- CapitaLand Integrated Commercial Trust (SGX:C38U) reported 1H DPU of S$5.43 cents, -0.4% h-o-h/+2.5% y-o-y. Top-line growth coupled with cost management mitigated the impact of higher interest expenses. Portfolio occupancy was steady with strength in retail offsetting the slippage in office.
Steady performance
- - Read this at SGinvestors.io -
- Management is waiting for an opportune time to undertake capital recycling or redevelopment projects.
- All in, no major surprises. Valuations are fair but we retain our BUY and S$2.25 target price on resilient income and credit profile.
Healthy operating metrics
- CapitaLand Integrated Commercial Trust's 1H24 revenue and NPI grew 0.9%/2.2% h-o-h/ y-o-y. Growth was supported by higher revenue from existing properties, offsetting the absence of income from Gallileo (undergoing AEI). New property management agreement and lower utilities expenses helped lift margins.
- - Read this at SGinvestors.io -
- Office occupancy slipped with lower occupancy in Singapore and Germany.
Stable financial ratios
- 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/ 2024-08-13
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