CICT C38U: 3 Greens and 3 Red Flags on the REIT Everyone Owns But Few Have Audited🦖
Most people look at CICT and see a safe, Temasek-backed landlord with a clean 4.84% yield, but the balance sheet is telling a different story entirely. You have a blue-chip REIT where aggregate leverage is sitting at 38.5% and the interest coverage ratio has slipped to 3.8 times, both outside my own safety rails even as headline revenue and NPI keep ticking up. The tension is this gap between what the market celebrates and what the income statement can actually support when stress hits.
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