CICT: We Downgrade Our Moat Rating to None; Shares Undervalued
We downgrade our economic moat rating for CapitaLand Integrated Commercial Trust to none from narrow after reassessing the competitive advantage of its prime Singapore office assets.
CapitaLand Integrated Commercial Trust C38U
Bulls Say, Bears Say
Bulls
Office workers fully returning to offices would result in higher demand for CICT's office space.
Bears
An increase in retail supply, especially near CICT's malls, would put pressure on rents and occupancies.
News
Trading Information
- Previous Close Price
- SGD 2.23
- Day Range
- SGD 2.21–2.24
- 52-Week Range
- SGD 2.21–2.57
- Bid/Ask
- SGD 2.22 / SGD 2.23
- Shares Outstanding
- 7.88B
- Market Cap
- SGD 17.50B
- Volume/Avg
- 22M / 30M
Key Statistics
- Price/Earnings (Normalized)
- 14.14
- Price/Sales
- 10.12
- Dividend Yield (Trailing)
- 2.71%
- Dividend Yield (Forward)
- 2.71%
- Dividend Payment Schedule
- Mar, Jun, Sep
- Total Yield
- 2.71%
Company Profile
CapitaLand Integrated Commercial Trust was established following the merger between CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020. The trust has a diversified portfolio of 26 properties valued at SGD 30.9 billion as of June 30, 2026. These include offices (mainly in the central business district), retail malls (including downtown and suburban malls), and integrated development. Most of its properties are located in Singapore, with assets in Australia and Germany making up less than 10% of its portfolio. The trust is externally managed by CapitaLand Integrated Commercial Trust Management; parent CapitaLand retains a 24% stake in CICT.
- Sector
- Real Estate
- Industry
- REIT - Retail
- Stock Style Box
- Large Value
- Total Number of Employees
- 646
- Website
- https://www.cict.com.sg
Competitors
Valuation
|
Metric
|
C38U
|
K71U
|
J69U
|
|---|---|---|---|
Price/Earnings (Normalized) | 14.14 | 17.32 | 15.75 |
Price/Book Value | 1.02 | 0.68 | 0.92 |
Price/Sales | 10.12 | 12.43 | 9.84 |
Price/Cash Flow | 19.32 | 37.69 | 21.90 |
Price/Earnings
C38U
K71U
J69U
Financial Strength
|
Metric
|
C38U
|
K71U
|
J69U
|
|---|---|---|---|
Quick Ratio | 0.17 | 0.22 | 0.74 |
Current Ratio | 2.14 | 0.31 | 0.74 |
Interest Coverage | 5.84 | 6.91 | 3.58 |
Quick Ratio
C38U
K71U
J69U
Profitability
|
Metric
|
C38U
|
K71U
|
J69U
|
|---|---|---|---|
Return on Assets (Normalized) | 4.77% | 5.67% | 3.15% |
Return on Equity (Normalized) | 7.92% | 10.04% | 5.13% |
Return on Invested Capital (Normalized) | 5.92% | 6.71% | 4.20% |
Return on Assets
C38U
K71U
J69U
REIT - Retail Industry Comparables
|
1-Day Chart
|
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|
Price
|
Morningstar Rating for Stocks
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| Unibail-Rodamco-Westfield Act. SIIC ET STES FONC.EUROP.
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| — | LOCK|t!G | $14B | |||
| CapitaLand Integrated Commercial Trust
CPAMF
| — | LOCK|zFvM | $14B | |||
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United States