CapitaLand Integrated Commercial Trust - OCBC Investment 2024-11-05: Solid Rental Reversions But Set For A Moderation Ahead

• CapitaLand Integrated Commercial Trust’s 3Q24 gross revenue inched up 1.7% y-o-y to S$397.9m and NPI increased by a stronger pace of 5.4% y-o-y to S$289.9m, thus translating to an expansion in its NPI margin by 2.6 ppt y-o-y to 72.8%. No distribution per unit (DPU) data was given as this is provided on a semi-annual basis.
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Still healthy rental reversions for both retail & office portfolios but this is poised for a moderation in FY25.

• CapitaLand Integrated Commercial Trust’s 9M24 retail rental reversions came in at 9.2%, almost unchanged from the 9.3% recorded in 1H24. Both suburban malls and downtown malls registered almost similar rental reversions of 9.0% and 9.4%, respectively.
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Overall portfolio committed occupancy saw a slight sequential dip

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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:
2025-04-25 CapitaLand Integrated Commercial Trust - Mixed Operating Trends With Lower Borrowing Costs.

Previous report by OCBC:
2025-02-06 CapitaLand Integrated Commercial Trust - An All-rounded Performance.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
CapitaLand Integrated Commercial Trust News