CapitaLand China Trust - OCBC Investment Research 2025-04-24: In-line Results But Occupancy & FX Risks May Pose Headwinds

• CapitaLand China Trust’s 1Q25 gross revenue and NPI declined 6.1% and 6.6% y-o-y to CNY439.7m and CNY292.5m, respectively. 1Q25 business update was relatively light on the financials, but rental income and NPI constituted 24.7% and 24.3% of our initial full year forecasts, respectively.
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Retail revenue slipped 2.7% y-o-y.

• Retail occupancy remains healthy, in our view, notwithstanding a slight dip from 98.2% to 97.7% q-o-q, while rental reversions came in at +0.5%. 1Q25 shopper traffic grew 2.4% y-o-y but tenant sales slipped 2.4%; excluding the supermarket anchors undergoing upgrading works, tenant sales would have grown 0.7% y-o-y.
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Weaker occupancy at new economy assets.

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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/.

Previous report by OCBC:
2025-02-06 CapitaLand China Trust - An Uphill Task.

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