Want to see SG:C38U full AI Analyst Report?
Top Page
CapitaLand Integrated Commercial Trust
(SGX:C38U)
Select Model
Select Model
Rating:67Neutral
Price Target:
S$2.50
▲(5.49% Upside)
Action:Downgraded
Date:08/19/26
The score is driven primarily by sound financial performance (steady growth, strong margins, and positive free cash flow) and a constructive earnings update highlighting healthy occupancy, positive rent reversions, and accretive initiatives. Offsetting these are weaker technical positioning (below key short-term moving averages) and ongoing rate sensitivity that can pressure DPU, while valuation is reasonable with a supportive dividend yield.
Positive Factors
Recurring earnings growth
Broad-based growth in revenue, net property income and distributable income indicates that the portfolio is converting leasing and consolidation benefits into stronger recurring cash distributions.
Negative Factors
Interest-rate sensitivity
The REIT’s debt-funded structure leaves distributions exposed to refinancing costs. Limited room for further rate compression could constrain DPU growth and capital allocation if borrowing costs remain elevated.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring earnings growth
Broad-based growth in revenue, net property income and distributable income indicates that the portfolio is converting leasing and consolidation benefits into stronger recurring cash distributions.
Read all positive factors
CapitaLand Integrated Commercial Trust (C38U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$18.61B
Dividend Yield4.54%
Average Volume (3M)27.42M
Price to Earnings (P/E)14.5
Beta (1Y)0.23
Revenue Growth5.37%
EPS Growth19.25%
CountrySG
Employees646
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.16
Shares Outstanding7,954,479,500
10 Day Avg. Volume26,882,279
30 Day Avg. Volume27,423,544
Financial Highlights & Ratios
PEG Ratio-2.57
Price to Book (P/B)1.09
Price to Sales (P/S)10.85
P/FCF Ratio20.45
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.78Price Target Upside17.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.12
Revenue Forecast (FY)S$1.74B
CapitaLand Integrated Commercial Trust Business Overview & Revenue Model
Company Description
CapitaLand Integrated Commercial Trust (CICT) holds the distinction of being the pioneer and most substantial real estate investment trust (REIT) listed on the Singapore Exchange Securities Trading Limited (SGX-ST), with a market capitalization re...
How the Company Makes Money
CapitaLand Integrated Commercial Trust makes money primarily from recurring rental income earned by leasing retail and office space in its properties to tenants under lease agreements. The trust’s revenue model is driven by (1) base/contracted ren...
CapitaLand Integrated Commercial Trust Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial performance: strong revenue, NPI and distributable income growth, high occupancies, positive rent reversions, successful portfolio transactions (Paragon acquisition, Bukit Panjang divestment) and a healthier balance sheet with lower average borrowing cost. Headwinds were acknowledged but mostly manageable or 'optical' (JV income drop due to consolidation), including modest retail sales moderation, AEI-related downtime, some underperforming assets (MAC) and a challenging European divestment market. Management highlighted several forward growth drivers (Paragon full-year impact, Gallileo, AEI completions, hedged energy costs) while flagging interest-rate and market timing risks. Overall, highlights materially outweigh the lowlights.Positive Updates
Strong Top-Line and NPI Growth
Gross revenue increased 7.5% YoY to $846.8 million and NPI rose 8.7% YoY to $630.5 million, driven by CapitaSpring consolidation and contribution from Gallileo.
Negative Updates
Distribution Income from JVs Decline (Optical)
Distribution income from joint ventures fell 19.5% to $16.7 million; management described this as an optical decline because CapitaSpring income is now consolidated following acquisition of the remaining 55% interest.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Top-Line and NPI Growth
Gross revenue increased 7.5% YoY to $846.8 million and NPI rose 8.7% YoY to $630.5 million, driven by CapitaSpring consolidation and contribution from Gallileo.
Read all positive updates
Company Guidance
Management said growth will be driven by inorganic and organic drivers — Paragon completed 1 July (1.7% accretion), continued contribution from Gallileo, and AEIs (Tampines ~96% committed) — and backed by strong H1 results: gross revenue +7.5% to $846.8m, NPI +8.7% to $630.5m (Q2 NPI +9.6%), distributable income +13.3% to $466.7m and DPU +7.1% to $0.0602 despite a 5.8% larger unit base (~7.73bn units); portfolio occupancy 95.6% (retail 97.7%, office 94.4%), rent reversions retail 4.0% (suburban 5.1%, downtown 3.2%), office 7.6%, WALE ~3 years, tenant sales +1.6% YoY (downtown +1.7%, suburban +1.6%), NAV $2.15 (from $2.14), aggregate leverage down to 37.4% (from 38.5%) with avg cost of debt 2.9% (1% rate rise ≈ -$0.0027 DPU), energy hedged to mid‑2027 and AST2 divestment on track for H2 — overall guidance is for continued mid‑single‑digit organic rental growth, incremental accretion from Paragon and AEIs, limited further interest‑cost headroom, and disciplined capital deployment within regulatory development caps.CapitaLand Integrated Commercial Trust Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.70B | 1.64B | 1.59B | 1.56B | 1.44B | 1.31B |
| Gross Profit | 1.14B | 1.10B | 1.15B | 1.06B | 1.04B | 884.02M |
| EBITDA | 1.38B | 1.07B | 1.29B | 1.02B | 966.09M | 1.29B |
| Net Income | 1.24B | 937.29M | 933.68M | 862.57M | 723.37M | 1.08B |
Balance Sheet | ||||||
| Total Assets | 28.20B | 27.43B | 25.51B | 24.74B | 24.67B | 22.74B |
| Cash, Cash Equivalents and Short-Term Investments | 99.92M | 149.49M | 156.36M | 140.70M | 248.40M | 365.13M |
| Total Debt | 9.95B | 10.01B | 8.97B | 9.50B | 9.61B | 8.19B |
| Total Liabilities | 10.88B | 10.94B | 9.79B | 10.34B | 10.39B | 9.05B |
| Stockholders Equity | 17.12B | 16.29B | 15.52B | 14.20B | 14.07B | 13.67B |
Cash Flow | ||||||
| Free Cash Flow | 870.65M | 867.64M | 865.49M | 961.21M | 896.15M | 733.69M |
| Operating Cash Flow | 871.19M | 868.22M | 1.04B | 1.08B | 1.02B | 827.53M |
| Investing Cash Flow | -1.14B | -742.21M | -520.57M | -38.88M | -926.02M | 256.40M |
| Financing Cash Flow | 198.86M | -132.88M | -507.98M | -1.15B | -214.25M | -902.42M |
CapitaLand Integrated Commercial Trust Technical Analysis
Negative
2.37
Price Trends
2.41
Negative
2.36
Negative
2.32
Positive
Market Momentum
-0.02
Positive
37.69
Neutral
15.20
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C38U, the sentiment is Negative. The current price of 2.37 is below the 20-day moving average (MA) of 2.39, below the 50-day MA of 2.41, and above the 200-day MA of 2.32, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 37.69 is Neutral, neither overbought nor oversold. The STOCH value of 15.20 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:C38U.
CapitaLand Integrated Commercial Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | S$4.64B | 12.46 | 4.29% | 1.39% | 4.36% | 27.58% | |
73 Outperform | S$6.50B | 26.00 | 2.71% | 6.44% | -4.05% | -57.18% | |
67 Neutral | S$18.61B | 14.47 | 7.40% | 4.54% | 5.37% | 19.25% | |
67 Neutral | S$4.36B | 19.23 | 4.86% | 5.65% | 18.93% | -1.15% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$4.28B | 7.60 | 8.46% | 5.72% | 5.35% | 176.77% | |
64 Neutral | S$4.32B | 13.98 | 5.19% | 5.35% | 1.18% | ― |
* Real Estate Sector Average
SG:C38U
CapitaLand Integrated Commercial Trust
2.34
0.15
6.75%
SG:K71U
Keppel REIT
0.86
-0.08
-8.99%
SG:J69U
Frasers Centrepoint
2.14
-0.10
-4.51%
SG:N2IU
Mapletree Pan Asia Commercial Trust
1.23
-0.10
-7.59%
SG:T82U
Suntec Real Estate Investment
1.46
0.18
14.15%
SG:U06
Singapore Land Group Limited
3.24
0.04
1.22%
CapitaLand Integrated Commercial Trust Corporate Events
CICT Steps Up Asset Upgrades and New Developments as It Recycles Capital into Higher-Yielding Projects
Aug 17, 2026
CapitaLand Integrated Commercial Trust outlined a value-creation strategy centered on active portfolio recycling, asset enhancement initiatives and disciplined capital management to deliver stable distributions and sustainable returns. The trust h...
CICT Posts Strong 1H 2026 Results and Advances Major Asset Upgrades
Aug 12, 2026
CapitaLand Integrated Commercial Trust reported healthy first-half 2026 operating metrics, with net property income rising 8.7% year on year to S$630.5 million and distributable income up 13.3%, supporting a 7.1% increase in distribution per unit ...
CICT unitholders approve acquisition of Paragon in related-party vote
Jul 9, 2026
CapitaLand Integrated Commercial Trust held an extraordinary general meeting on 10 June 2026 in Singapore, with its board, management, trustee, auditors and advisers in attendance, to seek unitholder approval for a major related-party transaction....
CICT bolsters Singapore retail footprint with Paragon deal as Q1 2026 performance holds steady
Jun 29, 2026
CapitaLand Integrated Commercial Trust reported stable operating performance for the first quarter of 2026, with net property income rising 7.9% year on year to S$314.4 million and portfolio occupancy at 95.2%, supported by higher shopper traffic,...
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.