CapitaLand Integrated Commercial Trust - OCBC Investment 2024-02-06: A Job Well Done

CapitaLand Integrated Commercial Trust - A Job Well Done

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CapitaLand Integrated Commercial Trust (SGX:C38U) | SGinvestors.ioCapitaLand Integrated Commercial Trust (SGX:C38U)
  • CapitaLand Integrated Commercial Trust (SGX:C38U)’s FY23 results ticked most of the boxes for what one would consider a solid showing. 2H23 net property income (NPI) increased 4.0% y-o-y to S$563.6m while DPU inched up 1.7% y-o-y to S$0.0545 such that FY23 DPU rose 1.6% to S$0.1075. This constituted 101.3% of our forecast.
  • - Read this at SGinvestors.io -

Robust rental reversions for both retail & office portfolios; unchanged committed occupancy rate

Retail

  • Looking first at CapitaLand Integrated Commercial Trust’s retail operations, committed occupancy declined 0.5 ppt q-o-q to 98.5%. However, FY23 rental reversions came in at 8.5%, an acceleration as compared to FY22’s 1.2%. Both suburban malls (+8.3%) and downtown malls (+8.8%) contributed positively to this increase.
  • - Read this at SGinvestors.io -
  • Occupancy costs stood at a healthy 16.3%. Although shopper traffic increased by a larger magnitude of 8.6%, it is still ~85% of pre-COVID levels.

Office

  • Read more at SGinvestors.io.




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




OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-02-06



Previous report by OCBC:
2023-10-27 CapitaLand Integrated Commercial Trust - Healthy Operating Metrics But Higher Gearing Leaves Little Comfort.

Price targets by 2 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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