- CICT reported DPU of S$0.0596 for 2H25, +9.4% y-o-y. FY25 DPU of S$0.1158, +6.4% y-o-y. Inorganic and organic growth, along with lower borrowing expense, underpinned growth.
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- Overall, an inline performance. Notwithstanding thin spreads, maintain BUY on back of strong credit and defensive portfolio.
Inorganic and organic growth
- 2H revenue grew 4.7% y-o-y to S$831.5m and NPI rose 6.8% y-o-y to S$609.9m. Growth was led by acquisition of a residual stake in CapitaSpring and stronger asset performance across the portfolio.
- Along with lower borrowing expenses, full period contribution from ION Orchard and partial offset from expanded number of units, 2H DPU rose 9.4% y-o-y. Full-year drivers were similar, leading to 6.4% y-o-y DPU growth.
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- Full year reversion was +6.6% for both office and retail (versus 6.5% for office and 7.8% for retail in 9MYTD). Guide is for mid-single digit positive reversion.
Focus on development and new AEIs
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