CapLand China Tr - 1st Half Results is out. CLCT posts 1H 2025 net property income of RMB580.3 million Upgrades underway at three retail malls to transform former anchor supermarket spaces into higher-yielding.DPU is down 17.3 percent to 2.59 cents if including the assets going to divest to CLCR. If excluding will be 2.49 cents.

She is rising up to retest 80 cents!

Taking cue September will likely see Fed cutting interest rates of 0.25%.

Not a call to buy or sell!

Pls dyodd.

30th July 2025:

CLCT posts 1H 2025 net property income of RMB580.3 million

Upgrades underway at three retail malls to transform former anchor 

supermarket spaces into higher-yielding concepts 

Singapore, 30 July 2025 – CapitaLand China Trust (CLCT) reported a net property income 

(NPI) of RMB580.3 million for the six months ended 30 June 2025 (

CLCT posts 1H 2025 net property income of RMB580.3 million

Upgrades underway at three retail malls to transform former anchor 

supermarket spaces into higher-yielding1H 2025). NPI was 

impacted by lower gross revenue, partially mitigated by a 2.5% year-on-year (y-o-y) reduction 

in operating expenses across CLCT’s overall portfolio.

The decrease in gross revenue was attributed to lower contributions from the retail portfolio, 

largely due to ongoing supermarket upgrades at three retail malls, and lower occupancy at the 

business parks portfolio. This was partially offset by stronger performance from the logistics 

parks portfolio, which recorded a 2.0% y-o-y increase.

CLCT’s 1H 2025 Distribution Per Unit (DPU) was 2.49 Singapore cents. The lower DPU 

resulted from a decline in NPI and the weakening of the Renminbi (RMB) against the 

Singapore Dollar (SGD), which was partially offset by savings in finance costs. Including 

distributions from CapitaMall Yuhuating, which were retained

in view of its divestment to 

CapitaLand Commercial C-REIT (CLCR) as a seed asset, the DPU would have been 2.59 

Singapore cents.

XD 6th August.  Paydate 24th September. 

CLCT’s 1H 2025 Distribution Per Unit (DPU) was 2.49 Singapore cents. The lower DPU 

resulted from a decline in NPI and the weakening of the Renminbi (RMB) against the 

Singapore Dollar (SGD), which was partially offset by savings in finance costs. Including 

distributions from CapitaMall Yuhuating, which were retained1

in view of its divestment to 

CapitaLand Commercial C-REIT (CLCR) as a seed asset, the DPU would have been 2.59 

Singapore cents.

On 29 July 2025, CLCT obtained Unitholders’ approval for the divestment of CapitaMall 

Yuhuating to CLCR for no less than the minimum floor price of RMB748 million (approximately

S$134.9 million) and CLCT’s subscription for a 5% strategic stake in CLCR. With Unitholders’ 

approval received, CLCT, together with its sponsor CapitaLand Investment and CapitaLand 

Development, who are joint strategic investors in CLCR, will proceed to seek the local 

authorities’ approval for the listing of CLCR targeted around 3Q/4Q 2025. CLCT’s receipt of 

the gross proceeds from the divestment is subject to and shall take place after the completion 

of the CLCR offering.

Mr Gerry Chan, CEO of CLCTML, the manager of CLCT, said: “Despite ongoing economic 

headwinds in China, our portfolio continues to demonstrate resilience. Our retail occupancy 

remained high at 96.9% in 1H 2025, while we increased the occupancy of our business parks 

and logistics portfolio by proactively attracting tenants in key sectors aligned with China’s priorities, we are well-positioned to capture policy-driven opportunities as China pursues 

high-quality growth.” 

“We remain focused on seizing opportunities in China’s domestic market, including our 

strategic participation in the C-REIT, which offers new capital recycling pathways and 

attractive growth potential. The divestment of CapitaMall Yuhuating will unlock value from a 

mature retail asset, enhance our financial flexibility and strengthen our balance sheet. 

Through CLCT’s strategic stake in CLCR, we will continue to enhance long-term, sustainable 

returns for our Unitholders.”

“As part of our disciplined capital management, we have leveraged the easing interest rates 

in China to increase our RMB-denominated debt. The RMB share of total debt rose from 27% 

in 1H 2024 to 41% in 1H 2025, and we remain on track to meet our 50% target by end 2025. 

This strengthens our natural hedging position, mitigates foreign exchange fluctuations and 

optimises funding costs,” added Mr Chan.

technology ambitions. In 2025, we are prioritising the repositioning of our retail malls with 

unique and customer-centric offerings to address changing shopper preferences. By 

focusing our business parks and logistics parks on sectors aligned with the government’s

CapLand China EGM - They handed out egg, tomatoes, Veggies sandwiches, tea plus coffee. Not bad. The sandwiches seem huge

 CapLand China EGM - They handed out egg, tomatoes , vegetable sandwiches,  tea plus coffee. Not bad. The sandwiches seem huge! Taste quite nice! 

The bread is soft!

Here are the pictures to share!

The coffee is quite nice.

The board of directors.  All of a certain age. Mr. Tan Tee How. CEO Jerry. Both wearing spectacles. Sitting in the middle 

CLCT to divest capitamall Yuhuating unlock the value of a mature assets , which improves CLCT financial flexibility. To invest 5% in CLCR. 

The divestment is about $135m .$20.7m for the 5% purchase of CLCR + $107m for ops usage or pared down debts.

Dpu accretive of 0.4%.

Shareholders seem positive with the investment in CLCR. 

China market seem improving for Retail malls assets class real estate. 

1st Half Results will be out tomorrow morning,  30th July 2025 cum dividend payout. 

CapitaLand Ascott Tr - Gross Revenue is up 398m vs 386m. Total core distribution is up 1 percent to 91.6m. DPU is down 1 percent to 2. 53 cents. I think is rather stable with slight improvement in total revenue and Distribution Income

 CapitaLand Ascott Tr - Gross Revenue is up 398m vs 386m. Total core distribution is up 1 percent to 91.6m. DPU is down 1 percent to 2. 53 cents. I think is rather stable with slight improvement in total revenue and Distribution Income.

CapitaLand Ascott Trust achieves 6% increase in gross profit with

stronger operating performance 

• Total core distribution increases by 1%, delivering stable distribution

• Announces asset enhancement initiatives for three additional properties to uplift

profitability and asset value.

Gearing 39.6%, which is quite healthy level. 

 FIxed-rate borrowings from about 76% as at 31 March 2025 to about 82% as at 30 June 

2025.

CLAS’ average cost of debt remains low at 2.9% per annum as at 30 June 2025 and is 

expected to be stable. The weighted average debt to maturity is 3.4 years. Interest cover is 

also healthy at 3.1 times. CLAS has a total of approximately S$1.46 billion in cash on-hand 

and available credit facilities.

XD 6th August. Paydate 29th August. 

Asset enhancement and development projects to drive future growth

CLAS completed six AEIs in 20248

. In 2025 and 20269

, CLAS has planned to undertake three

additional AEIs, on top of The Cavendish London in the United Kingdom and Sydney Central 

Hotel in Australia which were announced previously. The three additional properties are ibis 

Ambassador Seoul Insadong in South Korea, Citadines République Paris in France, and 

Sotetsu Grand Fresa Osaka-Namba in Japan. Of the three, the AEI for ibis Ambassador Seoul 

Insadong began in 1Q 2025 and was completed in 2Q 2025.

The total capital expenditure for the four remaining AEIs is approximately S$205 million, of 

which CLAS’ investment is approximately S$145 million. The remaining will be funded by the 

master lessee or operator of the properties.

CLAS is also redeveloping its 192-unit Somerset serviced residence at Clarke Quay in 

Singapore. Development work is slated for completion in 2026, with the property commencing

operations in 2027.

Mapletree Ind Tr - 1st quarter results is out. GROSS revenue is up 0.3 percent to 175.8m vs 175.2. NPI is up 0.8 percent to 133m vs 132m, DPU is down 1.5 percent to 3.27 vs 3.32 cents last year. I think the results is not bad. Much better than my DPU expectations of 3.2 cents.

 Mapletree Ind Tr  - 1st quarter results is out.  GROSS revenue is up 0.3 percent to 175.8m vs 175.2. NPI is up 0.8 percent to 133m vs 132m, DPU is down 1.5 percent to 3.27 vs 3.32 cents last year. I think the results is not bad. Much better than my DPU expectations of 3.2 cents.

XD 4th August.  Paydate 8th September 2025.

Occupancy rate is stable at 91.4% vs 91.6% last year. 

Gearing is down from 40% to 37%. Very healthy Gearing level.

Pls dyodd. 

CapLand IntCom Tr (C38U.SI) - Went to Raffles City to makan, nice foods plus nice view

 CapLand IntCom Tr  (C38U.SI) - Went to Raffles City to makan, nice foods plus nice view!

Order the set meals plus Alacart to try.

Nice yummy mushrooms soup, nice pasta with soft and tendering beefs.  

The pasta texture is very chewy and nice. The sauce is good.

The salads with bacon and fish topping is not bad!

The pizza that come with Curry Puff shape is awesome! Very nice and tasty! Inside stuff with melting cheese, lots of mushrooms and a big chunk of hams. Nom  nom!

The Tiramisu cake is fantastic!

Chart wise,  CapLand IntCom Tr may rise up to test 2.25 again. A nice breakout with ease we may see her rising up further towards 2.30.

Pls dyodd.  

ComfortDelGro - the last few days transacted price is very gd and price has shoot up from 1.50 to close well at 1.64, looks like Big Boys are playing

 6th August 2025:

Indeed, she has retreated from 1.64vand went down to touch 1.50 and bounce-off to trade at 1.55, looks rather interesting!

She may rise up to retest 1.60 tyan 1.64.

Pls dyodd. 

27th July 2025:

ComfortDelGro  - the last few days transacted price is very gd and price has shoot up from 1.50 to close well at 1.64, looks like Big Boys are playing!

Short term wise,  I think we may likely see a pullback from the current price level! After this break,  it may rise up to re-attempt 1.64 and a nice breakout with ease we may see her rising up further towards 1.80 and above. 

1st Half year results will be out in mid August,  expecting them to declare a higher interim dividend.  Last year interim dividend was 3.52 cents.

Estimate 3.8-4 cents interim dividend. 

Pls dyodd. 

23rd July 2025:

 ComfortDelGro  - Yesterday,  spotted some buying interest and pushed up the price to close 2 cents higher at  1.47 , looks rather bullish likely to continue to trend higher towards 1.50!

The volume still not quite high enough to indicate Big Boys have yet to accumulate enough! I think price may continue to climb higher towards the first Half results in August cum interim dividend!

Beyond 1.50, she may rise up to retest 1.55 and above. 

Pls dyodd.