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:
2025-08-05 CapitaLand Integrated Commercial Trust - In A Sweet Spot For Growth.

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

Price targets by 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