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CapitaLand Mall Trust

SGX:C38U
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
C38U
SGX
SGD9B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

CMT is the first real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) in July 2002. The last earnings update was 6 days ago. More info.


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C38U Share Price and Events
7 Day Returns
-0.8%
SGX:C38U
0%
SG REITs
0.2%
SG Market
1 Year Returns
13%
SGX:C38U
1.4%
SG REITs
-8.9%
SG Market
C38U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CapitaLand Mall Trust (C38U) -0.8% -1.7% 3.1% 13% 10.3% 24.3%
SG REITs 0% 1.2% 6.3% 1.4% 13.7% 16.3%
SG Market 0.2% -0.8% 3.5% -8.9% 7% -1.3%
1 Year Return vs Industry and Market
  • C38U outperformed the REITs industry which returned 1.4% over the past year.
  • C38U outperformed the Market in Singapore which returned -8.9% over the past year.
Price Volatility
C38U
Industry
5yr Volatility vs Market

Value

 Is CapitaLand Mall Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CapitaLand Mall Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for CapitaLand Mall Trust.

SGX:C38U Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 20 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:C38U
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 17%) (42.94%))
0.818
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.818 * 5.96%)
7.18%

Discounted Cash Flow Calculation for SGX:C38U using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for CapitaLand Mall Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

CapitaLand Mall Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

SGX:C38U DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.18%)
2019 438.50 Analyst x2 409.14
2020 462.00 Analyst x2 402.20
2021 489.00 Analyst x2 397.21
2022 511.03 Est @ 4.5% 387.30
2023 530.67 Est @ 3.84% 375.26
2024 548.61 Est @ 3.38% 361.98
2025 565.39 Est @ 3.06% 348.07
2026 581.40 Est @ 2.83% 333.96
2027 596.94 Est @ 2.67% 319.93
2028 612.23 Est @ 2.56% 306.15
Present value of next 10 years cash flows SGD3,641.20
SGX:C38U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD612.23 × (1 + 2.3%) ÷ (7.18% – 2.3%)
SGD12,853.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD12,853.02 ÷ (1 + 7.18%)10
SGD6,427.29
SGX:C38U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD3,641.20 + SGD6,427.29
SGD10,068.49
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD10,068.49 / 3,688.31
SGD2.75
SGX:C38U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD2.75
Current discount Discount to share price of SGD2.35
= -1 x (SGD2.35 - SGD2.75) / SGD2.75
14.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CapitaLand Mall Trust is available for.
Intrinsic value
15%
Share price is SGD2.35 vs Future cash flow value of SGD2.75
Current Discount Checks
For CapitaLand Mall Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CapitaLand Mall Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • CapitaLand Mall Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CapitaLand Mall Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CapitaLand Mall Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:C38U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.19
SGX:C38U Share Price ** SGX (2019-03-18) in SGD SGD2.35
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 12.92x
Singapore Market PE Ratio Median Figure of 330 Publicly-Listed Companies 12.8x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CapitaLand Mall Trust.

SGX:C38U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:C38U Share Price ÷ EPS (both in SGD)

= 2.35 ÷ 0.19

12.39x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CapitaLand Mall Trust is good value based on earnings compared to the SG REITs industry average.
  • CapitaLand Mall Trust is good value based on earnings compared to the Singapore market.
Price based on expected Growth
Does CapitaLand Mall Trust's expected growth come at a high price?
Raw Data
SGX:C38U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.39x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
-5.1%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 1.17x
Singapore Market PEG Ratio Median Figure of 121 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

SGX:C38U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.39x ÷ -5.1%

-2.42x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CapitaLand Mall Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on CapitaLand Mall Trust's assets?
Raw Data
SGX:C38U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD2.02
SGX:C38U Share Price * SGX (2019-03-18) in SGD SGD2.35
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.95x
Singapore Market PB Ratio Median Figure of 433 Publicly-Listed Companies 0.75x
SGX:C38U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:C38U Share Price ÷ Book Value per Share (both in SGD)

= 2.35 ÷ 2.02

1.17x

* Primary Listing of CapitaLand Mall Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CapitaLand Mall Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess CapitaLand Mall Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. CapitaLand Mall Trust has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is CapitaLand Mall Trust expected to perform in the next 1 to 3 years based on estimates from 20 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-5.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CapitaLand Mall Trust expected to grow at an attractive rate?
  • CapitaLand Mall Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.3%.
Growth vs Market Checks
  • CapitaLand Mall Trust's earnings are expected to decrease over the next 1-3 years, this is below the Singapore market average.
  • CapitaLand Mall Trust's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:C38U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:C38U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts -5.1%
SGX:C38U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 6.4%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.3%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.1%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.4%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:C38U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:C38U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 845 551 585 11
2020-12-31 823 509 521 19
2019-12-31 776 494 470 19
SGX:C38U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 698 456 677
2018-09-30 689 447 681
2018-06-30 688 447 658
2018-03-31 686 437 665
2017-12-31 682 428 658
2017-09-30 679 426 631
2017-06-30 680 416 610
2017-03-31 682 411 461
2016-12-31 690 433 469
2016-09-30 701 434 603
2016-06-30 693 434 600
2016-03-31 681 429 589

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CapitaLand Mall Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • CapitaLand Mall Trust's revenue is expected to grow by 6.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:C38U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from CapitaLand Mall Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:C38U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.14 0.15 0.13 5.00
2020-12-31 0.13 0.14 0.13 8.00
2019-12-31 0.13 0.13 0.12 7.00
SGX:C38U Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.19
2018-09-30 0.19
2018-06-30 0.19
2018-03-31 0.19
2017-12-31 0.19
2017-09-30 0.18
2017-06-30 0.17
2017-03-31 0.13
2016-12-31 0.13
2016-09-30 0.17
2016-06-30 0.17
2016-03-31 0.17

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CapitaLand Mall Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CapitaLand Mall Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CapitaLand Mall Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has CapitaLand Mall Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CapitaLand Mall Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CapitaLand Mall Trust's year on year earnings growth rate has been positive over the past 5 years.
  • CapitaLand Mall Trust's 1-year earnings growth exceeds its 5-year average (2.9% vs 2.4%)
  • CapitaLand Mall Trust's earnings growth has not exceeded the SG REITs industry average in the past year (2.9% vs 10.1%).
Earnings and Revenue History
CapitaLand Mall Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CapitaLand Mall Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:C38U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 697.52 676.75 21.05
2018-09-30 689.46 681.18 22.80
2018-06-30 688.34 658.05 22.51
2018-03-31 685.61 664.67 22.70
2017-12-31 682.47 657.65 22.77
2017-09-30 679.41 630.86 22.73
2017-06-30 679.67 610.30 22.98
2017-03-31 681.95 461.42 23.08
2016-12-31 689.73 469.40 22.99
2016-09-30 700.77 602.83 21.86
2016-06-30 692.77 600.15 21.86
2016-03-31 681.45 588.77 21.44
2015-12-31 669.00 579.81 21.49
2015-09-30 653.82 519.82 23.39
2015-06-30 656.77 519.75 23.35
2015-03-31 661.46 624.89 23.40
2014-12-31 658.85 618.88 23.34
2014-09-30 655.30 630.91 16.12
2014-06-30 650.68 628.05 16.01
2014-03-31 767.97 573.30 18.97
2013-12-31 637.59 574.37 16.24
2013-09-30 654.23 525.20 19.28
2013-06-30 671.08 499.86 19.81
2013-03-31 681.19 560.20 20.09
2012-12-31 688.40 536.33 20.21
2012-09-30 669.84 496.95 28.78
2012-06-30 661.86 487.60 28.39
2012-03-31 653.18 375.49 28.51

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CapitaLand Mall Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CapitaLand Mall Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • CapitaLand Mall Trust's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess CapitaLand Mall Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CapitaLand Mall Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is CapitaLand Mall Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CapitaLand Mall Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CapitaLand Mall Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • CapitaLand Mall Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CapitaLand Mall Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CapitaLand Mall Trust Company Filings, last reported 2 months ago.

SGX:C38U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 7,429.30 3,690.22 348.50
2018-09-30 7,192.18 2,949.86 347.12
2018-06-30 7,149.44 2,892.76 347.67
2018-03-31 6,941.48 3,100.05 340.89
2017-12-31 6,928.05 3,260.11 522.75
2017-09-30 6,912.78 3,330.25 507.79
2017-06-30 6,880.45 3,348.19 507.74
2017-03-31 6,687.80 3,345.18 502.01
2016-12-31 6,692.22 3,319.26 483.46
2016-09-30 6,689.97 3,355.34 553.84
2016-06-30 6,703.73 3,333.76 577.81
2016-03-31 6,667.96 3,307.74 579.08
2015-12-31 6,693.16 3,353.89 604.31
2015-09-30 6,409.30 2,908.74 606.21
2015-06-30 6,367.54 2,843.97 630.73
2015-03-31 6,327.53 3,565.50 1,355.74
2014-12-31 6,282.44 3,271.86 1,129.55
2014-09-30 6,187.54 3,131.43 1,021.15
2014-06-30 6,177.37 2,975.73 874.11
2014-03-31 6,009.50 3,334.91 1,230.79
2013-12-31 6,008.74 2,927.09 829.86
2013-09-30 5,903.67 3,430.58 665.52
2013-06-30 5,893.59 3,517.78 788.41
2013-03-31 5,765.92 3,515.41 804.97
2012-12-31 5,702.93 3,802.09 1,118.27
2012-09-30 5,474.51 4,311.74 1,572.21
2012-06-30 5,463.15 4,198.09 1,467.96
2012-03-31 5,292.73 4,001.67 1,190.35
  • CapitaLand Mall Trust's level of debt (49.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (48.8% vs 49.7% today).
  • Debt is not well covered by operating cash flow (12.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5x coverage).
X
Financial health checks
We assess CapitaLand Mall Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CapitaLand Mall Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is CapitaLand Mall Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.89%
Current annual income from CapitaLand Mall Trust dividends. Estimated to be 5.24% next year.
If you bought SGD2,000 of CapitaLand Mall Trust shares you are expected to receive SGD98 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CapitaLand Mall Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.6%).
  • CapitaLand Mall Trust's dividend is below the markets top 25% of dividend payers in Singapore (5.63%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:C38U Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 279 Stocks 4%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:C38U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.13 13.00
2020-12-31 0.12 22.00
2019-12-31 0.12 22.00
SGX:C38U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-22 0.115 4.819
2018-03-12 0.112 5.211
2018-01-23 0.112 5.520
2017-01-20 0.111 5.524
2016-03-02 0.113 5.437
2016-01-21 0.113 5.459
2015-05-06 0.108 5.418
2015-01-23 0.108 5.002
2014-03-26 0.103 5.173
2014-02-10 0.103 5.473
2014-01-22 0.103 5.513
2013-01-17 0.095 4.657
2012-10-19 0.097 4.597
2012-07-18 0.096 4.814
2012-04-18 0.093 5.052
2012-01-18 0.094 5.268
2011-10-28 0.097 5.549
2011-07-19 0.094 5.089
2011-04-20 0.093 4.853
2011-02-11 0.092 5.037
2011-01-20 0.092 4.849
2010-03-26 0.096 4.965
2010-01-25 0.089 4.949
2010-01-22 0.096 5.393
2009-10-23 0.093 5.355
2009-07-24 0.085 5.134
2009-04-17 0.080 5.874
2009-03-19 0.143 11.211

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of CapitaLand Mall Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (4000x coverage).
X
Income/ dividend checks
We assess CapitaLand Mall Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CapitaLand Mall Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CapitaLand Mall Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of CapitaLand Mall Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Tony Tan
COMPENSATION SGD0
AGE 51
TENURE AS CEO 1.8 years
CEO Bio

Mr. Tee Hieong Tan, also known as Tony, has been Chief Executive Officer and Executive Non-Independent Director of CapitaLand Mall Trust Management Limited since May 1, 2017. Prior to this, Mr. Tan served as the Senior Vice President of CEO’s Office at CapitaLand Mall Asia. Before that, Mr. Tan served as the Chief Executive Officer and Executive Director of CapitaLand Retail China Trust Management Limited, the manager of CapitaLand Retail China Trust from July 1, 2010 to April 1, 2017. Mr. Tan has over 19 years of experience in international treasury, finance and risk management. He served as Deputy Chief Executive Officer of CapitaRetail China Trust Management Limited from April 2010 to June 2010 and served as its Head of Finance from September 2007 to June 2010. He served as Deputy Chief Financial Officer of CapitaMalls Asia Limited. Mr. Tan served as Senior Vice President and Head of Group Finance & Corporate Services of CapitaMalls Asia Limited. He served as Finance Manager of CapitaRetail China Trust Management Limited, manager of CapitaRetail China Trust since September 17, 2007. Prior to joining CapitaLand Retail China Trust Management Limited, Mr. Tan was with IKEA for more than nine years, where he held positions as Treasurer and Finance Manager for Asia Pacific region. During those tenures, he also concurrently sat on IKEA’s finance committee for Asia Pacific. His other experiences prior to joining IKEA includes Treasury Accountant for Wearnes International, the trading and distribution arm for WBL and various trading positions with international banks. He has been an Executive Director of Capitaretail China Trust Management Limited since July 1, 2010. He served as a Director of CapitaRetail Gurney Sdn Bhd. Mr. Tan holds a Master of Business Administration (Distinction) from the University of Manchester, United Kingdom and a Bachelor of Accountancy degree from the National University of Singapore.

CEO Compensation
  • Insufficient data for Tony to compare compensation growth.
  • Tony's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure of the CapitaLand Mall Trust management team in years:

1.8
Average Tenure
  • The average tenure for the CapitaLand Mall Trust management team is less than 2 years, this suggests a new team.
Management Team

Tony Tan

TITLE
CEO & Executive Non-Independent Director of Capitaland Mall Trust Management Limited
AGE
51
TENURE
1.8 yrs

Lei Tan

TITLE
Head of Finance-CapitaLand Mall Trust Management Limited
AGE
60

Jacqueline Lee

TITLE
Head of Investment & Asset Management - Capitaland Mall Trust Management Limited

Lo Mun Wah

TITLE
Vice President of Investor Relations - CapitaLand Mall Trust Management Limited
TENURE
1.2 yrs

Teresa Teow

TITLE
Head of Retail Mgmt for Singapore & Director - CapitaLand Mall Trust Mgmt Ltd
TENURE
2 yrs

Chee Seng Pang

TITLE
Dy GM & Head of Property Mgmt - Capitamall Trust Mgmt Ltd - Mngr

Jason Loy

TITLE
Head of Operations for Singapore - Capitaland Mall Trust Management Limited

Cindy Peh

TITLE
Head of Leasing for Singapore - CapitaLand Mall Trust Management Limited

Steve Ng

TITLE
Head of Marketing Communications for Singapore - Capitaland Mall Trust Management Limited

Audrey Lee

TITLE
Company Secretary of CapitaLand Mall Trust Management Limited
Board of Directors Tenure

Average tenure and age of the CapitaLand Mall Trust board of directors in years:

6.3
Average Tenure
61
Average Age
  • The tenure for the CapitaLand Mall Trust board of directors is about average.
Board of Directors

Richard Rokmat Magnus

TITLE
Chairman of Capitaland Mall Trust Management Limited
COMPENSATION
SGD141K
AGE
74
TENURE
2.8 yrs

Tony Tan

TITLE
CEO & Executive Non-Independent Director of Capitaland Mall Trust Management Limited
AGE
51
TENURE
1.8 yrs

Kyle Lee

TITLE
Non-Executive Independent Director of Capitaland Mall Trust Management Limited
COMPENSATION
SGD105K
AGE
66
TENURE
6.3 yrs

Jason Leow

TITLE
Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited
AGE
51
TENURE
4.3 yrs

Kian Chew Tan

TITLE
Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited
COMPENSATION
SGD55K
AGE
64
TENURE
8.8 yrs

Chee Khern Ng

TITLE
Non-Executive Independent Director of Capitaland Mall Trust Management Limited
COMPENSATION
SGD53K
AGE
52
TENURE
6.8 yrs

Kwok Fong

TITLE
Non-Executive Independent Director of Capitaland Mall Trust Management Limited
COMPENSATION
SGD80K
AGE
68
TENURE
6.3 yrs

Chee Gay

TITLE
Non-Executive Independent Director of Capitaland Mall Trust Management Limited
COMPENSATION
SGD80K
AGE
61
TENURE
6.3 yrs

Andrew Geoffrey Lim

TITLE
Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited
AGE
48
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
26. Feb 19 Sell CapitaLand Mall Trust Management Limited Company 26. Feb 19 26. Feb 19 -1,406,035 SGD2.29 SGD-3,218,694
25. Feb 19 Buy BlackRock, Inc. Company 21. Feb 19 21. Feb 19 790,000 SGD2.44 SGD1,925,072
20. Feb 19 Sell BlackRock, Inc. Company 18. Feb 19 18. Feb 19 -231,200 SGD2.40 SGD-555,365
18. Feb 19 Buy BlackRock, Inc. Company 14. Feb 19 14. Feb 19 242,200 SGD2.38 SGD576,436
15. Nov 18 Buy BlackRock, Inc. Company 13. Nov 18 13. Nov 18 35,600 SGD2.11 SGD75,219
09. Nov 18 Sell CapitaLand Mall Trust Management Limited Company 09. Nov 18 09. Nov 18 -194,343 SGD2.15 SGD-418,731
10. Sep 18 Sell NTUC Enterprise Co-operative Limited Company 06. Sep 18 06. Sep 18 -1,135,913 SGD2.12 SGD-2,409,158
03. Aug 18 Sell CapitaLand Mall Trust Management Limited Company 03. Aug 18 03. Aug 18 -406,091 SGD2.03 SGD-826,233
13. Jul 18 Buy NTUC Income Insurance Co-Operative Ltd., Asset Management Arm Company 11. Jul 18 11. Jul 18 546,900 SGD2.10 SGD1,149,583
04. Jun 18 Buy BlackRock, Inc. Company 31. May 18 31. May 18 7,848,500 SGD2.07 SGD16,247,956
04. May 18 Sell CapitaLand Mall Trust Management Limited Company 04. May 18 04. May 18 -392,859 SGD2.06 SGD-809,053
X
Management checks
We assess CapitaLand Mall Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CapitaLand Mall Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should We Be Delighted With CapitaLand Mall Trust's (SGX:C38U) ROE Of 9.1%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows CapitaLand Mall Trust has a return on equity of 9.1% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is CapitaLand Mall Trust (SGX:C38U) A Healthy REIT?

real estate investment trust (REIT) based in Singapore, Singapore. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

An Examination Of CapitaLand Mall Trust (SGX:C38U)

Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on CapitaLand Mall Trust (SGX:C38U) due to its excellent fundamentals in more than one area.

Simply Wall St -

How Much Of CapitaLand Mall Trust (SGX:C38U) Do Institutions Own?

The big shareholder groups in CapitaLand Mall Trust (SGX:C38U) have power over the company. … Generally speaking, as a company grows, institutions will increase their ownership. … We'd expect to see both institutions and retail investors owning a portion of the company.

Simply Wall St -

Is CapitaLand Mall Trust (SGX:C38U) A High Quality Stock To Own?

Over the last twelve months CapitaLand Mall Trust has recorded a ROE of 9.2%. … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.092 in profit. … View our latest analysis for CapitaLand Mall Trust?

Simply Wall St -

How Should You Analyze REIT Stock CapitaLand Mall Trust (SGX:C38U)?

CapitaLand Mall Trust is a S$7.70b. … View our latest analysis for CapitaLand Mall Trust … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

How Confident Are Insiders About CapitaLand Mall Trust (SGX:C38U)?

some insider buying over the past three months, with insiders investing in. … A well-known argument is that insiders investing more in their own companies’ shares sends an optimistic signal … A two-decade research published in The MIT Press (1998) showed that stocks following insider buying outperformed the market by 4.5%

Simply Wall St -

What You Need To Know Before Investing In CapitaLand Mall Trust (SGX:C38U)

CapitaLand Mall Trust is a S$7.42B mid-cap real estate investment trust (REIT) based in Singapore, Singapore. … View our latest analysis for CapitaLand Mall Trust A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent. … Next Steps: As a REIT, CapitaLand Mall Trust offers some unique characteristics which could help diversify your portfolio.

Simply Wall St -

At $2.08, Is CapitaLand Mall Trust (SGX:C38U) A Buy?

CapitaLand Mall Trust (SGX:C38U), a reits company based in Singapore, saw its share price hover around a small range of SGD1.95 to SGD2.12 over the last few weeks. … It’s trading around 15% above my intrinsic value, which means if you buy CapitaLand Mall Trust today, you’d be paying a relatively fair price for it. … In addition to this, it seems like CapitaLand Mall Trust’s share price is quite stable, which could mean there may be less chances to buy low in the future now that it’s fairly valued.

Simply Wall St -

Should You Buy CapitaLand Mall Trust (SGX:C38U)?

Whether a company has a good future, in terms of its business operation and financial health, is an important question to address. … According to their forecast, C38U's revenue level is expected to decline by -0.15% in the next financial year. … Or the very least, reduce debt to a more prudent level if cash generated from operating activities is insufficient to cushion for potential future headwinds.

Simply Wall St -

Company Info

Description

CMT is the first real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) in July 2002. CMT is also the largest retail REIT by market capitalisation, S$8.3 billion (as at 31 December 2018) in Singapore. CMT has been affirmed an ‘A2’ issuer rating by Moody's Investors Service on 28 August 2018. The ‘A2’ issuer rating is the highest rating assigned to a Singapore REIT. CMT owns and invests in quality income-producing assets which are used, or predominantly used, for retail purposes primarily in Singapore. As at 31 December 2018, CMT's portfolio comprised a diverse list of close to 2,800 leases with local and international retailers and achieved a committed occupancy of 99.2%. CMT's 15 quality shopping malls, which are strategically located in the suburban areas and downtown core of Singapore, comprise Tampines Mall, Junction 8, Funan, IMM Building, Plaza Singapura, Bugis Junction, JCube, Raffles City Singapore (40.0% interest), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+, Bedok Mall and Westgate. CMT also owns 122.7 million units in CapitaLand Retail China Trust, the first China shopping mall REIT listed on SGX-ST in December 2006. CMT is managed by an external manager, CapitaLand Mall Trust Management Limited, which is an indirect wholly owned subsidiary of CapitaLand Limited, one of Asia’s largest real estate companies headquartered and listed in Singapore.

Details
Name: CapitaLand Mall Trust
C38U
Exchange: SGX
Founded: 2001
SGD8,593,758,455
3,688,308,350
Website: http://www.cmt.com.sg
Address: CapitaLand Mall Trust
168 Robinson Road,
No. 30-01 Capital Tower,
Singapore,
068912,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX C38U Trust Units Singapore Exchange SG SGD 23. Jul 2002
OTCPK CPAM.F Trust Units Pink Sheets LLC US USD 23. Jul 2002
DB M3T Trust Units Deutsche Boerse AG DE EUR 23. Jul 2002
Number of employees
Current staff
Staff numbers
0
CapitaLand Mall Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 12:38
End of day share price update: 2019/03/18 00:00
Last estimates confirmation: 2019/03/14
Last earnings filing: 2019/03/12
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.