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CapitaLand Commercial Trust

SGX:C61U
Snowflake Description

Average dividend payer with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
C61U
SGX
SGD7B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

CapitaLand Commercial Trust is Singapore’s first and largest commercial REIT with a market capitalisation of approximately S$7.2 billion. The last earnings update was 6 days ago. More info.


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C61U Share Price and Events
7 Day Returns
1%
SGX:C61U
-0.9%
SG REITs
0.3%
SG Market
1 Year Returns
9.6%
SGX:C61U
2.9%
SG REITs
-6.4%
SG Market
C61U Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CapitaLand Commercial Trust (C61U) 1% 1.6% 5.4% 9.6% 37.3% 21.9%
SG REITs -0.9% -0.3% 4.6% 2.9% 13.2% 11.8%
SG Market 0.3% 3% 4.7% -6.4% 10.1% -2%
1 Year Return vs Industry and Market
  • C61U outperformed the REITs industry which returned 2.9% over the past year.
  • C61U outperformed the Market in Singapore which returned -6.4% over the past year.
Price Volatility
C61U
Industry
5yr Volatility vs Market

Value

 Is CapitaLand Commercial 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 Commercial 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

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

SGX:C61U 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 7.1%
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:C61U
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%) (36.65%))
0.8
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.8 * 5.96%)
7.07%

Discounted Cash Flow Calculation for SGX:C61U using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for CapitaLand Commercial 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 Commercial 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:C61U DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.07%)
2019 312.50 Analyst x2 291.86
2020 315.00 Analyst x2 274.77
2021 323.50 Analyst x2 263.55
2022 329.66 Est @ 1.9% 250.83
2023 336.33 Est @ 2.02% 239.01
2024 343.42 Est @ 2.11% 227.93
2025 350.86 Est @ 2.17% 217.49
2026 358.60 Est @ 2.21% 207.61
2027 366.62 Est @ 2.24% 198.23
2028 374.89 Est @ 2.26% 189.32
Present value of next 10 years cash flows SGD2,360.58
SGX:C61U DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD374.89 × (1 + 2.3%) ÷ (7.07% – 2.3%)
SGD8,043.79
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD8,043.79 ÷ (1 + 7.07%)10
SGD4,062.02
SGX:C61U Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD2,360.58 + SGD4,062.02
SGD6,422.60
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD6,422.60 / 3,749.18
SGD1.74
SGX:C61U Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD1.74
Current discount Discount to share price of SGD1.95
= -1 x (SGD1.95 - SGD1.74) / SGD1.74
-12.1%

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

  • The current share price of CapitaLand Commercial Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Commercial Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CapitaLand Commercial Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:C61U PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in SGD SGD0.14
SGX:C61U Share Price ** SGX (2019-04-24) in SGD SGD1.95
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.6x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.16x

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

** Primary Listing of CapitaLand Commercial Trust.

SGX:C61U PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:C61U Share Price ÷ EPS (both in SGD)

= 1.95 ÷ 0.14

13.84x

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

  • CapitaLand Commercial Trust is overvalued based on earnings compared to the SG REITs industry average.
  • CapitaLand Commercial Trust is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does CapitaLand Commercial Trust's expected growth come at a high price?
Raw Data
SGX:C61U PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts
3.1%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.07x
Singapore Market PEG Ratio Median Figure of 120 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

SGX:C61U PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.84x ÷ 3.1%

4.42x

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

  • CapitaLand Commercial Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CapitaLand Commercial Trust's assets?
Raw Data
SGX:C61U PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in SGD SGD1.82
SGX:C61U Share Price * SGX (2019-04-24) in SGD SGD1.95
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.95x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:C61U PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:C61U Share Price ÷ Book Value per Share (both in SGD)

= 1.95 ÷ 1.82

1.07x

* Primary Listing of CapitaLand Commercial Trust.

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

  • CapitaLand Commercial Trust is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess CapitaLand Commercial 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 Commercial Trust has a total score of 0/6, 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 Commercial 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
3.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CapitaLand Commercial Trust expected to grow at an attractive rate?
  • CapitaLand Commercial Trust's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • CapitaLand Commercial Trust's earnings growth is positive but not above the Singapore market average.
  • CapitaLand Commercial Trust's revenue growth is positive but not above the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:C61U Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:C61U Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 20 Analysts 3.1%
SGX:C61U Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 20 Analysts 3.6%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.2%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.8%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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:C61U Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 weeks 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:C61U Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 476 371 1
2021-12-31 426 328 391 13
2020-12-31 405 310 354 20
2019-12-31 398 338 322 15
SGX:C61U Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2019-03-31 397 276 525
2018-12-31 394 282 522
2018-09-30 381 310 456
2018-06-30 355 278 544
2018-03-31 344 252 590
2017-12-31 337 251 579
2017-09-30 341 231 618
2017-06-30 341 214 511
2017-03-31 321 217 265
2016-12-31 299 203 261
2016-09-30 276 157 284
2016-06-30 270 193 289

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CapitaLand Commercial Trust's earnings are expected to grow by 3.1% yearly, however this is not considered high growth (20% yearly).
  • CapitaLand Commercial Trust's revenue is expected to grow by 3.6% 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:C61U Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 weeks ago) See Below
Future Estimates Average of up to 20 Analyst Estimates (S&P Global) See Below

All data from CapitaLand Commercial Trust Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:C61U Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.10 0.10 0.10 1.00
2021-12-31 0.09 0.11 0.09 6.00
2020-12-31 0.09 0.10 0.08 9.00
2019-12-31 0.09 0.09 0.08 7.00
SGX:C61U Past Financials Data
Date (Data in SGD Millions) EPS *
2019-03-31 0.14
2018-12-31 0.14
2018-09-30 0.13
2018-06-30 0.16
2018-03-31 0.18
2017-12-31 0.19
2017-09-30 0.20
2017-06-30 0.17
2017-03-31 0.09
2016-12-31 0.09
2016-09-30 0.10
2016-06-30 0.10

*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 Commercial 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 Commercial 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 Commercial 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 Commercial 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 Commercial 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 Commercial Trust's year on year earnings growth rate has been positive over the past 5 years.
  • CapitaLand Commercial Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CapitaLand Commercial Trust's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.
Earnings and Revenue History
CapitaLand Commercial 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 Commercial Trust Company Filings, last reported 3 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:C61U Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 397.31 524.80 6.61
2018-12-31 393.97 522.05 6.36
2018-09-30 381.24 456.09 9.48
2018-06-30 354.87 544.46 7.35
2018-03-31 344.35 590.04 7.61
2017-12-31 337.46 578.83 7.82
2017-09-30 340.89 618.47 4.41
2017-06-30 341.17 511.27 5.45
2017-03-31 321.25 264.68 4.91
2016-12-31 298.58 260.62 4.44
2016-09-30 276.45 284.17 3.52
2016-06-30 270.37 289.46 3.55
2016-03-31 271.91 329.69 3.57
2015-12-31 273.22 307.28 4.00
2015-09-30 271.98 395.35 4.43
2015-06-30 270.06 396.48 4.16
2015-03-31 266.77 432.31 4.02
2014-12-31 262.61 448.88 3.78
2014-09-30 260.63 391.59 5.37
2014-06-30 255.48 386.64 5.18
2014-03-31 253.44 376.41 5.72
2013-12-31 251.46 374.59 5.67
2013-09-30 284.15 430.63 5.04
2013-06-30 318.42 426.75 6.86
2013-03-31 350.40 389.97 6.47
2012-12-31 375.81 385.95 6.16
2012-09-30 368.61 382.96 5.68
2012-06-30 362.40 386.81 3.47

*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 Commercial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CapitaLand Commercial Trust used its assets more efficiently than the SG REITs industry average last year based on Return on Assets.
  • CapitaLand Commercial Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CapitaLand Commercial 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 Commercial 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 Commercial 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 Commercial Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CapitaLand Commercial Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • CapitaLand Commercial Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CapitaLand Commercial 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 Commercial Trust Company Filings, last reported 3 weeks ago.

SGX:C61U Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 6,824.94 2,638.16 80.93
2018-12-31 6,909.16 2,641.90 174.91
2018-09-30 6,808.56 2,649.35 86.54
2018-06-30 6,897.83 3,133.42 166.12
2018-03-31 6,369.18 2,822.03 98.85
2017-12-31 6,416.92 2,773.19 122.58
2017-09-30 5,692.69 2,092.47 857.47
2017-06-30 5,546.80 2,310.77 696.84
2017-03-31 5,191.18 2,671.64 99.38
2016-12-31 5,278.54 2,657.49 160.22
2016-09-30 5,176.63 2,671.78 109.33
2016-06-30 5,226.85 1,340.22 103.19
2016-03-31 5,134.66 1,332.55 46.74
2015-12-31 5,234.14 1,280.62 82.94
2015-09-30 5,137.00 1,304.67 61.15
2015-06-30 5,196.86 1,275.09 91.75
2015-03-31 5,086.63 1,286.68 54.93
2014-12-31 5,153.49 1,280.48 101.09
2014-09-30 4,958.17 1,283.64 55.09
2014-06-30 5,033.65 1,196.73 48.50
2014-03-31 4,852.28 1,276.18 60.53
2013-12-31 4,912.71 1,243.57 84.06
2013-09-30 4,782.66 2,120.16 59.26
2013-06-30 4,851.59 2,073.29 74.65
2013-03-31 4,660.95 2,154.56 83.68
2012-12-31 4,714.65 2,151.76 139.52
2012-09-30 4,538.86 2,141.95 118.19
2012-06-30 4,592.11 2,109.73 132.14
  • CapitaLand Commercial Trust's level of debt (38.7%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (26.3% vs 38.7% today).
  • Debt is not well covered by operating cash flow (10.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.8x coverage).
X
Financial health checks
We assess CapitaLand Commercial 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 Commercial Trust has a total score of 2/6, 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 Commercial 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
4.46%
Current annual income from CapitaLand Commercial Trust dividends. Estimated to be 4.7% next year.
If you bought SGD2,000 of CapitaLand Commercial Trust shares you are expected to receive SGD89 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 Commercial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.51%).
  • CapitaLand Commercial Trust's dividend is below the markets top 25% of dividend payers in Singapore (5.47%).
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:C61U 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 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

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

SGX:C61U Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.10 2.00
2021-12-31 0.09 15.00
2020-12-31 0.09 22.00
2019-12-31 0.09 21.00
SGX:C61U Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-23 0.087 4.513
2018-03-21 0.087 4.956
2018-01-24 0.087 4.886
2017-07-27 0.093 5.185
2017-01-18 0.094 5.853
2016-10-19 0.088 5.747
2016-07-20 0.088 5.601
2016-01-19 0.086 6.081
2015-10-27 0.086 6.461
2015-07-23 0.086 6.330
2015-02-16 0.085 5.133
2015-01-21 0.085 4.674
2014-01-22 0.081 5.055
2013-07-16 0.081 5.637
2013-03-28 0.080 5.063
2013-01-24 0.082 5.005
2013-01-22 0.080 4.729
2012-07-20 0.077 5.097
2012-01-20 0.075 6.165
2011-07-14 0.075 6.650
2011-01-19 0.079 5.474
2010-10-21 0.078 5.250
2010-07-21 0.078 5.564
2010-01-20 0.075 6.508
2009-10-21 0.067 5.869
2009-07-23 0.067 7.126
2009-07-22 0.067 7.590

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 increased over the past 10 years.
Current Payout to shareholders
What portion of CapitaLand Commercial Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (3571.4x coverage).
X
Income/ dividend checks
We assess CapitaLand Commercial 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 Commercial Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CapitaLand Commercial 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 Commercial 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
Kevin Chee
COMPENSATION SGD0
AGE 49
TENURE AS CEO 1.4 years
CEO Bio

Mr. Tien Jin Chee, also known as Kevin, has been CEO & Director of CapitaLand Commercial Trust Management Limited, Manager of CapitaLand Commercial Trust since November 1, 2017. He served as the Head of Asset Management at CapitaLand Commercial Trust Management Limited since March 2015 until November 1, 2017. Mr. Chee served as Deputy Chief Executive Officer - Capitaland Commercial Trust Management Limited of CapitaLand Commercial Trust since March 2017 until November 2017. Mr. Chee has more than 15 years of real estate and finance experience that includes investment and asset management, fund management, development and project management and property management. Prior to joining CapitaLand, he served as the Country Head of India Operations at CapitaMalls Asia Limited since November 23, 2009, where he established its India retail development, investment and asset management platform and managed its sponsored private fund and other fund investments. Mr. Chee was responsible for various group level strategic initiatives. Prior to CapitaLand, he served as Senior Vice President of Asset Management for YTL Pacific Star REIT Management Limited, where he was involved in the listing and subsequent management of the REIT. Mr. Chee served as General Manager of Macquarie Pacific Star Property Management Pte Ltd. Prior to that, he served as the President of the Property Manager and served as a Vice President in the Pacific Star Group and was involved in asset and investment management of local and cross-border real estate transactions. Mr. Chee also served in the mergers and acquisitions and project finance advisory at JP Morgan and Barclays Capital and four years as a Financial Analyst at Shell Eastern Petroleum. He served as Financial Analyst with Royal Dutch Shell. Mr. Chee graduated with a Bachelor of Business (Honours) in Banking from Nanyang Technological University, Singapore in 1992.

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

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

1.6
Average Tenure
  • The average tenure for the CapitaLand Commercial Trust management team is less than 2 years, this suggests a new team.
Management Team

Kevin Chee

TITLE
CEO & Executive Non-Independent Director of Capitaland Commercial Trust Mgmt Ltd
AGE
49
TENURE
1.4 yrs

Anne Chua

TITLE
Head of Finance - CapitaLand Commercial Trust Management Limited
AGE
55
TENURE
9.3 yrs

Peet Mun Chew

TITLE
Head of Investment & Asset Management - CapitaLand Commercial Trust Management Limited
TENURE
11.1 yrs

Mei Peng Ho

TITLE
Head of Investor Relations - CapitaLand Commercial Trust Management Limited

Sher Ling Chia

TITLE
Assistant Vice President of Group Communications

Jason Toh

TITLE
Company Secretary of CapitaLand Commercial Trust Management Limited

Leng Li Tee

TITLE
Company Secretary of Capitaland Commercial Trust Management Limited
TENURE
1.6 yrs

Audrey Lee

TITLE
Company Secretary of CapitaLand Commercial Trust Management Limited
TENURE
1.3 yrs

Faith Soh

TITLE
VP of Digital Tenant Services

Mun Wah Lo

TITLE
Vice President of Investor Relations
Board of Directors Tenure

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

1.7
Average Tenure
50
Average Age
  • The average tenure for the CapitaLand Commercial Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Kok Leng Soo

TITLE
Chairman of the Board of CapitaLand Commercial Trust Management Limited
AGE
66
TENURE
4.6 yrs

Kevin Chee

TITLE
CEO & Executive Non-Independent Director of Capitaland Commercial Trust Mgmt Ltd
AGE
49
TENURE
1.4 yrs

Chee Koon Lee

TITLE
Non-Executive Non-Independent Director of CapitaLand Commercial Trust Management Limited
AGE
43
TENURE
1.3 yrs

Bin Quek

TITLE
Non-Executive Independent Director of CapitaLand Commercial Trust Management Limited
AGE
60
TENURE
1.3 yrs

Yi Young Lam

TITLE
Independent Non-Executive Director of CapitaLand Commercial Trust Mgmt Limited
AGE
45
TENURE
6.8 yrs

Andrew Geoffrey Lim

TITLE
Non-Independent Non-Executive Director of CapitaLand Commercial Trust Mgmt Limited
AGE
48
TENURE
1.9 yrs

Jessica Tan

TITLE
Non-Executive Independent Director of CapitaLand Commercial Trust Mgmt Limited
AGE
51
TENURE
1.9 yrs

Wai King Ng

TITLE
Non-Executive Independent Director of CapitaLand Commercial Trust Management Limited
AGE
51
TENURE
1.3 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)
X
Management checks
We assess CapitaLand Commercial 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 Commercial 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

Could The CapitaLand Commercial Trust (SGX:C61U) Ownership Structure Tell Us Something Useful?

Every investor in CapitaLand Commercial Trust (SGX:C61U) should be aware of the most powerful shareholder groups. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … We'd expect to see both institutions and retail investors owning a portion of the company.

Simply Wall St -

Does CapitaLand Commercial Trust (SGX:C61U) Create Value For Shareholders?

To keep the lesson grounded in practicality, we'll use ROE to better understand CapitaLand Commercial Trust (SGX:C61U). … Our data shows CapitaLand Commercial Trust has a return on equity of 7.6% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

One Metric To Rule Them All: CapitaLand Commercial Trust (SGX:C61U)

CapitaLand Commercial Trust is a S$7.1b. … real estate investment trust (REIT) based in Singapore, Singapore. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

Do Institutions Own CapitaLand Commercial Trust (SGX:C61U) Shares?

The big shareholder groups in CapitaLand Commercial Trust (SGX:C61U) have power over the company. … With a market capitalization of S$6.5b, CapitaLand Commercial Trust is rather large. … See our latest analysis for CapitaLand Commercial Trust

Simply Wall St -

What CapitaLand Commercial Trust's (SGX:C61U) ROE Can Tell Us

CapitaLand Commercial Trust has a ROE of 7.9%, based on the last twelve months. … That means that for every SGD1 worth of shareholders' equity, it generated SGD0.079 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Who Owns CapitaLand Commercial Trust (SGX:C61U)?

The big shareholder groups in CapitaLand Commercial Trust (SGX:C61U) have power over the company. … CapitaLand Commercial Trust is a pretty big company. … View our latest analysis for CapitaLand Commercial Trust

Simply Wall St -

Can CapitaLand Commercial Trust (SGX:C61U) Continue To Outperform Its Industry?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to begin learning the link between CapitaLand Commercial Trust (SGX:C61U)’s return fundamentals and stock market performance. … CapitaLand Commercial Trust (SGX:C61U) delivered an ROE of 9.26% over the past 12 months, which is relatively in-line with its industry average of 7.25% during the same period.

Simply Wall St -

How To Look At CapitaLand Commercial Trust (SGX:C61U)

CapitaLand Commercial Trust is a S$6.47B mid-cap real estate investment trust (REIT) based in Singapore, Singapore. … Check out our latest analysis for CapitaLand Commercial Trust REIT investors should be familiar with the term Fund from Operations (FFO) – a REIT’s main source of cash flow from its day-to-day business activities. … I'd strongly recommend continuing your research on the following areas I believe are key fundamentals for C61U: Future Outlook: What are well-informed industry analysts predicting for C61U’s future growth?

Simply Wall St -

Is Now The Time To Bet On The Real Estate Sector And CapitaLand Commercial Trust (SGX:C61U)?

CapitaLand Commercial Trust (SGX:C61U), a S$6.18B mid-cap, operates in the real estate industry which is the most prevalent industry in the global economy, and as an asset class, it has continued to play a crucial role in the portfolios of various investors. … In this article, I’ll take you through the real estate sector growth expectations, as well as evaluate whether CapitaLand Commercial Trust is lagging or leading its competitors in the industry. … Next Steps: CapitaLand Commercial Trust is a REIT industry laggard in terms of its future growth outlook.

Simply Wall St -

Should CapitaLand Commercial Trust (SGX:C61U) Be Part Of Your Portfolio?

Over the past 10 years, CapitaLand Commercial Trust (SGX:C61U) has returned an average of 6.00% per year to shareholders in terms of dividend yield. … Does CapitaLand Commercial Trust tick all the boxes of a great dividend stock? … Check out our latest analysis for CapitaLand Commercial Trust 5 checks you should use to assess a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is it the top 25% annual dividend yield payer?

Simply Wall St -

Company Info

Description

CapitaLand Commercial Trust is Singapore’s first and largest commercial REIT with a market capitalisation of approximately S$7.2 billion. CCT aims to own and invest in real estate and real estate-related assets which are income producing and predominantly used, for commercial purposes. CCT’s deposited property is approximately S$11.1 billion as at 1 April 2019 comprising a portfolio of eight prime commercial properties in Singapore and one property in Frankfurt, Germany acquired on 18 June 2018. The properties in Singapore are Capital Tower, CapitaGreen, Asia Square Tower 2, Six Battery Road, Raffles City (60.0% interest through RCS Trust), One George Street (50.0% interest through OGS LLP), 21 Collyer Quay (HSBC Building), and CapitaSpring (45.0% interest through Glory Office Trust and Glory SR Trust), an upcoming 51-storey integrated development in Raffles Place. The property in the Banking District of Frankfurt, Germany is Gallileo (94.9% interest). CCT has been a constituent of FTSE4Good Index Series (FTSE4Good), a series of benchmark and tradable indices derived from the globally recognised FTSE Global Equity Index Series. FTSE4Good is designed to track the performance of companies meeting international corporate responsibility standards and forms the basis for over 70 different funds and investment products. CCT is also a constituent of other widely recognised benchmark indices such as MSCI, MSCI World ESG Leaders Index, the SGX Sustainability Index and FTSE Straits Times Index. CCT is managed by an external manager, CapitaLand Commercial 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 Commercial Trust
C61U
Exchange: SGX
Founded: 2004
SGD7,198,425,824
3,749,180,117
Website: http://cct.com.sg
Address: CapitaLand Commercial Trust
No. 30-01 Capital Tower,
168 Robinson Road,
Singapore,
68912,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX C61U Trust Units Singapore Exchange SG SGD 11. May 2004
OTCPK CPIT.F Trust Units Pink Sheets LLC US USD 11. May 2004
DB C6X Trust Units Deutsche Boerse AG DE EUR 11. May 2004
Number of employees
Current staff
Staff numbers
0
CapitaLand Commercial Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 12:30
End of day share price update: 2019/04/24 00:00
Last estimates confirmation: 2019/04/23
Last earnings filing: 2019/04/18
Last earnings reported: 2019/03/31
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.