SGX:C38U

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CapitaLand Integrated Commercial Trust

Executive Summary

CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S$14.0 billion as at 31 December 2020. More Details


Snowflake Analysis

Moderate growth potential and slightly overvalued.


Similar Companies

Share Price & News

How has CapitaLand Integrated Commercial Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: C38U is less volatile than 75% of SG stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: C38U's weekly volatility (3%) has been stable over the past year.


Market Performance


7 Day Return

0.5%

C38U

-0.2%

SG REITs

1.3%

SG Market


1 Year Return

-12.6%

C38U

-13.0%

SG REITs

-1.6%

SG Market

Return vs Industry: C38U matched the SG REITs industry which returned -13% over the past year.

Return vs Market: C38U underperformed the SG Market which returned -1.6% over the past year.


Shareholder returns

C38UIndustryMarket
7 Day0.5%-0.2%1.3%
30 Day-2.3%-3.6%2.2%
90 Day2.5%-0.2%6.6%
1 Year-8.6%-12.6%-8.4%-13.0%3.5%-1.6%
3 Year18.4%2.5%17.3%-2.3%-7.2%-18.6%
5 Year27.7%-0.9%45.6%7.6%17.0%-4.4%

Long-Term Price Volatility Vs. Market

How volatile is CapitaLand Integrated Commercial Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is CapitaLand Integrated Commercial Trust undervalued compared to its fair value and its price relative to the market?

29.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: C38U (SGD2.09) is trading below our estimate of fair value (SGD2.94)

Significantly Below Fair Value: C38U is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: C38U is poor value based on its PE Ratio (25x) compared to the SG REITs industry average (22.1x).

PE vs Market: C38U is poor value based on its PE Ratio (25x) compared to the SG market (15.1x).


Price to Earnings Growth Ratio

PEG Ratio: C38U is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: C38U is overvalued based on its PB Ratio (1x) compared to the SG REITs industry average (0.9x).


Next Steps

Future Growth

How is CapitaLand Integrated Commercial Trust forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

22.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: C38U's forecast earnings growth (22% per year) is above the savings rate (2%).

Earnings vs Market: C38U's earnings (22% per year) are forecast to grow slower than the SG market (25.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: C38U's revenue (19.1% per year) is forecast to grow faster than the SG market (9.1% per year).

High Growth Revenue: C38U's revenue (19.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: C38U's Return on Equity is forecast to be low in 3 years time (6%).


Next Steps

Past Performance

How has CapitaLand Integrated Commercial Trust performed over the past 5 years?

-6.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: C38U has high quality earnings.

Growing Profit Margin: C38U's current net profit margins (46.9%) are lower than last year (88.6%).


Past Earnings Growth Analysis

Earnings Trend: C38U's earnings have declined by 6.3% per year over the past 5 years.

Accelerating Growth: C38U's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: C38U had negative earnings growth (-49.8%) over the past year, making it difficult to compare to the REITs industry average (-29.3%).


Return on Equity

High ROE: C38U's Return on Equity (2.7%) is considered low.


Next Steps

Financial Health

How is CapitaLand Integrated Commercial Trust's financial position?


Financial Position Analysis

Short Term Liabilities: C38U's short term assets (SGD273.0M) do not cover its short term liabilities (SGD1.3B).

Long Term Liabilities: C38U's short term assets (SGD273.0M) do not cover its long term liabilities (SGD8.0B).


Debt to Equity History and Analysis

Debt Level: C38U's debt to equity ratio (67.3%) is considered high.

Reducing Debt: C38U's debt to equity ratio has increased from 50.1% to 67.3% over the past 5 years.

Debt Coverage: C38U's debt is not well covered by operating cash flow (4.5%).

Interest Coverage: C38U's interest payments on its debt are well covered by EBIT (3.9x coverage).


Balance Sheet


Next Steps

Dividend

What is CapitaLand Integrated Commercial Trust current dividend yield, its reliability and sustainability?

4.16%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: C38U's dividend (4.16%) is higher than the bottom 25% of dividend payers in the SG market (1.88%).

High Dividend: C38U's dividend (4.16%) is low compared to the top 25% of dividend payers in the SG market (4.82%).


Stability and Growth of Payments

Stable Dividend: C38U's dividend payments have been volatile in the past 10 years.

Growing Dividend: C38U's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (94.2%), C38U's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: C38U's dividends in 3 years are not forecast to be well covered by earnings (101.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

3.5yrs

Average management tenure


CEO

Tony Tan (53 yo)

3.83yrs

Tenure

Mr. Tee Hieong Tan, also known as Tony, has been Chief Executive Officer and Executive Non-Independent Director of CapitaLand Integrated Commercial Trust (formerly known as CapitaLand Mall Trust) Managemen...


Leadership Team

NamePositionTenureCompensationOwnership
Tee Hieong Tan
CEO & Executive Non-Independent Director of Capitaland Mall Trust Management Limited3.83yrsno data0.0045%
SGD 611.8k
Cindy Sze Yung
Chief Financial Officer of CapitaLand Mall Trust Management Limited2.17yrsno data0.00013%
SGD 17.7k
Jacqueline Lee
Head of Investment & Portfolio Management - Capitaland Mall Trust Management Limitedno datano datano data
Mun Wah Lo
Vice President of Investor Relations - CapitaLand Mall Trust Management Limited3.17yrsno datano data
Pei Siang Chia
Vice President of Group Communicationsno datano datano data
Teresa Teow
Head of Retail Mgmt for Singapore & Director - CapitaLand Mall Trust Mgmt Ltd4yrsno datano data
Chee Pang
Dy GM & Head of Property Mgmt - Capitamall Trust Mgmt Ltd - Mngrno datano datano data
Keng Looi
Head of Asset Management - CapitaLand Mall Trust Management Limitedno datano datano data
Jason Loy
Head of Operations for Singapore - Capitaland Mall Trust Management Limitedno datano datano data
Cindy Peh
Head of Leasing for Singapore - CapitaLand Mall Trust Management Limitedno datano datano data
Steve Ng
Head of Marketing Communications for Singapore - Capitaland Mall Trust Management Limitedno datano datano data
Ju Lin Lee
Company Secretary of CapitaLand Mall Trust Management Limitedno datano datano data

3.5yrs

Average Tenure

Experienced Management: C38U's management team is considered experienced (3.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Tee Hieong Tan
CEO & Executive Non-Independent Director of Capitaland Mall Trust Management Limited3.83yrsno data0.0045%
SGD 611.8k
Mun Wai Leo
Non-Executive Independent Director0.17yrno datano data
Neng Tong Yap
Non-Executive Non-Independent Director1.42yrsno data0.00097%
SGD 131.9k
Juan Thong Leow
Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited6.25yrsno data0.0012%
SGD 157.7k
Khai Fatt Lee
Non-Executive Independent Director of Capitaland Mall Trust Management Limited8.33yrsS$97.77k0.0011%
SGD 146.8k
Swee Lian Teo
Independent Chairman of Capitaland Mall Trust Management Limited1.92yrsS$94.85k0.00014%
SGD 19.0k
Quek Hwee
Non-Executive Independent Director of Capitaland Mall Trust Management Limited0.33yrno datano data
Ng King
Non-Executive Independent Director of Capitaland Mall Trust Management Limited0.33yrno datano data

1.7yrs

Average Tenure

53yo

Average Age

Experienced Board: C38U's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 75.4%.


Top Shareholders

Company Information

CapitaLand Integrated Commercial Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: CapitaLand Integrated Commercial Trust
  • Ticker: C38U
  • Exchange: SGX
  • Founded: 2001
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$13.595b
  • Shares outstanding: 6.47b
  • Website: https://www.cict.com.sg

Location

  • CapitaLand Integrated Commercial Trust
  • 168 Robinson Road
  • No. 30-01 Capital Tower
  • Singapore
  • 68912
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
C38USGX (Singapore Exchange)YesTrust UnitsSGSGDJul 2002
M3TDB (Deutsche Boerse AG)YesTrust UnitsDEEURJul 2002
CPAM.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDJul 2002

Biography

CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/08 11:00
End of Day Share Price2021/03/08 00:00
Earnings2020/12/31
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.