Stock C38U CAPITALAND INTEGRATED COMMERCIAL TRUST
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Financials CapitaLand Integrated Commercial Trust

Equities

C38U

SG1M51904654

Commercial REITs

Market Closed - Singapore S.E.
Other stock markets
 02:34:34 26/04/2024 pm IST 		5-day change 1st Jan Change
1.96 SGD -0.51% Intraday chart for CapitaLand Integrated Commercial Trust +4.26% -4.85%
24/04 Maybank Adjusts CapitaLand Integrated Commercial Trust’s Price Target to SG$2.05 From SG$2.10, Keeps at Buy MT
24/04 OCBC Investment Research Adjusts CapitaLand Integrated Commercial Trust’s Price Target to SG$2.14 From SG$2.18, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,074 13,977 13,482 13,536 13,715 13,194 - -
Enterprise Value (EV) 1 12,433 22,519 21,294 22,873 23,052 22,614 22,744 22,846
P/E ratio 13 x 25.8 x 12.2 x 18.7 x 15.9 x 18.3 x 17.7 x 16.6 x
Yield 4.87% 4.02% 5.1% 5.19% 5.22% 5.57% 5.7% 6.09%
Capitalization / Revenue 11.5 x 18.8 x 10.3 x 9.39 x 8.79 x 8.47 x 8.3 x 8.03 x
EV / Revenue 15.8 x 30.2 x 16.3 x 15.9 x 14.8 x 14.5 x 14.3 x 13.9 x
EV / EBITDA 24.6 x 49 x 24.6 x 23.8 x 22.4 x 21.5 x 21.2 x 20.4 x
EV / FCF 32.3 x 64.5 x 29 x 25.5 x 24 x 19 x 19.6 x 18.6 x
FCF Yield 3.09% 1.55% 3.45% 3.92% 4.17% 5.28% 5.11% 5.37%
Price to Book 1.17 x 1.07 x 0.99 x 0.96 x 0.97 x 0.92 x 0.92 x 0.91 x
Nbr of stocks (in thousands) 36,88,804 64,70,704 66,08,618 66,35,122 66,57,723 67,31,563 - -
Reference price 2 2.460 2.160 2.040 2.040 2.060 1.960 1.960 1.960
Announcement Date 21/01/20 20/01/21 27/01/22 31/01/23 05/02/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 786.7 745.2 1,305 1,442 1,560 1,558 1,591 1,642
EBITDA 1 505.7 459.2 867.1 961.6 1,031 1,050 1,072 1,118
EBIT 1 504 456.9 862.3 957.4 1,027 1,035 1,056 1,095
Operating Margin 64.06% 61.31% 66.07% 66.41% 65.8% 66.44% 66.42% 66.7%
Earnings before Tax (EBT) 1 696.9 349.7 1,102 730 879.3 764.8 788.1 822.6
Net income 1 696.9 349.8 1,083 725.9 869.2 747.2 772.3 813.3
Net margin 88.58% 46.94% 82.99% 50.35% 55.72% 47.95% 48.55% 49.52%
EPS 2 0.1890 0.0836 0.1668 0.1089 0.1294 0.1070 0.1109 0.1184
Free Cash Flow 1 384.8 349 733.7 896.2 961.2 1,193 1,163 1,226
FCF margin 48.91% 46.83% 56.22% 62.16% 61.62% 76.56% 73.09% 74.64%
FCF Conversion (EBITDA) 76.09% 75.99% 84.61% 93.2% 93.21% 113.65% 108.41% 109.62%
FCF Conversion (Net income) 55.21% 99.76% 67.74% 123.46% 110.58% 159.67% 150.54% 150.71%
Dividend per Share 2 0.1197 0.0869 0.1040 0.1058 0.1075 0.1092 0.1118 0.1194
Announcement Date 21/01/20 20/01/21 27/01/22 31/01/23 05/02/24 - - -
1SGD in Million2SGD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q3 2021 Q4 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2
Net sales 645.7 - - 659.4 687.6 754.1 774.8 785.2 765.4 765.4
EBITDA - - - - - - - 521.2 - -
EBIT 1 430 217.3 217.3 432.3 459.9 497.5 508 518.5 501.9 501.9
Operating Margin 66.59% - - 65.56% 66.88% 65.97% 65.56% 66.04% 65.57% 65.57%
Earnings before Tax (EBT) - - - - - - - 481.3 - -
Net income - - - - - - 387.8 475.5 - -
Net margin - - - - - - 50.06% 60.57% - -
EPS - - - - - - 0.0583 0.0712 - -
Dividend per Share 2 0.0518 0.0300 0.0300 - 0.0522 - 0.0530 - - -
Announcement Date 28/07/21 27/07/22 27/01/22 27/01/22 27/07/22 31/01/23 31/07/23 05/02/24 - -
1SGD in Million2SGD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,359 8,543 7,812 9,337 9,337 9,420 9,550 9,653
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.641 x 18.6 x 9.009 x 9.71 x 9.054 x 8.974 x 8.906 x 8.632 x
Free Cash Flow 1 385 349 734 896 961 1,193 1,163 1,226
ROE (net income / shareholders' equity) 6.34% 3.36% 8.11% 5.23% 6.15% 5.01% 5.2% 5.49%
ROA (Net income/ Total Assets) 4.15% 2.05% 4.8% 3.06% 3.52% 3.04% 3.13% 3.39%
Assets 1 16,802 17,074 22,564 23,704 24,703 24,546 24,683 24,010
Book Value Per Share 2 2.110 2.010 2.060 2.120 2.130 2.120 2.120 2.160
Cash Flow per Share 2 0.1400 0.0900 0.1300 0.1500 0.1600 0.1500 0.1400 0.1700
Capex 1 127 45 93.8 127 119 89.5 74.5 53.1
Capex / Sales 16.11% 6.04% 7.19% 8.84% 7.6% 5.74% 4.68% 3.23%
Announcement Date 21/01/20 20/01/21 27/01/22 31/01/23 05/02/24 - - -
1SGD in Million2SGD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CapitaLand Integrated Commercial Trust

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
15
Last Close Price
1.96 SGD
Average target price
2.187 SGD
Spread / Average Target
+11.56%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Commercial REITs

1st Jan change Capi.
CAPITALAND INTEGRATED COMMERCIAL TRUST Stock CapitaLand Integrated Commercial Trust
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FEDERAL REALTY INVESTMENT TRUST Stock Federal Realty Investment Trust
-0.83% 8.48B
CAPITALAND ASCENDAS REIT Stock CapitaLand Ascendas REIT
-14.19% 8.38B
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FIBRA UNO Stock Fibra UNO
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