C38U Stock Analysis: CapitaLand Mall Trust | SG
REIT - Retail | SG, Singapore | Market Cap: 17.736m SGD | 12M Return: -0.9% | SG1M51904654 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 74.5M
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 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) is the first and largest real estate investment trust (REIT) listed on the Singapore Exchange, with a market capitalization of S$18.2 billion (US$14.2 billion) as of 31 December 2025. Originally listed in July 2002 as CapitaLand Mall Trust, it adopted its current name in November 2020 following its merger with CapitaLand Commercial Trust. The Trust invests in income-producing commercial assets-primarily retail and office properties-predominantly in Singapore, and is widely regarded as the largest proxy for the countrys commercial real estate sector.
CICTs portfolio spans 25 properties across Singapore, Frankfurt, and Sydney, with a combined property value of S$27.0 billion (US$21.0 billion). The Trust is externally managed by CapitaLand Integrated Commercial Trust Management Limited, a wholly owned subsidiary of CapitaLand Investment Limited. As a Singapore-listed REIT, CICT operates under a regulatory framework that generally requires it to distribute at least 90% of its taxable income to unitholders, a structure typical of S-REITs that underpins its yield-oriented investment proposition.
- Singapore retail tenant sales recovery lifts mall occupancy rates
- New CBD office supply pressures portfolio occupancy and rents
- Interest rate cuts narrow yield gap and expand unit price upside
| Net Income: 937.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -0.51 > 1.0 |
| NWC/Revenue: 88.31% < 20% (prev -58.57%; Δ 146.9% < -1%) |
| CFO/TA 0.06 > 3% & CFO 1.62b > Net Income 937.3m |
| Net Debt (-76.0m) to EBITDA (774.3m): -0.10 < 3 |
| Current Ratio: 2.14 > 1.5 & < 3 |
| Outstanding Shares: last quarter (7.88b) vs 12m ago 16.70% < -2% |
| Gross Margin: 66.52% > 18% (prev 66.16%; Δ 0.36% > 0.5%) |
| Asset Turnover: 6.02% > 50% (prev 6.20%; Δ -0.18% > 0%) |
| Interest Coverage Ratio: 2.69 > 6 (EBIT TTM 773.7m / Interest Expense TTM 287.6m) |
| DSRI: 1.30 (Receivables 108.1m/81.2m, Revenue 1.62b/1.59b) |
| GMI: 0.99 (GM 66.16% / 66.52%) |
| AQI: 0.91 (AQ_t 0.90 / AQ_t-1 0.99) |
| SGI: 1.02 (Revenue 1.62b / 1.59b) |
| TATA: -0.02 (NI 937.3m - CFO 1.62b) / TA 28.2b) |
| Beneish M = -2.82 (Cap -4..+1) = A |
As of October 12, 2026, the stock is trading at SGD 2.24 with a total of 42,589,600 shares traded. Over the past week, the price has changed by +0.00%, over one month by -3.45%, over three months by -6.64% and over the past year by -0.85%.
Current recommended Stop Loss: 2.10 (which is 6.3% or 3.5 ATR below the current price).
CapitaLand Mall Trust has no consensus analysts rating.
P/E Trailing = 14.0625
P/E Forward = 18.315
P/S = 10.5682
P/B = 1.0406
P/EG = 6.7776
Revenue TTM = 1.62b SGD
EBIT TTM = 773.7m SGD
EBITDA TTM = 774.3m SGD
Long Term Debt = 9.16b SGD (from longTermDebt, last quarter)
Short Term Debt = 760.0m SGD (from shortLongTermDebt, last quarter)
Debt = 23.9m SGD (Leases only: 23.9m)
Net Debt = -76.0m SGD (calculated: Debt 23.9m - CCE 99.9m)
Enterprise Value = 17.7b SGD (17.7b + Debt 23.9m - CCE 99.9m)
Interest Coverage Ratio = 2.69 (Ebit TTM 773.7m / Interest Expense TTM 287.6m)
EV/FCF = 21.77x (Enterprise Value 17.7b / FCF TTM 811.4m)
FCF Yield = 4.59% (FCF TTM 811.4m / Enterprise Value 17.7b)
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 = 0.63 (Enterprise Value 17.7b / Total Assets 28.2b)
Interest Expense / Debt = 1.20k% (Interest Expense 287.6m / Debt 23.9m)
Taxrate = 0.75% (7.18m / 958.6m)
NOPAT = 767.9m (EBIT 773.7m * (1 - 0.75%))
Current Ratio = 2.14 (Total Current Assets 2.69b / Total Current Liabilities 1.26b)
Debt / Equity = 0.00 (Debt 23.9m / totalStockholderEquity, last quarter 17.1b)
Debt / EBITDA = -0.10 (Net Debt -76.0m / EBITDA 774.3m)
Debt / FCF = -0.09 (Net Debt -76.0m / FCF TTM 811.4m)
Total Stockholder Equity = 16.1b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.49% (Net Income 937.3m / Total Assets 28.2b)
RoE = 5.81% (Net Income TTM 937.3m / Total Stockholder Equity 16.1b)
RoCE = 3.06% (EBIT 773.7m / Capital Employed (Equity 16.1b + L.T.Debt 9.16b))
RoIC = 2.86% (NOPAT 767.9m / Invested Capital 26.9b)
WACC = 6.08% (E(17.7b)/V(17.8b) * Re(6.09%) + (debt cost/tax rate unavailable))
Discount Rate = 6.09% (= 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 = 1.51 (EV 11.9b - Net Debt -76.0m = Equity 11.9b / 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=-1.25% | Revisions=+0% | GrowthEPS=-5.7% | GrowthRev=+7.2%
EPS next Year (2027-12-31): EPS=0.12 | Chg30d=-0.49% | Revisions=+29% | GrowthEPS=+2.9% | GrowthRev=+4.5%
[Analyst] Revisions Ratio: +18% (up=5, down=3)