C38U Stock Analysis: CapitaLand Mall Trust | SG
REIT - Retail | SG, Singapore | Market Cap: 19.384m SGD | 12M Return: 18% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 55.7M
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
CapitaLand Integrated Commercial Trust (CICT, ticker: C38U) is the first and largest real estate investment trust (REIT) listed on the Singapore Exchange, where it has traded since 2002 under its former name, CapitaLand Mall Trust. It was renamed CICT in November 2020 after merging with CapitaLand Commercial Trust, extending its mandate from retail-only assets to include office properties. The Trust invests in income-producing commercial real estate in Singapore, with additional holdings in Frankfurt, Germany, and Sydney, Australia, and is externally managed by a wholly owned subsidiary of CapitaLand Investment Limited.
As a Singapore-listed REIT, CICT operates under a regulatory framework that requires the distribution of at least 90% of taxable income to unitholders in order to benefit from tax transparency, a structural feature common to S-REITs. Its combined retail-and-office strategy is less common among Singapore REITs, many of which focus on a single asset class such as retail or industrial properties.
- Office segment revenue pressured by Singapore CBD vacancy
- Interest rate hikes compress DPU and distribution yield
- Retail rental reversions supported by Singapore tourism recovery
| Net Income: 937.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -0.43 > 1.0 |
| NWC/Revenue: -29.18% < 20% (prev -79.92%; Δ 50.74% < -1%) |
| CFO/TA 0.06 > 3% & CFO 1.62b > Net Income 937.3m |
| Net Debt (-126.4m) to EBITDA (774.3m): -0.16 < 3 |
| Current Ratio: 0.58 > 1.5 & < 3 |
| Outstanding Shares: last quarter (7.61b) vs 12m ago 14.03% < -2% |
| Gross Margin: 66.52% > 18% (prev 66.16%; Δ 0.36% > 0.5%) |
| Asset Turnover: 6.12% > 50% (prev 6.22%; Δ -0.10% > 0%) |
| Interest Coverage Ratio: 2.69 > 6 (EBIT TTM 773.7m / Interest Expense TTM 287.6m) |
| DSRI: 1.24 (Receivables 102.7m/80.9m, Revenue 1.62b/1.59b) |
| GMI: 0.99 (GM 66.16% / 66.52%) |
| AQI: 0.99 (AQ_t 0.98 / AQ_t-1 0.99) |
| SGI: 1.02 (Revenue 1.62b / 1.59b) |
| TATA: -0.02 (NI 937.3m - CFO 1.62b) / TA 27.4b) |
| Beneish M = -2.83 (Cap -4..+1) = A |
As of July 29, 2026, the stock is trading at SGD 2.44 with a total of 29,418,800 shares traded. Over the past week, the price has changed by -0.41%, over one month by +2.09%, over three months by +1.24% and over the past year by +17.97%.
Current recommended Stop Loss: 2.30 (which is 5.7% or 3.5 ATR below the current price).
CapitaLand Mall Trust has no consensus analysts rating.
P/E Trailing = 18.9231
P/E Forward = 20.4082
P/S = 11.9716
P/B = 1.185
P/EG = 7.4513
Revenue TTM = 1.62b SGD
EBIT TTM = 773.7m SGD
EBITDA TTM = 774.3m SGD
Long Term Debt = 9.33b SGD (from longTermDebt, last quarter)
Short Term Debt = 654.6m SGD (from shortLongTermDebt, last quarter)
Debt = 23.1m SGD (Leases only: 23.1m)
Net Debt = -126.4m SGD (calculated: Debt 23.1m - CCE 149.5m)
Enterprise Value = 19.3b SGD (19.4b + Debt 23.1m - CCE 149.5m)
Interest Coverage Ratio = 2.69 (Ebit TTM 773.7m / Interest Expense TTM 287.6m)
EV/FCF = 23.74x (Enterprise Value 19.3b / FCF TTM 811.4m)
FCF Yield = 4.21% (FCF TTM 811.4m / Enterprise Value 19.3b)
FCF Margin = 50.11% (FCF TTM 811.4m / Revenue TTM 1.62b)
Net Margin = 57.89% (Net Income TTM 937.3m / Revenue TTM 1.62b)
Gross Margin = 66.52% ((Revenue TTM 1.62b - Cost of Revenue TTM 542.2m) / Revenue TTM)
Gross Margin QoQ = 66.34% (prev 66.70%)
Tobins Q-Ratio = 0.70 (Enterprise Value 19.3b / Total Assets 27.4b)
Interest Expense / Debt = 1.25k% (Interest Expense 287.6m / Debt 23.1m)
Taxrate = 0.75% (7.18m / 958.6m)
NOPAT = 767.9m (EBIT 773.7m * (1 - 0.75%))
Current Ratio = 0.58 (Total Current Assets 643.8m / Total Current Liabilities 1.12b)
Debt / Equity = 0.00 (Debt 23.1m / totalStockholderEquity, last quarter 16.3b)
Debt / EBITDA = -0.16 (Net Debt -126.4m / EBITDA 774.3m)
Debt / FCF = -0.16 (Net Debt -126.4m / FCF TTM 811.4m)
Total Stockholder Equity = 15.4b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.54% (Net Income 937.3m / Total Assets 27.4b)
RoE = 6.07% (Net Income TTM 937.3m / Total Stockholder Equity 15.4b)
RoCE = 3.12% (EBIT 773.7m / Capital Employed (Equity 15.4b + L.T.Debt 9.33b))
RoIC = 2.93% (NOPAT 767.9m / Invested Capital 26.2b)
WACC = 6.19% (E(19.4b)/V(19.4b) * Re(6.20%) + (debt cost/tax rate unavailable))
Discount Rate = 6.20% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 82.14 | Cagr: 29.99%
[DCF] Terminal Value 74.55% ; FCFF base≈833.0m ; Y1≈792.6m ; Y5≈753.9m
[DCF] Fair Price = 1.52 (EV 11.9b - Net Debt -126.4m = Equity 12.0b / Shares 7.88b; r=8.35% [WACC [floored]]; 5y FCF grow -6.26% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.60 | # QB: -4
Revenue Correlation: 94.00 | Revenue CAGR: 1.93% | SUE: -0.00 | # QB: 0
EPS current Year (2026-12-31): EPS=0.12 | Chg30d=+0.68% | Revisions=+0% | GrowthEPS=-5.7% | GrowthRev=+6.1%
EPS next Year (2027-12-31): EPS=0.12 | Chg30d=+0.00% | Revisions=+0% | GrowthEPS=+3.8% | GrowthRev=+4.6%
[Analyst] Revisions Ratio: +0% (up=2, down=2)