CapitaLand Integrated Commercial Trust 3Q24 - UOB Kay Hian 2024-11-06: Increasing Dominance Of Singapore’s Retail Scene

• CapitaLand Integrated Commercial Trust (SGX:C38U) provided its 3Q24 business update:

Enhancing cost efficiency.

• - Read this at SGinvestors.io -
• NPI margin expanded 2.5ppt y-o-y to 72.8% due to cost savings from lower utility expenses and the new property management agreement. Thus, NPI increased 5.4% y-o-y.

Retail: Stronger rental reversion and shopper traffic from downtown malls.

• The retail portfolio achieved positive rental reversion of 9.2% on an average incoming versus average outgoing basis in 9M24 (suburban: 9.0%, downtown: 9.4%). Occupancy was unchanged at 99.0% in 3Q24, while tenant retention remained healthy at 86.1%. Food & beverage, beauty & health and supermarkets continue to chalk up healthy growth in sales. Shopper traffic recovered 3.7% y-o-y in 9M24 (suburban: 1.9%, downtown: 5.7%).
• - Read this at SGinvestors.io -

Office: Maintained stable occupancy.

• Read more at SGinvestors.io.

Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-06 SGinvestors.io

---