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CapitaLand China Trust
(SGX:AU8U)
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Rating:52Neutral
Price Target:
S$0.64
â–¼(-6.47% Downside)
Action:Reiterated
Date:08/19/26
Overall score reflects softened financial performance (TTM losses and declining revenue) partially offset by resilient cash generation and manageable leverage. Technical indicators are broadly neutral, while valuation is held back by the negative P/E despite a moderate dividend yield.
Positive Factors
Resilient Cash Generation
Operating and free cash flow remain solid and nearly identical, indicating limited cash leakage below operations. This supports the REIT’s ability to fund distributions, maintain assets and manage obligations despite weaker reported profitability.
Negative Factors
Multi-Year Revenue Decline
Persistent revenue contraction signals weakening leasing, tenant or asset-level income and reduces earnings visibility. Without a sustained recovery in occupancy, rents or retail activity, the portfolio may face continued pressure on distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient Cash Generation
Operating and free cash flow remain solid and nearly identical, indicating limited cash leakage below operations. This supports the REIT’s ability to fund distributions, maintain assets and manage obligations despite weaker reported profitability.
Read all positive factors
CapitaLand China Trust (AU8U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.10B
Dividend Yield7.71%
Average Volume (3M)2.33M
Price to Earnings (P/E)―
Beta (1Y)0.59
Revenue Growth-9.65%
EPS Growth-1366.67%
CountrySG
Employees40,000
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,757,150,100
10 Day Avg. Volume1,711,470
30 Day Avg. Volume2,329,503
Financial Highlights & Ratios
PEG Ratio2.94
Price to Book (P/B)0.76
Price to Sales (P/S)4.43
P/FCF Ratio14.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.75Price Target Upside10.29% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)0.05
Revenue Forecast (FY)S$271.91M
CapitaLand China Trust Business Overview & Revenue Model
Company Description
CapitaLand China Trust (CLCT), previously known as CapitaLand Retail China Trust, holds the distinction of being Singapore's largest real estate investment trust focused on China. Following a transformative acquisition that included five business ...
How the Company Makes Money
CapitaLand China Trust makes money mainly by generating recurring rental-related income from its China property portfolio and distributing net property income to unitholders. Key revenue streams typically include: (1) Base rent from tenants leasin...
CapitaLand China Trust Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed cautious optimism: operational metrics show improving underlying trends (same-store NPI +1.3%, traffic +3.3%, tenant sales +5.5%, AEI income contribution, high mall occupancy) and management has made tangible funding cost and hedging progress (cost of debt down to ~3.1%, stronger RMB debt mix). Key negatives are the reported headline revenue/NPI declines driven by the Yuhuating divestment, ongoing weakness in business parks (reversion -11%) and some short-term leverage/refinancing items to monitor. Overall, the positives (stabilization, cost and capital improvements, AEI benefits and robust retail trading) materially outweigh the negatives, though risks remain in the business park segment and macro rent environment.Positive Updates
Portfolio Size and Asset Mix
Total assets of SGD 4.5 billion across 8 retail malls, 5 business parks and 4 logistics assets; retail represents ~70% of gross rental income (GRI) with business parks ~27% and logistics a smaller share.
Negative Updates
Headline Revenue and NPI Declines (Reported)
Reported portfolio gross revenue and NPI declined ~5% and ~3% respectively in 1Q26, largely driven by the divestment of CapitaMall Yuhuating (RMB ~21 million revenue loss).
Read all updates
Q1-2026 Updates
Positive
Negative
Portfolio Size and Asset Mix
Total assets of SGD 4.5 billion across 8 retail malls, 5 business parks and 4 logistics assets; retail represents ~70% of gross rental income (GRI) with business parks ~27% and logistics a smaller share.
Read all positive updates
Company Guidance
Guidance from the call was to prioritize portfolio reconstitution and targeted retail-led expansion while continuing AEI-driven income growth and proactive capital management to lower funding costs and FX risk, with specific metrics: total assets ~SGD4.5bn; asset mix c.70% retail / 27% business parks / 7% logistics of GRI; headline portfolio gross revenue and NPI down ~5% and ~3% (impacted by disposal of CapitaMall Yuhuating, ~RMB21m), but on a same‑store basis gross revenue was -0.4% y/y and NPI +1.3% y/y; retail revenue -7.2% y/y (ex‑Yuhuating -0.5% y/y) with AEIs adding ~RMB5m per quarter; retail traffic +3.3% and tenant sales +5.5% (vs ~2% for FY2025), occupancy cost ~17%, mall occupancy ~97% (almost all >95%), retail reversion ~-2% and business‑park reversion ~-11%; business‑park occupancy ~86% with ~60,000 sqm of Q1 new/renewal leases; logistics occupancy materially improved (Chengdu 96.2%, overall logistics ~99%); capital metrics – aggregate leverage 41.4% (March 2026), average cost of debt down from 3.3% to 3.1% YTD (40 bps y/y, 20 bps vs FY2025) delivering ~SGD2.9m interest savings (~18% y/y), RMB debt ~60% of borrowings (c.78% including hedges), ICR ~2.9x under stress (staying above ~2.3x), annual refinancing ~25% of debt and a RMB600m 3.8% FTZ bond maturing Q4 2026 (target to refinance at <3%), and FX hedging typically 75–90% over 6–12 months (Q1 hedged ~80% at c.5.4% effective) to protect distribution stability.CapitaLand China Trust Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
57
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 296.77M | 306.07M | 341.53M | 364.75M | 383.17M | 377.97M |
| Gross Profit | 190.91M | 186.78M | 208.74M | 238.58M | 256.35M | 245.44M |
| EBITDA | 178.70M | 184.03M | 146.06M | 218.94M | 242.42M | 236.18M |
| Net Income | -7.59M | -5.49M | -14.68M | 40.83M | 122.99M | 106.68M |
Balance Sheet | ||||||
| Total Assets | 4.61B | 4.48B | 4.72B | 5.00B | 5.23B | 5.58B |
| Cash, Cash Equivalents and Short-Term Investments | 223.20M | 237.73M | 228.84M | 243.46M | 231.05M | 288.86M |
| Total Debt | 1.77B | 1.70B | 1.85B | 1.95B | 1.95B | 2.00B |
| Total Liabilities | 2.33B | 2.26B | 2.41B | 2.58B | 2.54B | 2.62B |
| Stockholders Equity | 1.98B | 1.79B | 2.03B | 2.04B | 2.41B | 2.69B |
Cash Flow | ||||||
| Free Cash Flow | 144.98M | 96.23M | 158.54M | 205.58M | 143.30M | 186.36M |
| Operating Cash Flow | 145.20M | 96.58M | 175.79M | 206.07M | 182.08M | 214.09M |
| Investing Cash Flow | 32.94M | 94.25M | 85.15M | -5.63M | -43.96M | -533.42M |
| Financing Cash Flow | -209.57M | -178.87M | -275.85M | -177.99M | -173.51M | 362.76M |
CapitaLand China Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | S$6.50B | 25.58 | 2.71% | 6.55% | -4.05% | -57.18% | |
72 Outperform | S$1.41B | 4.50 | 14.33% | 8.32% | -2.07% | -28.41% | |
67 Neutral | S$18.45B | 14.10 | 7.40% | 4.66% | 5.37% | 19.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$860.00M | 14.95 | 5.27% | 10.08% | -13.06% | -15.25% | |
62 Neutral | S$1.22B | 13.80 | 5.01% | 6.94% | 0.46% | -59.03% | |
52 Neutral | S$1.10B | -83.78 | -0.39% | 7.71% | -9.65% | -1366.67% |
* Real Estate Sector Average
SG:AU8U
CapitaLand China Trust
0.62
-0.13
-17.00%
SG:CY6U
Capitaland India Trust
0.95
-0.12
-11.46%
SG:C38U
CapitaLand Integrated Commercial Trust
2.28
0.04
1.79%
SG:N2IU
Mapletree Pan Asia Commercial Trust
1.21
-0.13
-9.70%
SG:P40U
Starhill Global Real Estate Investment
0.53
>-0.01
-1.49%
SG:CRPU
Sasseur Real Estate Investment Trust
0.64
0.01
2.24%
CapitaLand China Trust Corporate Events
CapitaLand China Trust Leans on Asset Upgrades and Capital Recycling to Drive China Growth
Aug 17, 2026
CapitaLand China Trust is positioning itself as a core vehicle for international investors seeking exposure to China’s consumer and innovation economy, leveraging CapitaLand Investment’s pipeline, branding and operating expertise. Its ...
CapitaLand China Trust Delivers Resilient 1H 2026 Amid Portfolio Rebalancing
Aug 13, 2026
CapitaLand China Trust reported first-half 2026 results showing resilient operating metrics despite portfolio changes and softer performance in some segments. Gross revenue fell 5.2% year-on-year to RMB 822.6 million and net property income declin...
CapitaLand China Trust Balances Capital Recycling and Occupancy Amid Softer 1Q 2026
Jun 29, 2026
CapitaLand China Trust reported softer first-quarter 2026 results as gross revenue and net property income declined 5.3% and 3.5% year-on-year, mainly due to the divestment of CapitaMall Yuhuating and weaker performance at several malls, though co...
CapitaLand China Trust Balances Yield and Occupancy Amid Softer First-Quarter Results
Jun 22, 2026
CapitaLand China Trust reported softer first-quarter 2026 results as gross revenue and net property income declined 5.3% and 3.5% in renminbi terms, largely due to the divestment of CapitaMall Yuhuating and weaker occupancy and rents at several ma...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.