CapitaLand Integrated Commercial Trust (CPAMF)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
CapitaLand Integrated Commercial Trust (CPAMF) trades at $1.85 with AI Score 56/100 (Grade B). CapitaLand Integrated Commercial Trust (CICT) is the largest REIT in Singapore, focusing on commercial properties. Market cap: $14.58B, Sector: Real estate.
Price live · AI analysis from Mar 17, 2026Analyst Coverage for CPAMF: CPAMF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates CPAMF against Real Estate peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
CPAMF: 1/4 perspectives are bullish. Dominant signal: Seth Klarman bullish.
How is this calculated? →CapitaLand Integrated Commercial Trust (CPAMF) Real Estate Portfolio & Strategy
CapitaLand Integrated Commercial Trust (CICT) is the largest REIT listed on the SGX-ST, specializing in commercial properties primarily in Singapore. With a diverse portfolio and a substantial market capitalization, CICT serves as a key proxy for Singapore's commercial real estate market, managed by CapitaLand Integrated Commercial Trust Management Limited.
What Is the Investment Thesis for CPAMF?
CapitaLand Integrated Commercial Trust (CPAMF) presents a compelling investment case based on its dominant position in the Singaporean commercial real estate market. With a market capitalization of $14.58B and a portfolio valued at S$22.3 billion, CICT offers substantial exposure to Singapore's retail and office sectors. The REIT's attractive dividend yield of 4.87% provides a steady income stream for investors. Growth catalysts include strategic asset management and potential acquisitions to expand its portfolio. However, potential risks include economic downturns affecting retail and office occupancy rates, as well as interest rate fluctuations impacting borrowing costs. The REIT's beta of 0.48 suggests lower volatility compared to the broader market.
Based on FMP financials and quantitative analysis
CPAMF Key Highlights
- Market capitalization of $14.58B, reflecting its significant scale in the Singaporean REIT market.
- Dividend yield of 4.87%, offering an attractive income stream for investors.
- Profit margin of 57.7%, indicating efficient operations and strong profitability.
- Gross margin of 67.7%, reflecting the high quality of its commercial properties.
- Portfolio value of S$22.3 billion as of December 31, 2020, showcasing its extensive asset base.
Who Are CPAMF's Competitors?
CPAMF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| AZRGF Azrieli Group Ltd | $143.07 | +0.00% | $17.81B | 62 |
| HNGKY Hongkong Land Holdings Limited | $36.50 | +2.70% | $15.61B | 45 |
| KLPEF Klépierre | $42.44 | +4.38% | $12.15B | 44 |
| LKREF Link Real Estate Investment Trust | $4.38 | -1.57% | $11.38B | 53 |
| SEGXF SEGRO Plc | $11.65 | +4.39% | $15.76B | 50 |
| CURB Curbline Properties Corp. | $29.95 | -1.29% | $3.42B | 66 |
| NTST NETSTREIT Corp. | $21.47 | -0.88% | $1.78B | 60 |
| BRX Brixmor Property Group Inc. | $31.07 | -0.42% | $9.53B | 60 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are CPAMF's Key Strengths?
- Largest REIT in Singapore with significant market capitalization.
- Diversified portfolio of retail and office properties in prime locations.
- Strong management team with expertise in real estate investment.
- Stable income stream from long-term leases with reputable tenants.
What Are CPAMF's Weaknesses?
- Concentration of assets in Singapore, exposing it to local economic conditions.
- Sensitivity to interest rate changes, impacting borrowing costs and property valuations.
- Exposure to retail sector trends, such as e-commerce and changing consumer preferences.
- Reliance on CapitaLand Limited for management services.
What Could Drive CPAMF Stock Higher?
- Strategic acquisitions of high-quality commercial properties to expand its portfolio.
- Asset enhancement initiatives to improve the attractiveness and value of existing properties.
- Potential diversification into new geographies to reduce reliance on the Singaporean market (3-5 years).
- Enhancing tenant mix to attract a diverse range of retailers and office tenants.
- Leveraging technology to improve operational efficiency and enhance tenant experience (1-3 years).
What Are the Key Risks for CPAMF?
- Financial-distress signal — its Altman Z-Score of 1.43 sits in the distress zone (elevated bankruptcy risk).
- Economic downturns affecting retail and office occupancy rates.
- Sensitivity to interest rate changes, impacting borrowing costs and property valuations.
- Exposure to retail sector trends, such as e-commerce and changing consumer preferences.
- Increased competition from other REITs and property developers.
- Changes in government regulations impacting the real estate sector.
What Are the Growth Opportunities for CPAMF?
- Strategic Acquisitions: CICT can pursue strategic acquisitions of high-quality commercial properties in Singapore and other key markets. The Singaporean commercial real estate market is projected to grow at a rate of 3-5% annually over the next five years, providing ample opportunities for expansion. By acquiring properties with strong occupancy rates and growth potential, CICT can enhance its portfolio and increase its income stream. Timeline: Ongoing.
- Asset Enhancement Initiatives: CICT can invest in asset enhancement initiatives to improve the attractiveness and value of its existing properties. This includes upgrading retail spaces, enhancing office amenities, and incorporating sustainable design features. These initiatives can attract higher-quality tenants and increase rental rates. The market for sustainable and modern commercial spaces is growing, driven by corporate demand for ESG-compliant properties. Timeline: Ongoing.
- Diversification into New Geographies: While CICT's primary focus is Singapore, it can explore opportunities to diversify its portfolio into other Asian markets with strong economic growth and attractive commercial real estate prospects. Markets such as China, Vietnam, and Indonesia offer significant potential for expansion. Diversification can reduce CICT's reliance on the Singaporean market and mitigate risks associated with local economic conditions. Timeline: 3-5 years.
- Enhancing Tenant Mix: CICT can actively manage its tenant mix to attract a diverse range of retailers and office tenants. This includes targeting high-growth sectors such as technology, healthcare, and e-commerce. By diversifying its tenant base, CICT can reduce its exposure to any single industry and enhance the stability of its rental income. The demand for commercial space from these sectors is expected to increase over the next few years. Timeline: Ongoing.
- Leveraging Technology: CICT can leverage technology to improve its operational efficiency and enhance the tenant experience. This includes implementing smart building technologies, developing mobile apps for tenants, and using data analytics to optimize space utilization. These initiatives can reduce operating costs, attract tech-savvy tenants, and improve overall property performance. The market for smart building technologies is growing rapidly, driven by the increasing demand for sustainable and efficient commercial spaces. Timeline: 1-3 years.
What Opportunities Does CPAMF Have?
- Strategic acquisitions of high-quality commercial properties in Singapore and other key markets.
- Asset enhancement initiatives to improve the attractiveness and value of existing properties.
- Diversification into new geographies to reduce reliance on the Singaporean market.
- Leveraging technology to improve operational efficiency and enhance tenant experience.
What Threats Does CPAMF Face?
- Economic downturns affecting retail and office occupancy rates.
- Increased competition from other REITs and property developers.
- Changes in government regulations impacting the real estate sector.
- Geopolitical risks and global economic uncertainty.
What Are CPAMF's Competitive Advantages?
- Scale: CICT is the largest REIT listed on the SGX-ST, providing economies of scale and market leadership.
- Prime Locations: Its properties are located in prime locations in Singapore and Germany, attracting high-quality tenants.
- Strong Management: CICT is managed by CapitaLand Integrated Commercial Trust Management Limited, a subsidiary of CapitaLand Limited, providing expertise and resources.
- Diversified Portfolio: Its portfolio includes a mix of retail and office properties, reducing its exposure to any single sector.
What Does CPAMF Do?
CapitaLand Integrated Commercial Trust (CICT) stands as the first and largest real estate investment trust (REIT) listed on the Singapore Exchange Securities Trading Limited (SGX-ST). Originating as CapitaLand Mall Trust in July 2002, it rebranded to CICT in November 2020 after merging with CapitaLand Commercial Trust. The REIT focuses on owning and investing in income-generating commercial assets, encompassing retail and office spaces, predominantly located in Singapore. CICT's portfolio includes 22 properties in Singapore and two in Frankfurt, Germany, valued at S$22.3 billion as of December 31, 2020. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited, a wholly-owned subsidiary of CapitaLand Limited, one of Asia's largest diversified real estate groups. This strategic positioning allows CICT to leverage CapitaLand's extensive expertise and resources in the real estate sector, enhancing its operational efficiency and investment strategies.
What Products and Services Does CPAMF Offer?
- Owns and invests in income-producing commercial properties.
- Focuses primarily on retail and office spaces in Singapore.
- Manages a portfolio of 22 properties in Singapore and two in Frankfurt, Germany.
- Generates revenue through rental income from tenants.
- Enhances property value through asset management and strategic acquisitions.
- Distributes income to unitholders in the form of dividends.
- Operates as a real estate investment trust (REIT) listed on the SGX-ST.
How Does CPAMF Make Money?
- Acquires and manages commercial properties.
- Generates revenue primarily through rental income.
- Distributes a significant portion of its income to unitholders as dividends.
- Finances its operations through a combination of debt and equity.
What Industry Does CPAMF Operate In?
CapitaLand Integrated Commercial Trust operates within the REIT - Retail industry, which is influenced by factors such as consumer spending, tourism, and economic growth in Singapore and Germany. The industry is competitive, with other REITs vying for prime commercial properties. CICT's large scale and established presence provide a competitive advantage. The REIT sector is sensitive to interest rate changes, which can impact borrowing costs and property valuations. Market trends include the increasing importance of experiential retail and the growing demand for flexible office spaces.
Who Are CPAMF's Key Customers?
- Retail tenants occupying retail spaces within its properties.
- Office tenants leasing office spaces in its commercial buildings.
- Shoppers and visitors frequenting its retail properties.
- Investors seeking stable income and capital appreciation from REIT investments.
FY2026 estForward Outlook
Wall Street analysts project CapitaLand Integrated Commercial Trust revenue of about $1.71B for fiscal 2026, with EPS near $0.12. The estimate reflects 15 contributing analysts.
Quarterly Financial Performance: CapitaLand Integrated Commercial Trust
Revenue for CapitaLand Integrated Commercial Trust came in at $831.5M during Q4 2025, a 5.6% improvement versus the preceding quarter. The company recorded net income of $537.2M, with diluted EPS of $0.08. Quarter-over-quarter revenue has been mixed, typical for a large-cap company operating in Real Estate. Across the four most recent quarters, CPAMF averaged $0.07 in diluted EPS.
CPAMF Valuation & Market Position
With a $14.58B market cap, CapitaLand Integrated Commercial Trust sits in the large-cap segment of the market. Relative to its peer group, CPAMF's quantitative score of 56/100 is roughly in line with the peer average of 51/100.
ROE 6%Key Financial Metrics
Return on equity for CapitaLand Integrated Commercial Trust stands at 5.9%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 3.4%, showing how much profit it generates from its asset base. CPAMF trades at a trailing price-to-earnings ratio of 18.66, roughly in line with the Real Estate sector average of ~20x. Its free cash flow yield is 5.2%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.58 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 5.2%, the inverse of the P/E and a quick read on earnings relative to price.
F-Score 8/9Financial Health
CapitaLand Integrated Commercial Trust's Piotroski F-Score is 8/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 1.43 places it in the distress zone, a signal of elevated financial risk.
Company Profile
CapitaLand Integrated Commercial Trust operates in the REIT - Retail industry within the Real Estate sector. It is headquartered in Singapore, SG. The company is led by CEO Choon-Siang Tan. CPAMF has traded publicly since 2006.
CPAMF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in the company's future performance, indicating that leadership believes in its growth potential.
- Community sentiment has turned increasingly positive, with discussions highlighting the trust's strong portfolio and management.
- Market perception has improved due to favorable economic indicators in the region, boosting investor optimism about commercial real estate.
- Analysts note that the trust's focus on sustainability and innovation aligns well with current market trends, appealing to socially conscious investors.
Bear Case
- Concerns about rising interest rates have led some investors to worry about the impact on commercial real estate valuations.
- Community discussions reflect skepticism regarding the recovery of office spaces post-pandemic, which could affect occupancy rates.
- There are mixed views on the trust's ability to navigate potential economic downturns, contributing to a cautious outlook among some traders.
- Recent regulatory changes in the real estate sector have created uncertainty, prompting some investors to adopt a more bearish stance.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · April 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q4 2025 | $832M | $537M | $0.08 |
| Q2 2025 | $788M | $400M | $0.05 |
| Q4 2024 | $794M | $569M | $0.08 |
| Q2 2024 | $792M | $365M | $0.05 |
Based on FMP financials and quantitative analysis
CPAMF Latest News
No recent news available for CPAMF.
CPAMF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for CPAMF.
Price Targets
Wall Street price target analysis for CPAMF.
CPAMF MoonshotScore
What does this score mean?
The MoonshotScore rates CPAMF's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Leadership: Choon-Siang Tan
CEO
Choon-Siang Tan is the CEO of CapitaLand Integrated Commercial Trust Management Limited. His background includes extensive experience in real estate investment and management. Prior to his current role, he held various leadership positions within the CapitaLand Group, overseeing the development and management of commercial properties across Asia. He holds a degree in Real Estate from the National University of Singapore and is a Chartered Financial Analyst (CFA).
Track Record: Under Choon-Siang Tan's leadership, CapitaLand Integrated Commercial Trust has successfully integrated CapitaLand Mall Trust and CapitaLand Commercial Trust, creating the largest REIT in Singapore. He has focused on enhancing the portfolio through strategic acquisitions and asset management initiatives, driving growth in rental income and property value. He has also overseen the implementation of sustainable practices across the portfolio.
CPAMF OTC Market Information
The OTC Other tier represents the lowest tier of the OTC market, indicating that CapitaLand Integrated Commercial Trust (CPAMF) may not meet the minimum financial standards or reporting requirements of higher tiers like OTCQX or OTCQB. Companies in this tier may have limited financial disclosure, making it more difficult for investors to assess their financial health and performance. Investing in OTC Other stocks carries higher risks compared to stocks listed on major exchanges like the NYSE or NASDAQ, due to the lack of regulatory oversight and transparency.
- OTC Tier: OTC Other
- Disclosure Status: Unknown
- Limited financial disclosure due to the OTC Other tier status.
- Lower liquidity compared to stocks listed on major exchanges.
- Higher price volatility due to limited trading volume.
- Potential for less regulatory oversight and investor protection.
- Increased risk of fraud or manipulation due to the lack of stringent listing requirements.
- Verify the company's financial statements and audit reports, if available.
- Research the company's management team and their track record.
- Assess the company's business model and competitive landscape.
- Review the company's legal and regulatory filings.
- Monitor the stock's trading volume and price volatility.
- Understand the risks associated with investing in OTC Other stocks.
- Consult with a financial advisor before making any investment decisions.
- CapitaLand Integrated Commercial Trust is a well-established REIT with a significant presence in Singapore.
- The company is managed by CapitaLand Integrated Commercial Trust Management Limited, a subsidiary of CapitaLand Limited, a reputable real estate group.
- CICT's portfolio includes high-quality commercial properties in prime locations.
- The company has a track record of generating stable income and distributing dividends to unitholders.
- CICT is subject to regulatory oversight by the Monetary Authority of Singapore (MAS).
What Investors Ask About CapitaLand Integrated Commercial Trust (CPAMF) — Real Estate
What does CapitaLand Integrated Commercial Trust do?
CapitaLand Integrated Commercial Trust (CICT) is a real estate investment trust (REIT) that owns and manages a portfolio of commercial properties, primarily in Singapore. Its properties include retail malls and office buildings, which generate rental income. CICT distributes a significant portion of its income to unitholders as dividends. As the largest REIT listed on the SGX-ST, CICT serves as a key proxy for Singapore's commercial real estate market, offering investors exposure to the country's retail and office sectors.
What do analysts say about CPAMF stock?
Analyst coverage of CapitaLand Integrated Commercial Trust (CPAMF) typically focuses on its portfolio performance, occupancy rates, rental income, and dividend yield. Analysts consider CPAMF's large scale and prime property locations as key strengths. Valuation metrics such as price-to-earnings ratio (P/E) of 19.14 and dividend yield of 4.87% are closely monitored. Growth considerations include strategic acquisitions, asset enhancement initiatives, and diversification opportunities. Analyst ratings and price targets reflect expectations for future performance, but do not constitute investment recommendations.
What are the main risks for CPAMF?
CapitaLand Integrated Commercial Trust (CPAMF) faces several risks, including economic downturns that could negatively impact retail and office occupancy rates. Changes in interest rates can affect borrowing costs and property valuations. The REIT is also exposed to retail sector trends, such as the growth of e-commerce, which could reduce demand for physical retail space. Increased competition from other REITs and property developers poses a threat to its market share. Additionally, changes in government regulations could impact the real estate sector.
What are the key factors to evaluate for CPAMF?
CapitaLand Integrated Commercial Trust (CPAMF) holds an AI score of 56/100 (moderate). P/E: 18.7x vs the S&P 500's ~20-25x. Not financial advice.
How frequently does CPAMF data refresh on this page?
CPAMF prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven CPAMF's recent stock price performance?
CapitaLand Integrated Commercial Trust (CPAMF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Largest REIT in Singapore with significant market capitalization. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider CPAMF overvalued or undervalued right now?
CapitaLand Integrated Commercial Trust (CPAMF) trades at 18.7x earnings. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying CPAMF?
Before investing in CapitaLand Integrated Commercial Trust (CPAMF), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Financial data is based on information available as of December 31, 2020.
- OTC market data may be limited and less reliable than data for stocks listed on major exchanges.