CapitaLand China Trust - OCBC Group Research 2026-04-23: Work In Progress

• 1Q26 performance was a mixed bag – CapitaLand China Trust reported a 5.3% and 3.5% y-o-y decline in 1Q26 gross revenue and NPI to CNY416.4m and CNY282.4m, respectively. On a same-store basis, stripping out the impact of the divestment of CapitaMall Yuhuating, gross revenue would have been 0.4% lower y-o-y, but NPI would have improved 1.3% y-o-y on cost reductions of 3.7% y-o-y.
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Broadly stable operating metrics for the retail portfolio

• Retail revenue and NPI fell 7.2% and 5.4% y-o-y to CNY299.0m and CNY199.8m, respectively. This was due largely to the divestment of CapitaMall Yuhuating, without which revenue would have slipped 0.5% y-o-y on a same-store basis, partially offset by revenue improvements post AEIs.
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Weakness in the Business Park portfolio likely to persist through FY26

• Business Park revenue and NPI nudged up 0.5% and 2.3% y-o-y to CNY105.7m and CNY75.1m, respectively. Despite management’s prioritisation of tenant retention and conversion of new leasing pipelines, occupancy fell 0.7ppt q-o-q to 86.0%, and rental reversions remained deep in the negative at -11.3% for the quarter.
• While occupancy at CapitaLand China Trust’s assets are above submarket averages, rental reversions will likely remain challenged for longer as the supply glut takes time to normalise.

A potential inflection point for the Logistics Park assets

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Ada Lim OCBC Group Research | https://www.iocbc.com/ 2026-04-23

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