CapitaLand Integrated Commercial Trust - Maybank Research 2023-10-30: Stable Performance; Resilient Operational Update

CapitaLand Integrated Commercial Trust - Stable Performance; Resilient Operational Update

Published:
CapitaLand Integrated Commercial Trust (SGX:C38U) | SGinvestors.ioCapitaLand Integrated Commercial Trust (SGX:C38U)
  • CapitaLand Integrated Commercial Trust (SGX:C38U)’s 3Q23 business updates indicate increasing trend for gross revenue and NPI albeit at a slower pace and with weaker margins.
  • Occupancy improved sequentially with gains across retail, office and integrated developments.
  • - Read this at SGinvestors.io -
  • We lower our DDM-based target price for CapitaLand Integrated Commercial Trust by 11% to S$1.90 due to higher cost of equity and maintain our BUY rating.

Stable financial performance

  • CapitaLand Integrated Commercial Trust's 3Q23 gross revenue of S$391.3m was +1.3% q-o-q, +4.6% y-o-y. NPI declined 0.4% q-o-q but was up 0.6% y-o-y. 9M23 revenue and NPI was up 9.8% and 6.7% y-o-y, respectively. NPI margins continue to slide (~1% q-o-q, ~3% y-o-y) due to higher overall costs.
  • - Read this at SGinvestors.io -
  • Management guided for FY24 funding cost to range between 3.5% to “high 3%” vs current 3.3%. Management of CapitaLand Integrated Commercial Trust reaffirmed access to capital markets and loans. Of note, half of CapitaLand Integrated Commercial Trust’s S$9.7b debt comprises bonds.

Healthy operating metrics

  • Read more at SGinvestors.io.




Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.




Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2023-10-30



Read also Maybank's most recent report:
2024-02-07 DBS Group - Record Profits; Strong Dividend Yield Angle.

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





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