CapitaLand Integrated Commercial Trust - CGS-CIMB Research 2021-10-22: A Subdued Quarter

CAPITALAND INTEGRATED COMM TR (SGX:C38U) | SGinvestors.io CAPITALAND INTEGRATED COMM TR (SGX:C38U)

CapitaLand Integrated Commercial Trust - A Subdued Quarter




CapitaLand Integrated Commercial Trust's 3Q21 business update highlights

  • CapitaLand Integrated Commercial Trust (CICT, SGX:C38U) reported 3Q21 gross revenue/NPI of S$329m/242.6m, in line, at 24.5%/25% of our FY21F forecasts. Committed portfolio occupancy slipped slightly q-o-q to 94.4% as at end-3Q21, with retail at 96.4%. Portfolio weighted average lease expiry stood at 3 years as at end-3Q21. Gearing stood at 40.9% at end-3Q21, while all-in finding cost declined q-o-q to 2.3%.


Retail segment recovering gradually

  • CapitaLand Integrated Commercial Trust’s 9M21 portfolio retail connectivity of the three levels. The makeover is targeted for completion by 4Q22. It is currently under advanced negotiations with key international fashion, beauty and lifestyle retailers.


High pre-commitment rates at CapitaSpring



Reiterate ADD rating on CapitaLand Integrated Commercial Trust






LOCK Mun Yee CGS-CIMB Research | EING Kar Mei CFA CGS-CIMB Research | https://www.cgs-cimb.com 2021-10-22
SGX Stock Analyst Report ADD MAINTAIN ADD 2.560 SAME 2.560



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