Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> – Capitalizing on post-Covid trends (BUY; TP S$2.57/unit)</h3>The transformative merger between CCT and CMT puts forth stronger value propositions: (i) Largest proxy to SG commercial real estate with a diversified and resilient portfolio; (ii) Potential synergies to unlock and benefit from economies of scale; and (iii) Greater financial flexibility and investment opportunities. With recovery underway, we resume coverage with BUY rating and TP $2.57/unit. CICT currently trades at 5.8% FY22E yield and 1.0x P/B.

SingaporeCapitaland Integrated Commercial Trust (CICT SP) – Capitalizing on post-Covid trends (BUY; TP S$2.57/unit)The transformative merger between CCT and CMT puts forth stronger value propositions: (i) Largest proxy to SG commercial real estate with a diversified and resilient portfolio; (ii) Potential synergies to unlock and benefit from economies of scale; and (iii) Greater financial flexibility and investment opportunities. With recovery underway, we resume coverage with BUY rating and TP $2.57/unit. CICT currently trades at 5.8% FY22E yield and 1.0x P/B.

<h2>Singapore</h2>
<h3>SREITs results in a glance (see detailed spreadsheet and calendar attached)</h3>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 147.562px;">
 
</td>
<td style="width: 144.797px;">
AAREIT
</td>
<td style="width: 144.328px;">
CICT
</td>
<td style="width: 142.125px;">
KREIT
</td>
<td style="width: 147.188px;">
MINT
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Period
</td>
<td style="width: 144.797px;">
1Q22
</td>
<td style="width: 144.328px;">
1H21
</td>
<td style="width: 142.125px;">
1H21
</td>
<td style="width: 147.188px;">
1Q22
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Gross Revenue (S$ m)
</td>
<td style="width: 144.797px;">
31.8 (+16.8% YoY)
</td>
<td style="width: 144.328px;">
645.7 (+102.8% YoY)
</td>
<td style="width: 142.125px;">
105.8 (+40.2% YoY)
</td>
<td style="width: 147.188px;">
128.1 (29.2% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
NPI (S$ m)
</td>
<td style="width: 144.797px;">
23.1 (+23.9% YoY)
</td>
<td style="width: 144.328px;">
472.2 (+118% YoY)
</td>
<td style="width: 142.125px;">
84.4 (+43.1% YoY)
</td>
<td style="width: 147.188px;">
104.7 (33.1% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
DPU (S$ c)
</td>
<td style="width: 144.797px;">
2.25 (+12.5% YoY)
</td>
<td style="width: 144.328px;">
5.18 (+75% YoY)
</td>
<td style="width: 142.125px;">
2.94 (+5.0% YoY)
</td>
<td style="width: 147.188px;">
3.35 (+16.7% YoY)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
NAV per Unit (S$)
</td>
<td style="width: 144.797px;">
1.35
</td>
<td style="width: 144.328px;">
2.05
</td>
<td style="width: 142.125px;">
1.29
</td>
<td style="width: 147.188px;">
1.75
</td>
</tr>
<tr>
<td style="width: 147.562px;">
P/B (x)
</td>
<td style="width: 144.797px;">
1.15
</td>
<td style="width: 144.328px;">
1.02
</td>
<td style="width: 142.125px;">
0.93
</td>
<td style="width: 147.188px;">
1.65
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Occupancy (%)
</td>
<td style="width: 144.797px;">
95.7
</td>
<td style="width: 144.328px;">
94.9
</td>
<td style="width: 142.125px;">
96.7
</td>
<td style="width: 147.188px;">
94.3 (Overall)
97.8 (North American Portfolio)
93.4 (Singapore Portfolio)
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Reversion (%)
</td>
<td style="width: 144.797px;">
Not disclosed
</td>
<td style="width: 144.328px;">
-9.1 (retail)
</td>
<td style="width: 142.125px;">
6.91
</td>
<td style="width: 147.188px;">
Not Disclosed
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Gearing (%)
</td>
<td style="width: 144.797px;">
34.3
</td>
<td style="width: 144.328px;">
40.5
</td>
<td style="width: 142.125px;">
38.9
</td>
<td style="width: 147.188px;">
31.0
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Cost of Debt (%)
</td>
<td style="width: 144.797px;">
2.8
</td>
<td style="width: 144.328px;">
2.4
</td>
<td style="width: 142.125px;">
1.97
</td>
<td style="width: 147.188px;">
2.7
</td>
</tr>
<tr>
<td style="width: 147.562px;">
1 Yr Fwd Yield (%)
</td>
<td style="width: 144.797px;">
6.1
</td>
<td style="width: 144.328px;">
5.19
</td>
<td style="width: 142.125px;">
4.92
</td>
<td style="width: 147.188px;">
1.51
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Debt Hedged (%)
</td>
<td style="width: 144.797px;">
77.2
</td>
<td style="width: 144.328px;">
85
</td>
<td style="width: 142.125px;">
68
</td>
<td style="width: 147.188px;">
95.8
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Target Price
</td>
<td style="width: 144.797px;">
Under Review
</td>
<td style="width: 144.328px;">
N/A
</td>
<td style="width: 142.125px;">
N/A
</td>
<td style="width: 147.188px;">
N/A
</td>
</tr>
<tr>
<td style="width: 147.562px;">
Rating
</td>
<td style="width: 144.797px;">
Under Review
</td>
<td style="width: 144.328px;">
N/A
</td>
<td style="width: 142.125px;">
N/A
</td>
<td style="width: 147.188px;">
N/A
</td>
</tr>
</tbody>
</table>

Singapore
SREITs results in a glance (see detailed spreadsheet and calendar attached)




 


AAREIT


CICT


KREIT


MINT




Period


1Q22


1H21


1H21


1Q22




Gross Revenue (S$ m)


31.8 (+16.8% YoY)


645.7 (+102.8% YoY)


105.8 (+40.2% YoY)


128.1 (29.2% YoY)




NPI (S$ m)


23.1 (+23.9% YoY)


472.2 (+118% YoY)


84.4 (+43.1% YoY)


104.7 (33.1% YoY)




DPU (S$ c)


2.25 (+12.5% YoY)


5.18 (+75% YoY)


2.94 (+5.0% YoY)


3.35 (+16.7% YoY)




NAV per Unit (S$)


1.35


2.05


1.29


1.75




P/B (x)


1.15


1.02


0.93


1.65




Occupancy (%)


95.7


94.9


96.7


94.3 (Overall)
97.8 (North American Portfolio)
93.4 (Singapore Portfolio)




Reversion (%)


Not disclosed


-9.1 (retail)


6.91


Not Disclosed




Gearing (%)


34.3


40.5


38.9


31.0




Cost of Debt (%)


2.8


2.4


1.97


2.7




1 Yr Fwd Yield (%)


6.1


5.19


4.92


1.51




Debt Hedged (%)


77.2


85


68


95.8




Target Price


Under Review


N/A


N/A


N/A




Rating


Under Review


N/A


N/A


N/A





ASEAN Builder's Scoop (28Jul21) - AAREIT Stable Performance

Singapore

Capitaland Integrated Commercial Trust operates as a retail estate investment trust. The Compnay invests in retail and office properties and integrated developments. Capitaland Integrated Commercial Trust serves clients in Asia Pacific.

Capitaland Integrated Commercial Trust (CICT SP)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Capitaland Integrated Commercial Trust (CICT SP)

ASEAN Builder's Scoop (10Sep21)

CICT capitalizing on post-Covid trends; HDB resale prices only 0.1% below peak; DMAS on-track to meet FY mktg sales target; CPN new Ayutthaya mall;...

SCCM Asia Research

ASEAN Builder's Scoop (28Jul21) - AAREIT Stable Performance

AAREIT stable performance; CICT office outshines retail; KREIT cautiously optimistic; MINT acq-driven growth; KORE expands with 2 new US acq; CPG...

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)