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 with questionable track record.


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

-1.9%

SGX:C38U

-0.5%

SG REITs

1.7%

SG Market


1 Year Return

23.0%

SGX:C38U

12.8%

SG REITs

-0.008%

SG Market

C38U outperformed the REITs industry which returned 12.8% over the past year.

C38U outperformed the Market in Singapore which returned -0% over the past year.


Share holder returns

C38UIndustryMarket
7 Day-1.9%-0.5%1.7%
30 Day0%2.0%2.2%
90 Day3.2%2.1%-0.8%
1 Year29.3%23.0%20.2%12.8%4.1%-0.008%
3 Year47.8%26.0%42.3%17.6%18.4%5.7%
5 Year77.2%35.8%61.0%15.8%10.1%-8.1%

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 based on future cash flows and its price relative to the stock market?

6%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

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 Based on Earnings

CapitaLand Mall Trust is good value based on earnings compared to the SG REITs industry average.

CapitaLand Mall Trust is overvalued based on earnings compared to the Singapore market.


Price Based on Expected Growth

CapitaLand Mall Trust is poor value based on expected growth next year.


Price Based on Value of Assets

CapitaLand Mall Trust is overvalued based on assets compared to the SG REITs industry average.


Next Steps

Future Growth

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

4.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

CapitaLand Mall Trust's revenue is expected to grow by 3.2% yearly, however this is not considered high growth (20% yearly).

CapitaLand Mall Trust's earnings are expected to grow by 4% yearly, however this is not considered high growth (20% yearly).

CapitaLand Mall Trust's revenue growth is positive but not above the Singapore market average.

CapitaLand Mall Trust's earnings growth is positive but not above the Singapore market average.

CapitaLand Mall Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.


Earnings per Share Growth Estimates


Future Return on Equity

CapitaLand Mall Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).


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

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 is negative, it can't be compared to the 5-year average.

CapitaLand Mall Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.


Return on Equity

CapitaLand Mall Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

CapitaLand Mall Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.


Return on Capital Employed

CapitaLand Mall Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is CapitaLand Mall Trust's financial position?


Financial Position Analysis

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.


Debt to Equity History and Analysis

CapitaLand Mall Trust's level of debt (49%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (48.2% vs 49% today).

Debt is not well covered by operating cash flow (12.8%, less than 20% of total debt).

Interest payments on debt are well covered by earnings (EBIT is 4.7x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0.1x debt.


Next Steps

Dividend

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

4.76%

Expected Dividend Yield


Dividend Yield and Payments Analysis

CapitaLand Mall Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.53%).

CapitaLand Mall Trust's dividend is below the markets top 25% of dividend payers in Singapore (5.64%).

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

Dividends paid are covered by earnings (1.1x coverage).


Future Payout to Shareholders

Dividends after 3 years are expected to be thoroughly covered by earnings (4000x coverage).


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?

2.0yrs

Average management tenure


CEO

Tony Tan (52yo)

2.3yrs

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

2.0yrs

Average Tenure

The tenure for the CapitaLand Mall Trust management team is about average.


Board Age and Tenure

6.8yrs

Average Tenure

57.5yo

Average Age

The tenure for the CapitaLand Mall Trust board of directors is about average.


Insider Trading

No 3 month open market individual insider trading information.


Recent Insider Transactions

SellS$417,97405 Aug 19
CapitaLand Mall Trust Management Limited
EntityCompany
Shares161,492
Max PriceS$2.59
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
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
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: 2.5yrs
  • Tony Tan (52yo)

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

    • Tenure: 2.3yrs
  • Cindy Sze Yung

    Head of Finance

    • Tenure: 0.7yrs
  • 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: 1.7yrs
  • 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: 6.8yrs
    • Compensation: S$80.00k
  • Chee Gay (62yo)

    Non-Executive Independent Director of Capitaland Mall Trust Management Limited

    • Tenure: 6.8yrs
    • Compensation: S$80.00k
  • Kian Chew Tan (65yo)

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

    • Tenure: 9.3yrs
    • Compensation: S$55.00k
  • Tony Tan (52yo)

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

    • Tenure: 2.3yrs
  • 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: 6.8yrs
    • Compensation: S$105.00k
  • Andrew Geoffrey Lim (49yo)

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

    • Tenure: 2.3yrs
  • Swee Teo

    Chairman of Capitaland Mall Trust Management Limited

    • Tenure: 0.4yrs

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$9.664b
  • 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 Analysis2019/09/15 12:44
End of Day Share Price2019/09/13 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.