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AREIT India
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ozone2002
Supreme |
01-Sep-2026 21:26
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Last:0.965  -0.01stop hunt and BBs accumulating |
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Joelton
Supreme |
01-Aug-2026 16:13
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CLINT&rsquo s 1H DPU hit by weak INR, but growth drivers intact, CEO says CapitaLand India Trust&rsquo s (CLINT) 1HFY2026 distribution per unit (DPU) increased 13% y-o-y in Indian rupee (INR) terms. However, because of the depreciation of the INR during this period, DPU increased by 1.0% y-o-y in Singapore dollar (SGD) terms to 4.00 cents. This includes an advance distribution of 1.44 cents for the period from Jan 1 to Mar 4, which was paid to unitholders on Apr 10, following CLINT&rsquo s private placement on Feb 24. The weaker INR also impacted total property income and net property income (NPI), which declined by 8% and 5% y-o-y, respectively, in 1H2026, to $137.6 million and $107.5 million. In INR terms, however, total property income and NPI rose by 3% and 6% y-o-y. In the same period, the INR weakened by 12% y-o-y against the SGD from INR64.5 per SGD to INR72.1. However, in 1H2026, income available for distribution and distributable income rose by 8% y-o-y to $64.2 million and $57.8 million, respectively. The manager retained 10% of income available for distribution for working capital purposes. Distributable income buoyed by data centre JV The higher income available for distribution was due to higher contribution from the data centre joint venture. In 1Q2026, CLINT divested 20.2% stakes in three data centre assets under development to CapitaLand India Data Centre Fund (CIDCF) for an estimated total purchase consideration of INR 7.02 billion or $99.73 million. Of the three data centres, CapitaLand DC Navi Mumbai Tower 1 was fully handed over to a hyperscaler in July and will be contributing fully from August. &ldquo All the floors have been handed over, and they are rental-generating. (CapitaLand DC Navi Mumbai) Tower Two has already been released to a hyperscaler. The handover will start in the first quarter of next year and continue till the end of 2027. From 2028, we have the full two towers of revenues to kick in,&rdquo says Gauri Shankar Nagabhushanam, CEO of CLINT&rsquo s trustee-manager, referring to the data centre portfolio. The other two data centre assets in the joint venture are CapitaLand DC Chennai and CapitaLand DC Hyderabad. Nagabhushanam indicates that Hyderabad is leasing well. &ldquo We expect some good news around the Hyderabad data centre leasing to be announced in August,&rdquo he says, adding that the Chennai data centre is also leasing well. Both Hyderabad and Chennai are expected to be completed this year. &ldquo There is a very high likelihood that before the end of this quarter or early next quarter, Chennai also could get substantially leased. What it means is that, as against the underwriting, if we can get both these data centres leased up, we would be nine months ahead of schedule. The entire data centre portfolio was expected to reach 100% income-yielding by the end of 2029. If we can get these leases signed, that will happen more towards the end of 2028 and early 2029,&rdquo Nagabhushanam says. CLINT&rsquo s manager keeps an eye on its NPI margins, which have risen to 78.1% in 1H2026 from 76.1% in the same period last year. &ldquo We want to push that into 80%,&rdquo Nagabhushanam says. According to Mervin Song, the property and REIT analyst at JP Morgan, the key positives included trailing 12-month rental reversions of +24%, led by Hyderabad (+37%), Mumbai (+23%), Bangalore (+22%), and Chennai (+21%). Pune declined by 0.2% y-o-y. The occupancy of aVance II in Pune remained low at 59%. In a previous interview, Nagabhushanam explained that new infrastructure was being built around the property, which made it challenging for workers to access. Elsewhere, the occupancy of International Tech Park Bangalore (ITPB) fell by 5ppt q-o-q. Committed occupancy was steady at 91%, with improvements at ITPC (+7 percentage points (ppt) q-o-q to 95%). &ldquo On the ground, India has had a fantastic first half. Absorption was up almost 10% y-o-y. That&rsquo s a record as compared to 2025. Every year starting 2021 has been a record year. India has been the best-performing office market globally, and this has largely been driven by global capability centres (GCC),&rdquo Nagabhushanam says. &ldquo We recently conducted a survey among 20-25% of our tenant base and the feedback was that almost 80% of them feel that their net employees will increase in the short- and medium-term despite what is happening in the AI space,&rdquo he reveals. Continued moves towards more onshore INR debt On the capital management front, CLINT plans to increase its onshore INR debt to 40% to 50% from 19% as at end-June. Higher INR debt provides a natural hedge for the assets given that when the INR weakens against the SGD, both assets and liabilities will decrease. Secondly, onshore debt provides something of a tax shield if CLINT makes use of intercompany loans, while savings on withholding tax offsets any advantage from cheaper SGD debt. In fact, because of the way the INR moves against the SGD, using SGD debt plus hedging costs more than onshore INR debt. &ldquo Historically, the cost of debt in Singapore was significantly lower, and also the cost of a cross-currency swap was significantly lower. We used to borrow in SGD and convert to INR. The effective interest rate (plus the hedges) used to range from 6% to 6.5% when the interest rate in India used to be 9% to 10%,&rdquo Nagabhusham explains. &ldquo On the flip side was that we did not get full income tax deductibility on one hand there was a withholding tax of roughly about 10% that has been creeping up. It is now 15%. Over the last three to four years, interest rates in India have fallen while in Singapore the cost of hedging has increased. On a fully hedged basis, the cost of debt in Singapore ranges from 8% to 8.5% and in India the cost of debt is 7% to 7.5%. What used to be a positive delta is actually a negative 100 bps delta,&rdquo he elaborates. Hence, it makes more sense to take INR onshore debt. The Reserve Bank of India (RBI) has taken steps to stabilise the exchange rate. In June, it launched a special US dollar-rupee forex swap window to encourage banks to mobilise Foreign Currency Non-Resident (FCNR) deposits from Non-Resident Indians (NRIs). Key aspects include a booking window open until Sept 30, eligible tenures of three to five years, and a mandatory one-year lock-in period. The Hindu reported that recent measures to attract foreign capital have garnered strong investor response, with banks mobilising nearly US$32 billion through the FCNR deposits. In comparison, government securities have attracted more than US$7 billion in foreign inflows since the June measures, RBI governor Sanjay Malhotra said. &ldquo RBI has recognised the exchange rate as a significant challenge and is now going all out to ensure that money gets stabilised. We would expect a more stabilised exchange rate going forward for 2H2026. That should help us in the second half,&rdquo Nagabhushanam says. &ldquo We&rsquo ll continue to execute, notwithstanding what is happening in terms of geopolitics and the other environment outside sectors. Our growth is intact,&rdquo he concludes. JP Morgan has retained an overweight rating on CLINT, with a June 2027 price target of $1.28. |
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asianguy
Senior |
30-Jul-2026 16:55
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OCB Research Equity Research : Rating BUY (as at 29 July 2026) Last Close SGD 1.02 Fair Value SGD 1.32 &bull 1H26 distribution per unit (DPU) rose 1% year-on-year (YoY) to 4.00 Singapore cents, exceeding our expectations &bull Healthy portfolio committed occupancy of 91% with rental reversions accelerating to +24% on a trailing 12 months (TTM) basis &bull Higher fair value (FV) estimate of SGD1.32 (previously: SGD1.30) |
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superstartup
Supreme |
30-Jul-2026 10:20
Yells: "Enjoy doing Fundamental Research" |
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For those interested. Today, from DBS 30 July 2026 CapitaLand India Trust Robust underlying growth thrusters
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halleluyah
Supreme |
29-Jul-2026 14:52
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coming...
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halleluyah
Supreme |
29-Jul-2026 09:18
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accumulation...tp 1.10...dyodd | ||||
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HVRRVH
Elite |
29-Jul-2026 07:55
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With strong SGD, this is one of the better managed reits with overseas exposure. Despite INR depreciated 12% yoy, it managed to increase DPU by 1% in SGD term. Unfortunately with high interest rate environment, the unit price could stay where it is despite yielding 7.7% for calander year 2026 with 7.9 cents DPU payout. The DPU is also 10.18% higher than 2025' s payout of 7.17 cents. | ||||
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Alignment
Elite |
09-May-2026 15:14
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Fallout from Iran war has made fastest-growing major economy ' not a country to be invested in'
https://www.ft.com/content/a448dcf4-a4eb-4752-8633-63d497a6a9a2?syn-25a6b1a6=1 |
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JurongW
Elite |
08-May-2026 17:41
Yells: "Earnings give weight, Chart give wings" |
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Aberdeen Group - Purchase 1,205,000 shares at $1.05 on 6 May https://links.sgx.com/1.0.0/corporate-announcements/EHQUA9DKCER942HD/888067__20260506%20CapitaLand%20India%20Trust%20abrdn%20Holdings%20Limited%20Form%203%20FINAL.pdf |
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JurongW
Elite |
22-Apr-2026 17:44
Yells: "Earnings give weight, Chart give wings" |
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Aberdeen Group - Purchase 1.65 millio shares at$1.043 on 20 Apr https://links.sgx.com/1.0.0/corporate-announcements/22LXDSFQN8460W75/885086__20260420%20CapitaLand%20India%20Trust%20abrdn%20Holdings%20Limited%20Form%203%20Final.pdf
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seanpent
Supreme |
21-Apr-2026 14:25
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today' s laggard? | ||||
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seanpent
Supreme |
20-Apr-2026 09:39
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Another round of opportunity today :)
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JurongW
Elite |
16-Apr-2026 18:26
Yells: "Earnings give weight, Chart give wings" |
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Aberdeen Group - Dispose 2,521,100 shares at $1.03 on 14 Apr https://links.sgx.com/1.0.0/corporate-announcements/PYLIUMSLMJVGCLQO/884405__20260414%20CapitaLand%20India%20Trust%20Aberdeen%20Group%20plc%20Form%203%20Final.pdf
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JurongW
Elite |
31-Mar-2026 17:32
Yells: "Earnings give weight, Chart give wings" |
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CLINT' s Business Updates for the first quarter ended 31 March 2026 will be released on Friday, 24 April 2026, before market open. |
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JurongW
Elite |
25-Mar-2026 17:52
Yells: "Earnings give weight, Chart give wings" |
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Aberdeen Group - Purchase 61,800 shares at $1.066 on 23 Mar https://links.sgx.com/1.0.0/corporate-announcements/V1VCGF85NHIN28J5/880406__20260323%20CapitaLand%20India%20Trust%20abrdn%20Holdings%20Limited%20Form%203%20FINAL.pdf
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JurongW
Elite |
20-Mar-2026 18:14
Yells: "Earnings give weight, Chart give wings" |
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Disposal of shares by Aberdeen Group - 2,379,900 shares at $1.064 on 18 Mar https://links.sgx.com/1.0.0/corporate-announcements/XXJNOQZZ0KCHUZDI/878938__20260318%20CapitaLand%20India%20Trust%20Aberdeen%20Group%20plc%20and%20abrdn%20Holdings%20Limited%20Form%203%20Final.pdf |
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Joelton
Supreme |
25-Feb-2026 11:45
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CapitaLand India Trust launches S$150 million private placement to fund two office building projects The issue price will be between S$1.208 and S$1.237 per new unit &ndash a discount of 2.6 to 4.9% [SINGAPORE] CapitaLand India Trust : CY6U 0%(Clint) is set to issue new units to raise gross proceeds of at least S$150 million, its manager said on Tuesday (Feb 24). The new units, expected to be listed on Mar 5, will be issued at a price between S$1.208 and S$1.237 per unit. This represents a 2.6 to 4.9 per cent discount to the volume weighted average price of S$1.2701 per unit as at Monday. To ensure fairness to existing unitholders, the manager intends to declare an estimated &ldquo advanced distribution&rdquo of S$0.0144 per unit for the period from Jan 1 to the day before the new units are issued. Factoring in this payout, the issue price represents a slightly narrower discount of between 1.5 and 3.8 per cent to the adjusted volume weighted average price of S$1.2557. &ldquo The private placement will enable Clint to provide funding to execute the development and construction of (two office buildings) to drive income growth and portfolio enhancement,&rdquo said the trust&rsquo s manager. On a pro forma basis for FY2025, the transaction is expected to be distribution accretive, added the manager. Distribution per unit would have risen 5.1 per cent to S$0.0828 had the placement been completed in 2025, it said. Clint&rsquo s gearing ratio would have also dropped by 2.8 percentage points to 36.8 per cent on a pro forma basis upon deployment of the private placement proceeds. This pro forma drop, however, assumes that net proceeds from the trust&rsquo s divestment of a 20.2 per cent interest in three data centre assets on Dec 31 were used to repay debt on the same day. The new units to be issued will increase the total number of units by at least 121.3 million units, or about 8.9 per cent of the total number of units currently in issue. This offer will be made to eligible institutional, accredited and other investors. The issuance will also not require fresh shareholder approval as it is permitted under a general mandate approved at Clint&rsquo s April 2025 annual general meeting. &ldquo The increase in the total number of units in issue and enlarged unitholder base is expected to improve the overall trading liquidity of the units,&rdquo said the trust&rsquo s manager. Use of proceeds S$100 million of the proceeds will be used to partially fund the ongoing development and construction of the 1.2 million square-foot office property Building 1, Ebisu in Bengaluru, India &ndash set to be completed in the second half of this year. In return, Clint will receive an annual coupon rate of at least 11.5 per cent under an existing agreement with the developer. As at Dec 31, the remaining funding commitment in relation to the project was about 8.6 billion Indian rupees (S$123 million), said the trust&rsquo s manager. About S$47.4 million of the proceeds will partially fund the ongoing development and construction of the 1.1 million square-foot office building The Beacon at Nagawara in Bangalore, India &ndash in return for at least 11.5 per cent coupon. The building is set to be completed in the second half of 2028. Its remaining funding commitment in relation to the project was some 10.7 billion rupees as at Dec 31. &ldquo Clint&rsquo s unique forward purchase strategy provides an attractive structure to lock in quality development projects while benefiting from an income stream from interest coupons of at least 11.5 per cent during the development period,&rdquo said the manager. Once the properties are completed and stabilised, Clint expects to formally acquire them with an estimated rental yield ranging from 9 to 10 per cent, based on historical transactions. The addition of the two developments will ultimately contribute 2.3 million square feet to the trust&rsquo s portfolio, increasing its Bangalore footprint by 7 percentage points to 34.6 per cent of its total floor area. The remaining S$2.6 million will be used for expenses and fees related to the private placement. The manager also noted that if the development of either building fails to materialise, it retains absolute discretion to redirect the net proceeds towards other purposes, such as funding other committed pipeline projects or repaying existing debt. |
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Joelton
Supreme |
04-Feb-2026 11:34
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CapitaLand India plans 50 billion rupees debt sale to trim FX costs The shift marks a pivot for the Singapore-listed trust as higher rates and currency swings reshape funding [MUMBAI] CapitaLand India Trust Management plans to raise as much as 50 billion rupees (S$704.1 million) of rupee-denominated debt in India over the next three years, in an effort to improve tax efficiency and lower currency hedging costs, chief executive officer Gauri Shankar Nagabhushanam said. The move marks a strategic pivot for the Singapore-listed trust as higher global interest rates and currency volatility prompt real estate firms to rethink their funding structures. Increasing local borrowings would allow the trust to avoid a 15 per cent withholding tax on Singapore-based debt and trim hedging costs. Following the planned issuance, local currency borrowings are expected to account for as much as 50 per cent of the trust&rsquo s loan book, up from about 16 per cent currently, the CEO said in a media briefing on Tuesday (Feb 3). The company currently has S$300 million debt in India. CapitaLand India manages S$3.8 billion of assets across IT business parks, industrial and logistics facilities, and data centres in India, according to latest filings. &ldquo We will continue to onshore more debt and optimise our capital structure,&rdquo Nagabhushanam said. The trust completed its first divestment in 2025, selling a 20 per cent stake in three data centres that valued the assets at about 52 billion rupees. CapitaLand India Trust now reviews potential non-core asset sales regularly and would seek to generate around S$100 million in capital inflows, provided proceeds can be redeployed into higher-return assets or used to support distributions, Nagabhushanam added. |
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Joelton
Supreme |
02-Feb-2026 11:27
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CapitaLand India Trust H2 DPU rises 22% to S$0.039
Net property income is 9% higher at S$111.3 million
[SINGAPORE] CapitaLand India Trust : CY6U 0% recorded a distribution per unit (DPU) of S$0.039 for its second half ended Dec 31, 2025, up 22 per cent from S$0.032 in the year-ago period.
This brought its full-year DPU for FY2025 to S$0.0787, 15 per cent higher than S$0.0684 in FY2024, the trustee-manager said on Monday (Feb 2).
For the half year, the trust&rsquo s income to be distributed stood at S$53.3 million, up 25 per cent from S$42.6 million in H2 FY2024, bringing the full-year figure to S$107 million. This was a 17 per cent year-on-year increase from S$91.3 million.
Total property income for H2 rose by 2 per cent on the year to S$145.1 million, from S$141.8 million previously. For the full year, its total property income stood at S$294.4 million, a 6 per cent increase from S$277.9 million.
Total property expenses were down 15 per cent at S$33.8 million for H2. They fell 4 per cent to S$69.5 million for the full year.
The trust&rsquo s H2 net property income (NPI) rose by 9 per cent to S$111.3 million from S$102.1 million. NPI for FY2025 increased 9 per cent to S$224.9 million from S$205.6 million.
The distribution will be paid on Mar 19, with a record date of Feb 13.
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Joelton
Supreme |
16-Jan-2026 12:46
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CapitaLand India Trust wins second hyperscaler agreement for data-centre development
The facility has a gross power capacity of 55 MW and is set to be completed by Q4 2026
[SINGAPORE] The trustee-manager of CapitaLand India Trust : CY6U -0.81% (Clint) on Thursday (Jan 15) announced that it has secured its second long-term agreement with a global hyperscaler for Tower 2 of CapitaLand DC Navi Mumbai in Airoli, Navi Mumbai, India.
The facility has a planned IT load of 37 megawatts (MW) and gross power capacity of 55 MW.
&ldquo It is one of the largest single-tower implementations of liquid cooling in the region and has one of the best design power usage effectiveness achieved for a single data-centre tower,&rdquo said the trustee-manager.
It added that the tower is expected to be completed by the fourth quarter of 2026, and will be progressively handed over to the tenant in the first half of 2027.
This deal comes on the back of the trust having pre-leased 53 per cent of the total gross power capacity across its three data centres under development in Navi Mumbai, Hyderabad and Chennai.
In January 2025, Clint inked its first long-term agreement with a global hyperscaler for one of its data centres in development.
Clint&rsquo s portfolio includes eight IT business parks, three industrial facilities, one logistics park and four data-centre developments in India, with a total completed floor area of 21.7 million square feet in Bengaluru, Chennai, Hyderabad, Pune and Mumbai.
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