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

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

SooChow CSSD Capital Markets (Asia)

Equity Bottom-Up

Capitaland Commercial Trust / Equity Bottom-Up

<div><div><div><div><ul><li>FY21 performance hampered by retail - 2H21 revenue and NPI increased by 54.5% and 61.6% YoY to S$659.4m and S$478.9m, respectively.</li></ul><div><div><div><ul><li>Occupancies slip but retail rental reversions more of a concern.</li></ul><div><div><div><div><ul><li>Office portfolio key to positive surprises - We note that office rents in the CBD region are improving at a far stronger pace than retail.</li></ul></div></div></div></div></div></div></div></div></div></div></div>

FY21 performance hampered by retail - 2H21 revenue and NPI increased by 54.5% and 61.6% YoY to S$659.4m and S$478.9m, respectively.Occupancies slip but retail rental reversions more of a concern.Office portfolio key to positive surprises - We note that office rents in the CBD region are improving at a far stronger pace than retail.

CapitaLand Integrated Commercial Trust -  Mixed FY21; Office Will Be Key to Revival