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Singapore's largest REIT, owning a portfolio of retail malls and office towers across Singapore.
Singapore's largest REIT, owning a portfolio of retail malls and office towers across Singapore.
Earns rent from retail and office tenants on multi-year leases that are repriced when they renew, with some malls also paying a share of tenant sales, and passes most income to unit holders as distributions. It was formed in 2020 by merging CapitaLand Mall Trust and CapitaLand Commercial Trust.
In one line: A Singaporean Simon Property Group/Vornado hybrid.
Moat: narrow (installed base, scale). Owns well-located, dominant Singapore malls and offices with limited direct competing supply.
Headquarters: Singapore · Founded: 2020
Size CapitaLand Integrated Commercial Trust (C38U.SI) is a Singapore Real Estate company (Real Estate Investment Trusts) with a market value of $14.6B, the 10th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$2.34 on 6 Nov 2026.
Performance Over six months the shares gained 1.7%, against -0.8% for the median peer and -1.2% for the Singapore market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 5.4% over the last twelve months (peer median +4.4%); the operating margin is 64.6% (peer median 30.6%).
Valuation It trades at 1.09× book value against a peer median of 1.93× (5th cheapest of 21).
Price implies The share price implies a return on equity of about 6.1%; CapitaLand Integrated Commercial Trust delivers 7.6%, so the price asks less than the business earns today.
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$1.69B | S$1.63B | S$1.61B | S$1.58B | S$1.46B |
| Revenue growth | — | +2% | +2% | +9% | — |
| Gross profit | S$1.14B | S$1.10B | S$1.08B | S$1.04B | S$967M |
| EBITDA | S$1.09B | S$1.07B | S$1.06B | S$1.04B | S$967M |
| Net income | S$1.24B | S$937M | S$934M | S$863M | S$723M |
| Free cash flow | S$871M | S$868M | S$763M | S$792M | S$808M |
| Capital expenditure | S$541,000 | S$585,000 | S$411,000 | S$466,000 | S$484,000 |
| Total debt | n/a | S$10.0B | S$8.97B | S$9.50B | S$9.61B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| CapitaLand Integrated Commercial Trust C38U.SI | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% |
| CapitaLand Ascendas REIT A17U.SI | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% |
| Suntec Real Estate Investment Trust T82U.SI | $3.18B | -7% | +1% | 5% | 0.67× | 4.3% |
| Frasers Centrepoint Trust J69U.SI | $3.43B | -5% | +16% | 8% | 0.92× | 3.4% |
| Keppel REIT K71U.SI | $3.27B | -5% | +5% | 8% | 0.67× | 4.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | C38U.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.5% | +7.3% | 8th lowest of 21 |
| 6-month return | +1.7% | -0.8% | 10th highest of 21 |
| Return on equity | 7.6% | 7.2% | 9th highest of 21 |
| Price / book | 1.09× | 1.93× | 5th cheapest of 21 |
| Trailing P/E | 14.5× | 28.5× | 3rd cheapest of 18 |
| ROE the price implies | 6.1% | 15.1% | 2nd least demanding of 21 |
| ROE delivered | 7.6% | 7.2% | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 8% | 1.09× | 6.1% | 7.6% |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 14% | 2.66× | 15.3% | 14.2% |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 7% | 1.05× | 11.8% | 7.3% |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 5% | 2.76× | 18.4% | 5.3% |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 5% | 1.78× | 15.1% | 4.9% |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 8% | 1.71× | 12.9% | 7.7% |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 5% | 1.61× | 13.6% | 4.8% |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | -5% | 0.71× | 5.9% | -4.7% |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 7% | 2.45× | 16.1% | 7.0% |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 8% | 2.06× | 15.2% | 8.2% |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 7% | 1.79× | 13.6% | 7.4% |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 59% | 16.13× | 134.1% | 58.9% |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 8% | 2.68× | 18.2% | 7.8% |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 10% | 0.97× | 11.6% | 10.4% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 4% | 3.05× | 20.7% | 4.0% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Equity LifeStyle Properties ELS | United States | $12.3B | 0% | +3% | 22% | 6.99× | 37.4% | 22.3% |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| American Homes 4 Rent AMH | United States | $11.8B | +2% | +4% | 7% | 1.73× | 12.9% | 6.8% |