CapitaLand China Trust - DBS Research 2025-08-01: Longer Route To Recovery

• CapitaLand China Trust's 1H25 results tracking behind full year estimates – 1H revenue of RMB867.6mil (-6.3% y-o-y) and NPI of RMB580.3mil (-8.1% y-o-y) on a confluence of ongoing AEI retail downtime, negative reversions signed, and weaker operating performance from new economy assets.
• - Read this at SGinvestors.io -

Stable occupancy but reversions remain weak.

• Portfolio occupancy remained largely stable this half, with the retail asset class seeing a marginal decline in occupancy of 1.3ppt h-o-h to 96.9% due to three ongoing supermarket upgrades. New economy occupancy saw slight improvements q-o-q to 86.9% for business parks and 96.6% for logistics, with new tenants added within the logistics and engineering spaces.
• - Read this at SGinvestors.io -

Cost of debt in line but renewal of perpetuals likely to come at ~100bps higher coupon.

• 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/.

Previous report by DBS:
2025-02-07 CapitaLand China Trust - Riding Out The Storm.

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