CICT distribution per unit (DPU) for the half year ended December 2022 rose 2.7 per cent year on year to S$0.0536, compared with S$0.0522 from FY2021.

On 1 Feb 23 (Wed), CICT posted a 14.4% year-on-year increase in H2 FY2022 gross revenue to S$754.1 million, compared with S$659.4 million the previous year.

Net property income (NPI) for the second half rose 13.1% year on year to S$541.7 million.

The topline increase was mainly driven by contributions from the trust’s recently acquired interests in CapitaSky in Singapore as well as assets in Australia, along with higher rental income from most of the Singapore assets.

This was however partially offset by higher operating expenses and the divestment of JCube, which was completed in March 2022.

CICT’s distributable income for H2 rose 4.8 per cent year on year to S$355.1 million from S$338.8 million the previous year. The record date for H2 DPU is Feb 9 and unitholders can expect to receive the payout on Mar 17.

For FY2022 ended Dec 31, DPU rose 1.7 per cent to S$0.1058 from S$0.104 in FY2021.

Gross revenue for the full year increased by 10.5 per cent year on year to S$1.44 billion compared with S$1.31 billion previously. NPI rose by 9.7 per cent year on year to S$1.04 billion from S$951.1 million in FY2021.

Based on CICT’s proportionate interests in its investment properties and joint ventures as at Dec 31, the trust’s aggregate portfolio property value increased by 8.9 per cent year on year to S$24.2 billion.

Committed portfolio occupancy for retail and office properties as well as integrated developments was 98.3 per cent, 94.4 per cent and 97.1 per cent respectively as at Dec 31, bringing the total committed portfolio occupancy to 95.8 per cent.

In FY2022, the trust signed approximately 2.5 million square feet (sq ft) of new leases and renewals, comprising around 1 million sq ft of retail space and 1.5 million sq ft of office space. The tenant retention rate for its retail properties and office properties in Singapore was 89.1 per cent and 80.9 per cent, respectively.

CICT’s manager expects Singapore’s commercial portfolio to benefit from continued consumption recovery, mainly due to an anticipated increase in tourist arrivals and a repositioned retail tenant trade mix.

The ongoing asset enhancement initiative at CQ @ Clarke Quay is on track to complete by Q3 FY2023, it added.

The manager’s chief executive Tony Tan said it will focus on riding the tailwinds of post-pandemic recovery to improve its operating metrics while navigating macroeconomic uncertainties to manage costs.

All the analysts as shown below have stated “ADD/BUY” call for CICT with the target price from minimum of S$2.00 to maximum of S$2.55