Excerpts from CGS CIMB report

CapitaLand Integrated Commercial Trust (SGX: C38U)

CapitaLand Integrated Commercial Trust (CICT) 1H22 DPU of 5.22 Scts was deemed in line, at 46.3% of our FY22F forecast. Office and retail segments performed better, driven by acquisitions and
organic improvement. Reiterate Add rating with an unchanged TP of S$2.57.

CapitaLand Integrated Commercial Trust 1H22 results highlights

CICT reported 1H22 revenue/NPI of S$687.6m/S$501.6m, up 6.5%/6.2% yoy, due to contributions from CapitaSky and 3 Australian assets. Better performance of its existing portfolio, partly offset by divestment of JCube and higher operating expenses also helps. NPI margin dipped slightly from 73.1% in 1H21 to 72.9% in 1H22. Distribution income of S$347.3m translates to DPU of 5.22 Scts, +0.8% yoy and flat hoh. Overall portfolio occupancy stood at 93.8%. Gearing rose slightly to 40.6% at end-1H with 81% of total debt hedged to fixed rates. Management guided that for every...