CapitaLand Integrated Commercial Trust (C38U.SI) stock analysis

In our weekly check, CapitaLand Integrated Commercial Trust is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 6, red flags: 6.

About CapitaLand Integrated Commercial Trust

CapitaLand Integrated Commercial Trust is a Real Estate company (REIT - Retail) based in Singapore, listed on SES as C38U.SI.

What our checks show for C38U.SI

Red flags

• Net debt is 9.2x a year of EBITDA (debt/equity 0.58). That limits room in a downturn and raises refinancing risk.
• The net margin fell by 25.7 points over 5 years, to 57.3%: the company keeps less of each sale as profit.
• Analysts expect the net margin to shrink by 6.2 points from today's 57.3%.
• The dividend takes 102% of profit: little cushion if profit falls.
• The stock has fallen as much as 72% from a peak. Would you have held through that?
• Return on capital (ROCE) is only 4%.

Warning signs

• Operating profit covers interest only 3 times: a weak year could make the payments hard.
• Analysts expect earnings per share to shrink about 0.9% a year.
• Analysts expect only about 3.5% a year of growth in revenue.
• Revenue grew only 4.3% a year over the last 3 years.
• The stock is still below its previous peak.
• The share count grew by 11.7% in 2 years: each shareholder owns a smaller slice.

Strengths

• The company keeps 57.3% of its revenue as net profit.
• Free cash flow is 53.1% of revenue: cash for dividends, buybacks or growth.
• The price is 14.2 times earnings (P/E), reasonable for its growth.
• A large company: market value $14.18 billion.
• The price moves calmly: 14.6% annual volatility.
• Beta 0.51: the stock usually moves less than the market.

Similar companies

SCG.AX · KIM · REG · URW.PA · FRT · BRX

Questions

What grade does CapitaLand Integrated Commercial Trust (C38U.SI) have?

In our weekly check, CapitaLand Integrated Commercial Trust is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 13 pass, warnings: 6, red flags: 6. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of C38U.SI stock?

This week's biggest flags for CapitaLand Integrated Commercial Trust: High debt, Margins falling, Margins expected to shrink. In total 12 of 25 checks show a warning or a red flag.

What does CapitaLand Integrated Commercial Trust do?

CapitaLand Integrated Commercial Trust is a Real Estate company (REIT - Retail) based in Singapore, listed on SES as C38U.SI.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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