- CapitaLand Integrated Commercial Trust (SGX:C38U) reported a 12.7%/10.1% y-o-y increase in 1H23 revenue/NPI to S$774.8m/S$552.3m. The improvement was due to a full 6 months’ contribution from CapitaSky (acquired in Apr 2022) and contribution from Australia acquisitions (acquired in Jun 2022), and completion of asset enhancement initiatives (AEI) at Raffles City Singapore, partly offset by higher utilities expenses.
- - Read this at SGinvestors.io -
- Portfolio committed occupancy rose 0.5% pt q-o-q to 96.7%, with uptick across all its properties. Aggregate leverage stood at 40.4% with average cost of debt at 3.2% as at 1H23. Management guided that average funding cost could trend up towards the ~3.5% level in FY24F.
- - Read this at SGinvestors.io -
- CapitaLand Integrated Commercial Trust (SGX:C38U) reported a 12.7%/10.1% y-o-y increase in 1H23 revenue/NPI to S$774.8m/S$552.3m. The improvement was due to a full 6 months’ contribution from CapitaSky (acquired in Apr 2022) and contribution from Australia acquisitions (acquired in Jun 2022), and completion of asset enhancement initiatives (AEI) at Raffles City Singapore, partly offset by higher utilities expenses.
- However, CapitaLand Integrated Commercial Trust's 1H23 DPU rose a smaller 1.5% y-o-y to S$0.053, eroded by higher interest expenses. See CapitaLand Integrated Commercial Trust's distribution dates.
- Portfolio committed occupancy rose 0.5% pt q-o-q to 96.7%, with uptick across all its properties. Aggregate leverage stood at 40.4% with average cost of debt at 3.2% as at 1H23. Management guided that average funding cost could trend up towards the ~3.5% level in FY24F.
- CapitaLand Integrated Commercial Trust’s retail portfolio enjoyed positive rental reversion of 6.9% in 1H23, with downtown malls delivering a stronger +7%. Retail tenant sales and shopper traffic rose 6%/17.5% y-o-y in 1H. Downtown malls benefited from higher tourist arrivals and an increase in return-to-office crowd.
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | Natalie ONG CGS-CIMB Research | https://www.cgs-cimb.com 2023-08-01
Read also CGS-CIMB's most recent report:
2024-02-06 CapitaLand Integrated Commercial Trust - Resilient Portfolio Performance.Previous report by CGS-CIMB:
2023-10-27 CapitaLand Integrated Commercial Trust - Cautious Optimism.Price targets by 4 other brokers at CapitaLand Integrated Commercial Trust Target Prices.
Listing of research reports at CapitaLand Integrated Commercial Trust Analyst Reports.
Relevant links:
CapitaLand Integrated Commercial Trust Share Price History,
CapitaLand Integrated Commercial Trust Announcements,
CapitaLand Integrated Commercial Trust Dividends & Corporate Actions,
CapitaLand Integrated Commercial Trust News Articles
CapitaLand Integrated Commercial Trust - Recovery Momentum Continues
CapitaLand Integrated Commercial Trust (SGX:C38U)
