SGX:C38U

Stock Analysis Report

CapitaLand Mall Trust

Executive Summary

CapitaLand Mall Trust (CMT) is the first real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) in July 2002.

Snowflake

Fundamentals

Average dividend payer and slightly overvalued.


Similar Companies

Share Price & News

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


Latest Share Price and Events


Market Performance


7 Day Return

0.8%

C38U

0.5%

SG REITs

1.1%

SG Market


1 Year Return

21.2%

C38U

17.7%

SG REITs

0.9%

SG Market

Return vs Industry: C38U exceeded the SG REITs industry which returned 17.7% over the past year.

Return vs Market: C38U exceeded the SG Market which returned 0.9% over the past year.


Shareholder returns

C38UIndustryMarket
7 Day0.8%0.5%1.1%
30 Day0.8%1.9%-1.9%
90 Day-0.4%0.8%-6.5%
1 Year27.4%21.2%24.9%17.7%4.9%0.9%
3 Year45.6%24.1%44.4%19.3%15.2%2.9%
5 Year73.0%32.5%62.2%16.7%11.2%-7.1%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

3.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: C38U (SGD2.63) is trading below our estimate of fair value (SGD2.73)

Significantly Undervalued: C38U is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: C38U is good value based on its PE Ratio (15.4x) compared to the REITs industry average (15.8x).

PE vs Market: C38U is poor value based on its PE Ratio (15.4x) compared to the SG market (13.4x).


Price to Earnings Growth Ratio

Low PEG Ratio: C38U is poor value based on its PEG Ratio (4x)


Price to Book Ratio

PB vs Industry: C38U is overvalued based on its PB Ratio (1.3x) compared to the SG REITs industry average (1x).


Next Steps

Future Growth

How is CapitaLand Mall Trust forecast to perform in the next 1 to 3 years based on estimates from 19 analysts?

3.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: C38U's forecast earnings growth (3.8% per year) is above the savings rate (2.3%).

Earnings vs Market: C38U's earnings (3.8% per year) are forecast to grow slower than the SG market (5.7% per year).

High Growth Earnings: C38U's earnings are forecast to grow, but not significantly.

Revenue vs Market: C38U's revenue (3.2% per year) is forecast to grow slower than the SG market (5.4% per year).

High Growth Revenue: C38U's revenue (3.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: C38U's Return on Equity is forecast to be low in 3 years time (6.7%).


Next Steps

Past Performance

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

2.7%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: C38U's earnings have grown by 2.7% 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 (-5.4%) over the past year, making it difficult to compare to the REITs industry average (0.3%).


Return on Equity

High ROE: C38U's Return on Equity (8.1%) is considered low.


Return on Assets

ROA vs Industry: C38U has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: C38U's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is CapitaLand Mall Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: C38U has a high level of physical assets or inventory.

Debt Coverage by Assets: C38U's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: C38U's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if C38U has a sufficient allowance for bad loans.

Low Risk Liabilities: C38U reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if C38U has an acceptable proportion of non-loan assets held.

Low Risk Deposits: C38U has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if C38U has an appropriate level of bad loans.


Next Steps

Dividend

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

4.37%

Current Dividend Yield


Dividend Yield vs Market

company4.4%marketbottom25%2.5%markettop25%5.6%industryaverage5.2%forecastin3Years4.7%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: C38U's dividend (4.37%) is higher than the bottom 25% of dividend payers in the SG market (2.46%).

High Dividend: C38U's dividend (4.37%) is low compared to the top 25% of dividend payers in the SG market (5.56%).

Stable Dividend: C38U's dividends per share have been stable 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 (87.1%), C38U's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: C38U's dividends in 3 years are forecast to be thoroughly covered by earnings (0.03% payout ratio).


Next Steps

Management

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

2.1yrs

Average management tenure


CEO

Tony Tan (52yo)

2.4yrs

Tenure

0

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. He served as Chief Executive O ...


Management Age and Tenure

2.1yrs

Average Tenure

Experienced Management: C38U's management team is considered experienced (2.1 years average tenure).


Board Age and Tenure

6.9yrs

Average Tenure

57.5yo

Average Age

Experienced Board: C38U's board of directors are considered experienced (6.9 years average tenure).


Insider Trading

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


Recent Insider Transactions

SellS$573,58403 Oct 19
BlackRock, Inc.
EntityCompany
Shares218,600
Max PriceS$2.62
SellS$417,97405 Aug 19
CapitaLand Mall Trust Management Limited
EntityCompany
Shares161,492
Max PriceS$2.59
BuyS$10,99908 May 19
Kian Chew Tan
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited
Shares4,648
Max PriceS$2.37
BuyS$15,99908 May 19
Chee Gay
EntityIndividual
Role
Member of the Board of Directors
Non-Executive Independent Director of Capitaland Mall Trust Management Limited
Shares6,761
Max PriceS$2.37
SellS$412,49806 May 19
CapitaLand Mall Trust Management Limited
EntityCompany
Shares173,377
Max PriceS$2.38
SellS$715,16211 Apr 19
BlackRock, Inc.
EntityCompany
Shares297,600
Max PriceS$2.40
BuyS$272,87810 Apr 19
BlackRock, Inc.
EntityCompany
Shares114,400
Max PriceS$2.39
BuyS$2,369,99921 Mar 19
DBS Group Holdings Limited, Asset Management Arm
EntityCompany
Shares1,000,000
Max PriceS$2.37
SellS$12,339,09419 Mar 19
BlackRock, Inc.
EntityCompany
Shares5,282,600
Max PriceS$2.34
SellS$3,218,69426 Feb 19
CapitaLand Mall Trust Management Limited
EntityCompany
Shares1,406,035
Max PriceS$2.29
BuyS$1,925,07225 Feb 19
BlackRock, Inc.
EntityCompany
Shares790,000
Max PriceS$2.44
SellS$555,36520 Feb 19
BlackRock, Inc.
EntityCompany
Shares231,200
Max PriceS$2.40
BuyS$576,43618 Feb 19
BlackRock, Inc.
EntityCompany
Shares242,200
Max PriceS$2.38
BuyS$75,21915 Nov 18
BlackRock, Inc.
EntityCompany
Shares35,600
Max PriceS$2.11
SellS$418,73109 Nov 18
CapitaLand Mall Trust Management Limited
EntityCompany
Shares194,343
Max PriceS$2.15

Ownership Breakdown


Management Team

  • Teresa Teow

    Head of Retail Mgmt for Singapore & Director - CapitaLand Mall Trust Mgmt Ltd

    • Tenure: 2.6yrs
  • Tony Tan (52yo)

    CEO & Executive Non-Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 2.4yrs
  • Cindy Sze Yung

    Head of Finance

    • Tenure: 0.8yrs
  • Chee Seng Pang

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

    • Tenure: 0yrs
  • Keng Looi

    Head of Asset Management - CapitaLand Mall Trust Management Limited

    • Tenure: 0yrs
  • Jacqueline Lee

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

    • Tenure: 0yrs
  • Mun Wah Lo

    Vice President of Investor Relations - CapitaLand Mall Trust Management Limited

    • Tenure: 1.8yrs
  • Jason Loy

    Head of Operations for Singapore - Capitaland Mall Trust Management Limited

    • Tenure: 0yrs
  • Cindy Peh

    Head of Leasing for Singapore - CapitaLand Mall Trust Management Limited

    • Tenure: 0yrs
  • Steve Ng

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

    • Tenure: 0yrs

Board Members

  • Kwok Fong (69yo)

    Non-Executive Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 6.9yrs
    • Compensation: S$80.00k
  • Chee Gay (62yo)

    Non-Executive Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 6.9yrs
    • Compensation: S$80.00k
  • Kian Chew Tan (65yo)

    Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 9.4yrs
    • Compensation: S$55.00k
  • Jonathan Yap (51yo)

    Non-Executive Non-Independent Director

    • Tenure: 0.8yrs
  • Tony Tan (52yo)

    CEO & Executive Non-Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 2.4yrs
  • Jason Leow (52yo)

    Non-Executive Non-Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 4.8yrs
  • Chee Khern Ng (53yo)

    Non-Executive Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 7.3yrs
    • Compensation: S$53.00k
  • Kyle Lee (67yo)

    Non-Executive Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 6.9yrs
    • Compensation: S$105.00k
  • Swee Teo

    Chairman of Capitaland Mall Trust Management Limited

    • Tenure: 0.5yrs

Company Information

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


Key Information

  • Name: CapitaLand Mall Trust
  • Ticker: C38U
  • Exchange: SGX
  • Founded: 2001
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: S$9.701b
  • Shares outstanding: 3.69b
  • Website: https://www.cmt.com.sg

Location

  • CapitaLand Mall 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 Mall Trust (CMT) is the first real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) in July 2002. At S$9.7 billion as at 30 June 2019, CMT is also  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/17 12:39
End of Day Share Price2019/10/17 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.