Highlights

Simons Trading Research

Author: simonsg   |   Latest post: Wed, 18 May 2022, 11:34 AM

 

CapitaLand Integrated Commercial Trust - a Subdued Quarter

Author:   |    Publish date:


  • CapitaLand Integrated Commercial Trust’s 3Q21 gross revenue/NPI were within expectations, at 24.5%/25% of our FY21F forecasts.
  • Asset enhancement plans for Raffles City Singapore are in the works.
  • Reiterate ADD rating on CapitaLand Integrated Commercial Trust with an unchanged DDM-based target price.

CapitaLand Integrated Commercial Trust's 3Q21 Business Update Highlights

  • CapitaLand Integrated Commercial Trust (CICT, SGX:C38U) reported 3Q21 gross revenue/NPI of S$329m/242.6m, in line, at 24.5%/25% of our FY21F forecasts. Committed portfolio occupancy slipped slightly q-o-q to 94.4% as at end-3Q21, with retail at 96.4%. Portfolio weighted average lease expiry stood at 3 years as at end-3Q21. Gearing stood at 40.9% at end-3Q21, while all-in finding cost declined q-o-q to 2.3%.

Retail Segment Recovering Gradually

  • CapitaLand Integrated Commercial Trust’s 9M21 portfolio retail connectivity of the three levels. The makeover is targeted for completion by 4Q22. It is currently under advanced negotiations with key international fashion, beauty and lifestyle retailers.

High Pre-commitment Rates at CapitaSpring

  • Office committed occupancy stood at 92.6% as at end-3Q. CapitaLand Integrated Commercial Trust transacted 0.17m sq ft of new gearing of 40.9%, CapitaLand Integrated Commercial Trust is well placed to tap inorganic growth opportunities.

Reiterate ADD Rating on CapitaLand Integrated Commercial Trust

  • We leave our FY21-23F DPU placed to benefit from a macro recovery, given its diversified and stable earnings profile.
  • Re-rating catalysts include more clarity on asset enhancement/redevelopment plans.
  • Downside risks include slower-than-expected portfolio value creation and slower rental recovery outlook.
  • Refer to report attached below for CapitaLand Integrated Commercial Trust's ESG metrics.

Source: CGS-CIMB Research - 22 Oct 2021

Share this

Related Stocks

Chart Stock Name Last Change Volume 
CapitaMall Trust 2.23 -0.01 (0.45%) 17,895,700 

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
 
 

131  252  194  601 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 Sembcorp Marine 0.106+0.003 
 YZJ Fin Hldg 0.48+0.045 
 Jiutian Chemical 0.11-0.001 
 AA 0.014-0.003 
 HSI 21400MBeC.. 0.056-0.019 
 Parkson Retail 0.051+0.006 
 Dyna-Mac 0.149+0.002 
 HSI 18200MBeP.. 0.062+0.01 
 Tritech 0.036+0.001 
 Genting Sing 0.785-0.005 
PARTNERS & BROKERS