CapitaLand Integrated Commercial Trust - OCBC Investment 2024-08-13: A Breath Of Fresh Air With Positive DPU Growth

• CapitaLand Integrated Commercial Trust (SGX:C38U)’s 2Q24 gross revenue grew 1.8% y-o-y to S$393.3m, while net property income (NPI) increased at a faster pace of 4.6% to S$288.7m due to lower property operating expenses which was in turn driven by a decline in utility expenses and lower property management revenue grew 1.8% y-o-y to S$393.3m.
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1H24 DPU rose 2.5% y-o-y to S$0.0543 and was within our expectations

• A similar trend was observed for 1H24, with CapitaLand Integrated Commercial Trust’s gross revenue and NPI increasing by 2.2% and 5.4% y-o-y to S$792.0m and S$582.4m, respectively.
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• Results were in-line with our expectations, with 1H24 DPU accounting for 50.0% of our FY24 forecast.

Healthy portfolio rental reversions and committed occupancy, although the former is likely to moderate for its office assets

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OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-08-13 SGinvestors.io

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