SGX:C61U

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CapitaLand Commercial Trust

Executive Summary

CapitaLand Commercial Trust (CCT) is Singapore’s first and largest listed commercial real estate investment trust (REIT) with a market capitalisation of approximately S$6.5 billion as at 30 June 2020. More Details


Snowflake Analysis

Slightly overvalued with limited growth.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: C61U has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.6%

C61U

2.3%

SG REITs

0.7%

SG Market


1 Year Return

-17.9%

C61U

-7.9%

SG REITs

-21.6%

SG Market

Return vs Industry: C61U underperformed the SG REITs industry which returned -7.2% over the past year.

Return vs Market: C61U exceeded the SG Market which returned -21.5% over the past year.


Shareholder returns

C61UIndustryMarket
7 Day3.6%2.3%0.7%
30 Day9.4%3.7%-2.2%
90 Day0.6%3.3%-4.5%
1 Year-14.7%-17.9%-3.4%-7.9%-17.4%-21.6%
3 Year22.5%4.2%26.1%6.0%-17.2%-27.2%
5 Year73.3%30.8%62.5%19.5%-0.3%-18.6%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

38.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: C61U (SGD1.74) is trading below our estimate of fair value (SGD2.84)

Significantly Below Fair Value: C61U is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: C61U is poor value based on its PE Ratio (51x) compared to the SG REITs industry average (17x).

PE vs Market: C61U is poor value based on its PE Ratio (51x) compared to the SG market (12.9x).


Price to Earnings Growth Ratio

PEG Ratio: C61U is poor value based on its PEG Ratio (2.5x)


Price to Book Ratio

PB vs Industry: C61U is overvalued based on its PB Ratio (1x) compared to the SG REITs industry average (0.8x).


Next Steps

Future Growth

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

20.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: C61U's forecast earnings growth (20.7% per year) is above the savings rate (2.2%).

Earnings vs Market: C61U's earnings (20.7% per year) are forecast to grow slower than the SG market (22% per year).

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

Revenue vs Market: C61U's revenue (6.2% per year) is forecast to grow slower than the SG market (6.3% per year).

High Growth Revenue: C61U's revenue (6.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: C61U's Return on Equity is forecast to be low in 3 years time (5.1%).


Next Steps

Past Performance

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

3.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: C61U has a large one-off loss of SGD93.8M impacting its June 30 2020 financial results.

Growing Profit Margin: C61U's current net profit margins (32.2%) are lower than last year (97.4%).


Past Earnings Growth Analysis

Earnings Trend: C61U's earnings have grown by 3.4% per year over the past 5 years.

Accelerating Growth: C61U's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: C61U had negative earnings growth (-66.3%) over the past year, making it difficult to compare to the REITs industry average (-6.7%).


Return on Equity

High ROE: C61U's Return on Equity (1.9%) is considered low.


Next Steps

Financial Health

How is CapitaLand Commercial Trust's financial position?


Financial Position Analysis

Short Term Liabilities: C61U's short term assets (SGD258.5M) do not cover its short term liabilities (SGD266.7M).

Long Term Liabilities: C61U's short term assets (SGD258.5M) do not cover its long term liabilities (SGD2.8B).


Debt to Equity History and Analysis

Debt Level: C61U's debt to equity ratio (41.3%) is considered high.

Reducing Debt: C61U's debt to equity ratio has increased from 24.6% to 41.3% over the past 5 years.

Debt Coverage: C61U's debt is not well covered by operating cash flow (10.8%).

Interest Coverage: C61U's interest payments on its debt are well covered by EBIT (5.7x coverage).


Balance Sheet


Next Steps

Dividend

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

4.49%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: C61U's dividend (4.49%) is higher than the bottom 25% of dividend payers in the SG market (2.55%).

High Dividend: C61U's dividend (4.49%) is low compared to the top 25% of dividend payers in the SG market (5.53%).


Stability and Growth of Payments

Stable Dividend: C61U's dividend payments have been volatile in the past 10 years.

Growing Dividend: C61U's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (108.6%), C61U's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: C61U's dividends in 3 years are not forecast to be well covered by earnings (110.9% payout ratio).


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Kevin Chee (51 yo)

2.83yrs

Tenure

Mr. Tien Jin Chee, also known as Kevin, has been Director of CapitaLand Commercial Trust Management Limited Manager of CapitaLand Commercial Trust since November 1, 2017 and was its CEO until 2019. He serv ...


Leadership Team

NamePositionTenureCompensationOwnership
Tien Jin Chee
CEO & Executive Non-Independent Director of Capitaland Commercial Trust Management Ltd2.83yrsno data0.0086%
SGD 580.6k
Tai Hua Chua
Chief Financial Officer of CapitaLand Commercial Trust Management Limited10.67yrsno data0.012%
SGD 817.1k
Peet Mun Chew
Head of Investment & Portfolio Management - CapitaLand Commercial Trust Management Limited12.5yrsno datano data
Mei Peng Ho
Head of Investor Relations - CapitaLand Commercial Trust Management Limitedno datano datano data
Sher Ling Chia
Assistant Vice President of Group Communicationsno datano datano data
Pei Siang Chia
Vice President of Group Communications - CapitaLand Commercial Trust Management Limitedno datano datano data
Leng Li Tee
Company Secretary of Capitaland Commercial Trust Management Limited3yrsno datano data
Ju Lin Lee
Company Secretary of CapitaLand Commercial Trust Management Limited2.67yrsno datano data
Faith Soh
VP of Digital Tenant Servicesno datano datano data
Joseph Lim
Vice President of Investment & Portfolio Managementno datano datano data
Mun Wah Lo
Vice President of Investor Relationsno datano datano data

3.0yrs

Average Tenure

Experienced Management: C61U's management team is considered experienced (3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Tien Jin Chee
CEO & Executive Non-Independent Director of Capitaland Commercial Trust Management Ltd2.83yrsno data0.0086%
SGD 580.6k
Kok Leng Soo
Independent Chairman of the Board of CapitaLand Commercial Trust Management Limited6yrsS$130.83k0.0024%
SGD 160.6k
Neng Tong Yap
Non-Executive Non-Independent Director of CapitaLand Commercial Trust Management Limited0.92yrno datano data
Yi Young Lam
Non-Executive Independent Director of CapitaLand Commercial Trust Management Limited8.25yrsS$83.00kno data
Wai King Ng
Non-Executive Independent Director of CapitaLand Commercial Trust Management Limited2.67yrsS$60.00k0.00032%
SGD 21.5k
Cho Pin Lim
Non-Independent Non-Executive Director of CapitaLand Commercial Trust Management Limited3.33yrsno data0.00039%
SGD 26.2k
Soon Neo Tan
Non-Executive Independent Director of CapitaLand Commercial Trust Management Limited3.33yrsS$83.00k0.00060%
SGD 40.3k
Bin Hwee Quek
Non-Executive Independent Director of CapitaLand Commercial Trust Management Limited2.67yrsS$97.70k0.00054%
SGD 36.3k

3.1yrs

Average Tenure

52.5yo

Average Age

Experienced Board: C61U's board of directors are considered experienced (3.1 years average tenure).


Ownership

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


Insider Trading Volume

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


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

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


Key Information

  • Name: CapitaLand Commercial Trust
  • Ticker: C61U
  • Exchange: SGX
  • Founded: 2004
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: S$6.720b
  • Shares outstanding: 3.86b
  • Website: https://www.cct.com.sg

Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
C61USGX (Singapore Exchange)YesTrust UnitsSGSGDMay 2004
CPIT.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDMay 2004
C6XDB (Deutsche Boerse AG)YesTrust UnitsDEEURMay 2004

Biography

CapitaLand Commercial Trust (CCT) is Singapore’s first and largest listed commercial real estate investment trust (REIT) with a market capitalisation of approximately S$6.5 billion as at 30 June 2020. List ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/18 19:35
End of Day Share Price2020/09/18 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.