand India Trust, announced the issuance of 2,279,757 new units to itself as part of the payment for the base fee for the first quarter of 2025. This issuance, which follows the stipulations of the Trust Deed, reflects the company’s operational strategy of balancing cash and unit payments, potentially impacting its liquidity and market positioning.

CapitaLand India Trust Issues S$200 Million Notes Due 2030

CapitaLand India Trust Management Pte. Ltd. has issued S$200 million worth of 3.20% notes due in 2030 under its S$1.5 billion multicurrency debt issuance program. The notes are set to be listed on the Singapore Exchange, with specific conditions related to controlling unitholders’ interests and change of control events that could trigger defaults, potentially affecting facilities worth approximately S$2,099 million.

CapitaLand India Trust Prices S$200 Million Notes for Strategic Financial Management

CapitaLand India Trust Management Pte. Ltd. has announced the pricing of S$200,000,000 3.20% notes due in 2030 under its S$1,500,000,000 multicurrency debt issuance program. The proceeds from these notes will be used to refinance existing borrowings and support the company’s business activities, acquisitions, and general working capital, potentially enhancing its financial flexibility and operational capacity.