CapitaLand Integrated Commercial Trust - OCBC Investment 2024-04-22: Stable Operational Performance

CapitaLand Integrated Commercial Trust - Stable Operational Performance

Published:
CapitaLand Integrated Commercial Trust (SGX:C38U) | SGinvestors.ioCapitaLand Integrated Commercial Trust (SGX:C38U)
  • CapitaLand Integrated Commercial Trust (SGX:C38U) provided its business update for 1Q24. Gross revenue rose 2.6% y-o-y to S$398.6m, while NPI increased by a stronger magnitude of 6.3% to S$293.7m due to an expansion in its NPI margin by 2.6 ppt y-o-y to 73.7% as a result of lower operating expenses.
  • - Read this at SGinvestors.io -

Committed occupancy

  • CapitaLand Integrated Commercial Trust’s overall portfolio committed occupancy inched down 0.3 ppt q-o-q to 97.0%. Breaking this down, its retail and integrated development segments achieved higher committed occupancy of 98.7% (+0.2 ppt q-o-q) and 98.9% (+0.4 ppt q-o-q), respectively, but was offset by higher frictional vacancies at its office portfolio (committed occupancy fell 0.9 ppt q-o-q to 95.8%).

Secured 10-year lease with ECB

  • - Read this at SGinvestors.io -
  • As the asset will be undergoing an asset enhancement initiative that will cost ~EUR180m, the lease will only commence from 2H25.

Stronger rental reversions expected

  • 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/ 2024-04-22



Read also OCBC's most recent report:
2024-11-05 CapitaLand Integrated Commercial Trust - Solid Rental Reversions But Set For A Moderation Ahead.

Previous report by OCBC:
2024-09-04 CapitaLand Integrated Commercial Trust - Sizeable Acquisition With Expected Accretion To DPU.

Price targets by 3 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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