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CapitaLand Integrated Commercial Trust - Stock Quote C38U

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Morningstar's CapitaLand Integrated Commercial Trust Stock Analysis

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Q1 2022 in Line; Capital Allocation Upgraded to Exemplary; FVE Raised to SGD 2.66 on Better Growth

Xavier Lee Equity Analyst

Analyst Note

| Xavier Lee |

CapitaLand Integrated Commercial Trust, or CICT's, first-quarter 2022 results were largely positive, in line with our expectations. The best performance can be found in its office portfolio that is riding on the Singapore office recovery--it posted a positive 9.3% rental reversion on the back of improving occupancy rates to 92.3% this quarter from 90.4% last quarter. Notably, the leasing risk for CapitaSpring has been lowered, with occupancy rates reaching 98.5%. We see these as positive signals to further upgrade our office rental growth assumptions to reflect the strong recovery in the Singapore office market that is supported by the limited new office supply.

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CapitaLand Integrated Commercial Trust's Company Profile

Business Description

CapitaLand Integrated Commercial Trust, or CICT, was established following the merger between CapitaLand Mall Trust and CapitaLand Commercial Trust that was effective in October 2020. The trust has a diversified portfolio of 23 properties, which includes offices (mainly in the central business district), retail malls (includes urban and suburban malls), and integrated development. Most of its properties are located in Singapore, with assets in Germany and Australia making up less than 10% of its portfolio. The trust is externally managed by CapitaLand Integrated Commercial Trust Management, and parent CapitaLand retains a 23% stake in CICT.

168 Robinson Road, No. 30-01 Capital Tower
Singapore, 068912, Singapore
T +65 67132888
Sector Real Estate
Industry REIT - Retail
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2022
Stock Type
Employees 646

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