CapitaLand China Trust - OCBC Investment 2024-10-30: A Balancing Act Between Occupancy & Rental Reversions

• We continue to view CapitaLand China Trust (SGX:AU8U) as a beneficiary of China’s pro-growth policies in the longer term and see recent stimulus measures by the Chinese government as potential green shoots, but expect the recovery to pan out over a multi-year story.

9M24 gross revenue and NPI declined 3.4% and 5.1% y-o-y respectively.

• - Read this at SGinvestors.io -
• The retail portfolio has remained resilient, with occupancy coming in flattish at 97.9% as at 30 Sep 2024, and 9M24 shopper traffic and tenant sales up 10.1% and 2.4%. Management shared that while its malls experienced a 7.7% y-o-y rise in shopper traffic during the Golden Week holiday, tenant sales remained flat amidst cautious sentiment.
• - Read this at SGinvestors.io -
• On a same-store basis, 9M24 gross revenue and NPI for CapitaLand China Trust’s retail portfolio grew 1.6% and 2.9% y-o-y.

A trade-off between reversions and occupancy

• Read more at SGinvestors.io.

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

Read also OCBC's most recent report:
2025-10-30 CapitaLand China Trust - Persistent Weakness.

Previous report by OCBC:
2025-09-29 CapitaLand China Trust - Protracted DPU Recovery Expected.

Price targets by other brokers at CapitaLand China Trust Target Prices.

Listing of research reports at CapitaLand China Trust Analyst Reports.

Relevant links:
CapitaLand China Trust Share Price History,
CapitaLand China Trust Announcements,
CapitaLand China Trust Dividend Payout Dates & Corporate Actions,
CapitaLand China Trust News