CapitaLand India Trust - DBS Research 2025-02-04: Accelerating Earnings On Data Centre Upside, Rapid Growth Ahead

CapitaLand India Trust - Accelerating Earnings On Data Centre Upside, Rapid Growth Ahead

Published:
CapitaLand India Trust (SGX:CY6U) | SGinvestors.io
  • The coming three years (FY25F – 27F) will be pivotal for CapitaLand India Trust as it completes ongoing developments, boosting its DPU prospects by 6-18%.
  • We have raised our estimates to reflect the latest development updates and completion of its datacenters currently under development.

Entering a defining phase of accelerating growth.

  • - Read this at SGinvestors.io -
  • Current CapitaLand India Trust's share price is trading at < 0.8x P/B. With FY25F – 27F DPU CAGR of 14%, yield is projected to grow from ~ 8.5% to over 9%. In our estimates, we have also assumed an annual 3% depreciation in the INR-S$ exchange rate compared to flat previously.

Growth drivers

  • - Read this at SGinvestors.io -
  • income contribution from MTB-6, a 0.8m sqft fully-leased building, which was completed in Dec’24; and
  • robust rental reversions of 6-8% across its IT parks in Bangalore, Hyderabad, Chennai and Pune.
  • Additionally, its forward purchase contracts, with ongoing developments of close to ~6.0mil sqft of space and valued at INR 45bn (S$ 809mil), provide medium-term growth potential. This is in addition to significant development capacity at Bangalore (ITPB) and Hyderabad (ITPH), with over 2.3 mn sqft of space at each site, totally 4.6mil sqft.
  • Together with its ongoing developments, CapitaLand India Trust is projected to deliver up to a 56% jump in overall GFA (full potential).

What are CapitaLand India Trust’s data centres worth?

Extracting value within its portfolio.

  • Read more at SGinvestors.io.



Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.



Derek TAN DBS Group Research | Dale LAI DBS Group Research | https://www.dbs.com/insightsdirect/ 2025-02-04



Previous report by DBS:
2024-10-25 CapitaLand India Trust - Powering Ahead; Robust Operational Performance..

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

Listing of research reports at CapitaLand India Trust Analyst Reports.

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






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