- 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
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- 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.
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- Office occupancy slipped with lower occupancy in Singapore and Germany.
Stable financial ratios
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