- CapitaLand Integrated Commercial Trust (SGX:C38U) reported 2H23 DPU of S$0.0545, +1.7% y-o-y. CapitaLand Integrated Commercial Trust's DPU of S$0.1075 for FY23 (+1.6% y-o-y) was ~1% below consensus and our estimates.
Topline growth more than offsets higher funding cost
- - Read this at SGinvestors.io -
- Focus is on asset enhancements (AEI) and proactive portfolio management.
- We lift DPU estimates for CapitaLand Integrated Commercial Trust and combined with a lower discount rate, raise our DDM-based target price to S$2.10. Maintain BUY.
Proactive portfolio and prudent cost management
- - Read this at SGinvestors.io -
- Meanwhile, prudent cost management maintained operating jaws. Contribution from prior acquisitions also contributed to full year growth.
- All-in funding cost rose 20bps h-o-h/70bps y-o-y to 3.5%. Guide is for funding cost to be in “mid 3%” range.
- CapitaLand Integrated Commercial Trust's valuation rose 1.2%, led by gains in Singapore which more than offset continued weakness in overseas offices in Australia and Germany. As such, gearing inched down to 39.9% (3Q 40.8%).
Steady operations
- 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://www.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-02-07
Read also Maybank's most recent report:
2024-08-13 CapitaLand Integrated Commercial Trust - Resilient Portfolio, Growing Distribution.
Previous report by Maybank:
2024-04-21 CapitaLand Integrated Commercial Trust - 1Q24 Update A Mixed Bag.
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