We retain our SGD 2.32 per unit fair value estimate following CapitaLand Integrated Commercial Trust’s in-line first-quarter 2024 business update. Based on the current price, we think the trust is undervalued and continue to like it for its portfolio of high-quality office and retail properties in Singapore.
Office workers fully returning to offices would result in higher demand for CICT's office space.
An increase in retail supply, especially near CICT's malls, would put pressure on rents and occupancies.
|
Metric
|
C38U
|
K71U
|
J69U
|
|---|---|---|---|
Price/Earnings (Normalized) | 15.45 | 16.30 | 17.01 |
Price/Book Value | 0.88 | 0.65 | 0.93 |
Price/Sales | 7.99 | 14.04 | 10.00 |
Price/Cash Flow | 17.17 | 27.39 | 22.65 |
|
Metric
|
C38U
|
K71U
|
J69U
|
|---|---|---|---|
Quick Ratio | 0.12 | 0.45 | 0.08 |
Current Ratio | 0.13 | 0.50 | 0.81 |
Interest Coverage | 3.51 | 4.09 | 3.71 |
|
Metric
|
C38U
|
K71U
|
J69U
|
|---|---|---|---|
Return on Assets (Normalized) | 3.52% | 1.79% | 3.47% |
Return on Equity (Normalized) | 6.15% | 3.00% | 5.44% |
Return on Invested Capital (Normalized) | 4.96% | 2.48% | 4.86% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
SPG
| Simon Property Group Inc | Rsjqfwcrsl | Gqdz | $46.4 Bil | |
O
| Realty Income Corp | Gflvzxgwz | Jdmm | $45.9 Bil | |
KIM
| Kimco Realty Corp | Yybbzdmbv | Gqnnt | $12.5 Bil | |
UNBLF
| Unibail-Rodamco-Westfield Act. SIIC ET STES FONC.EUROP. | — | Zynp | $11.4 Bil | |
UNIRF
| Unibail-Rodamco-Westfield ADR | — | Pqsj | $11.4 Bil | |
REG
| Regency Centers Corp | Lmlrppms | Mzqxx | $10.9 Bil | |
STGPF
| Scentre Group | — | Wdxmr | $10.8 Bil | |
LKREF
| Link Real Estate Investment Trust | — | Chd | $10.7 Bil | |
FRT
| Federal Realty Investment Trust | Mmhnnjlqpg | Qwbnr | $8.4 Bil | |
MAC
| Macerich Co | Xtwhngzfw | Ghhzg | $3.3 Bil |
