- Main Sector(s): Retail, Office & Hospitality
- Country(s) with Assets: Singapore, Australia, Germany, China, Malaysia
- No. of Properties (exclude development/associate/fund): 26
Key Indicators
Both tenant sales and shopper traffic have improved steadily since FEB 2022. As for YTD Sep 2022, tenant sales and shopper traffic have improved yoy, where tenant sales have exceeded the 2019 level.
- REIT sponsor's shareholding: Below median for more than 10%
- REIT manager's shareholding: ± 10% from median
- Directors of REIT manager's shareholding: Below median for more than 20%
Lease Profile
- Occupancy: ± 5% from median
- WALE: ± 10% from median
- Highest lease expiry within 5 years: ± 10% from median; Falls in 2027 and beyond, without breakdown
- Weighted average land lease expiry: ± 10% from median
Debt Profile
- Gearing ratio: Above median for more than 10%
- Cost of debt: ± 10% from median
- Fixed rate debt %: ± 10% from median
- Unsecured debt %: Above median for more than 10%
- WADM: Above median for more than 20%
- Highest debt maturity within 5 years: Below median for more than 20%; Falls in 2024
- Interest coverage ratio: ± 10% from median
Diversification Profile
- Top geographical contribution: Above median for more than 20%
- Top property contribution: Below median for more than 20%
- Top 5 properties' contribution: Below median for more than 20%
- Top tenant contribution: Below median for more than 20%
- Top 10 tenants' contribution: Below median for more than 20%
Key Financial Metrics
- Property yield: Below median for more than 10%
- Management fees over distribution: Below median for more than 10%; $8.13 distribution for every dollar paid
- Distribution on capital: Below median for more than 10%
- Distribution margin: ± 10% from median
Trends
- Uptrend: Property Yield, Distribution on Capital
- Slight Uptrend: NAV per Unit, Interest Coverage Ratio
- Flat: Occupancy, Distribution Margin
- Slight Downtrend: DPU
Relative Valuation
- P/NAV: Below -2SD for 1y, 3y & 5y
- Dividend Yield: Above +2SD for 1y, 3y & 5y
Author's Opinion
| Favorable | Less Favorable |
|---|---|
| Diversified Sector | Low Directors of REIT Manager's Shareholding |
| High Unsecured Debt % | High Gearing Ratio |
| Long WADM | High Top Geographical Contribution |
| Well Spread Debt Maturity | Low Property Yield |
| Low Top Property & Top 5 Properties Contributions | Low Distribution on Capital |
| Low Tenant & Top 10 Tenants Contributions | |
| Competitive Management Fees | |
| Property Yield Uptrend | |
| Distribution on Capital Uptrend |
The gross revenue and NPI have improved as compared to the previous quarter probably due to contributions from newly acquired properties. Occupancy has also improved this quarter coupled with the positive YTD rental reversion. With the improvement in performance and recovery in tourism, CICT fundamentals should remain resilient.
You could also refer below for more information:
SREITs Dashboard - Detailed information on individual Singapore REIT
SREITs Data - Overview and Detail of Singapore REIT
REIT Analysis - List of previous REIT analysis posts
Singapore REITs Post Telegram Channel - Join to receive posts for Singapore REITs
REIT-TIREMENT Patreon - Support my work and get exclusive content
REIT-TIREMENT Facebook Page - Support by liking my Facebook Page
REIT Investing Community - Facebook Group where members share and discuss REIT topic
*Disclaimer: Materials in this blog are based on my research and opinion which I don't guarantee accuracy, completeness, and reliability. It should not be taken as financial advice or a statement of fact. I shall not be held liable for errors, omissions and loss or damage due to the use of the material in this blog. Under no circumstances does the information presented on this blog represent a buy, sell, or hold recommendation on any security, please always do your own due diligence before any decision is made.
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