CapitaLand China Trust - OCBC Investment 2024-01-31: Riding The Downcycle

• On a CNY basis, CapitaLand China Trust (SGX:AU8U)’s 2H23 gross revenue and net property income (NPI) grew by 5.9% and 10.5% y-o-y to CNY964.7m and CNY630m, respectively.
• For full year FY23, gross revenue and NPI increased by 3.3% and 5.3% y-o-y to CNY1.9b and CNY1.3b, respectively. This was entirely underpinned by recovery in CapitaLand China Trust’s retail assets, while its new economy portfolio continued to struggle.
• - Read this at SGinvestors.io -

FY23 results missed our expectations

• Meanwhile, FY23 gross revenue and NPI declined by 4.8% and 2.9% y-o-y to S$364.7m and S$246.7m, respectively. 2H23 DPU of S$0.03, down 11.8% y-o-y. See CapitaLand China Trust's distribution dates.
• - Read this at SGinvestors.io -

New economy portfolio likely to remain a drag in the near term

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-09-29 CapitaLand China Trust - Protracted DPU Recovery Expected.

Previous report by OCBC:
2025-07-30 CapitaLand China Trust - No Light At The End Of The Tunnel Yet.

Price targets by other brokers at CapitaLand China Trust Target Prices.

Listing of research reports at CapitaLand China Trust Analyst Reports.

Relevant links:
CapitaLand China Trust Share Price History,
CapitaLand China Trust Announcements,
CapitaLand China Trust Dividend Payout Dates & Corporate Actions,
CapitaLand China Trust News