CapitaLand Integrated Commercial Trust - UOB Kay Hian 2026-02-09: Steady Execution With Smooth Assimilation Of ION Orchard & CapitaSpring

• CapitaLand Integrated Commercial Trust (CICT) reported DPU of 5.96 cents in 2H25 (+9.4% y-o-y), which is above our expectation.

Retail: Margin expansion on lower utility expenses.

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• New leases were mainly from digital & appliances, fashion & accessories and food & beverage trades. It maintained high tenant retention of 83.7% for retail tenants (suburban: 80.9%, downtown: 85.4%).
• Occupancy was stable at 98.7% in 4Q25. If we exclude the newly-acquired ION Orchard, tenant sales psf grew 1.2% y-o-y, driven by a stronger 2H25 supported by seasonal promotions and new openings. NPI from retail portfolio rose 5.5% y-o-y with NPI margin improving 2.2ppt y-o-y to 72.4%.

Office: Benefitting from full ownership of CapitaSpring.

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• CapitaLand Integrated Commercial Trust clocked a positive rental reversion of 6.6% for 2025. Average rent increased 2.1% y-o-y to S$10.95psf/month in 4Q25. NPI from the office portfolio jumped 11.8% in 2H25 due to the acquisition of the remaining 55% in CapitaSpring completed on 26 Aug 25 (accounted as a subsidiary instead of JV previously).

NAV increased 1% to S$2.14.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-02-09

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