- CapitaLand Integrated Commercial Trust reported 1H25 DPU of S$5.62 cents, +3.1% h-o-h/+3.5% y-o-y. Growth was underpinned by lower borrowing expense and contribution from ION Orchard.
Growing distribution, accretive M&A.
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- CapitaLand Integrated Commercial Trust announced purchase of residual stake in CapitaSpring, at entry yield of 4.2%. Funded by S$500m of equity fund raise, pro forma DPU accretion is 1.1% and will keep gearing stable. While yield is low, we retain BUY for positive long-term features of diversified Singapore centric portfolio and strong credit.
Steady operations.
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- Borrowing cost fell and estimated payout ratio was up.
- All in, distributable income and CapitaLand Integrated Commercial Trust's DPU rose 12.4% and 3.5% y-o-y.
- Occupancy was stable at 96.3% (1Q 96.4%) with slight slippages in retail (partly from inclusion of IMM upon completion of AEI), SG offices and integrated developments. Office and retail reversion were +4.8% and +7.7% respectively, notwithstanding flattish retail sales (-0.2% y-o-y).
Prudent capital management and recycling.
- Read more at SGinvestors.io.
