Company Valuation: CapitaLand China Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,975 1,875 1,571 1,239 1,349 1,089 - -
Change - -5.07% -16.22% -21.14% 8.92% -19.25% - -
Enterprise Value (EV) 1 3,675 3,590 3,278 2,861 2,809 2,585 2,553 2,558
Change - -2.34% -8.67% -12.73% -1.81% -7.99% -1.24% 0.21%
P/E 17.3x 15.3x 38.8x -67.9x -136x 13.5x 14.5x 14.1x
PBR 0.76x 0.81x 0.77x 0.64x 0.75x 0.6x 0.62x 0.62x
PEG - 2.39x -0.6x 0x 2.9x -0x -2.15x 5.59x
Capitalization / Revenue 5.22x 4.89x 4.31x 3.63x 4.44x 3.58x 3.55x 3.49x
EV / Revenue 9.72x 9.37x 8.99x 8.38x 9.25x 8.48x 8.32x 8.19x
EV / EBITDA 16x 15.5x 14.6x 13.8x 15.5x 14.5x 14x 13.7x
EV / EBIT 16.1x 15.5x 14.6x 13.9x 15.5x 15x 14.5x 14.2x
EV / FCF 19.7x 25.1x 19.4x 18x 20.7x 23.4x 23.5x 25.3x
FCF Yield 5.07% 3.99% 5.15% 5.54% 4.83% 4.28% 4.25% 3.95%
Dividend per Share 2 0.0873 0.075 0.0674 0.0565 0.0482 0.0481 0.0495 0.0506
Rate of return 7.34% 6.7% 7.25% 7.85% 6.22% 7.76% 7.99% 8.16%
EPS 2 0.0686 0.073 0.024 -0.0106 -0.0057 0.0459 0.0428 0.0439
Distribution rate 127% 103% 281% -533% -846% 105% 116% 115%
Net sales 1 378 383.2 364.7 341.5 303.7 304.6 307 312.4
EBITDA 1 230.3 232.3 225.1 206.9 181.4 177.9 182.8 187.2
EBIT 1 228.9 231.1 224 206.2 180.8 172.4 176 180.4
Net income 1 103.3 119.6 37.45 -18.07 -9.938 86.08 83.21 85.78
Net Debt 1 1,701 1,715 1,708 1,622 1,460 1,495 1,463 1,469
Reference price 2 1.1900 1.1200 0.9300 0.7200 0.7750 0.6200 0.6200 0.6200
Nbr of stocks (in thousands) 1,659,528 1,673,893 1,688,862 1,720,367 1,740,903 1,757,150 - -
Announcement Date 30/01/22 02/02/23 29/01/24 05/02/25 04/02/26 - - -
1SGD in Million2SGD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.39x8.46x14.48x7.82% 846M
32.23x14.06x17.86x4.4% 66.27B
26.71x10.6x14.37x4.8% 15.05B
29.5x11.2x16.41x4.14% 13.38B
14.83x10.85x15.75x6.77% 12.24B
24.14x9.69x14.36x4.42% 8.61B
35.54x14.69x17.75x4.73% 8.38B
20.04x13.22x14.51x5.91% 7.93B
14.26x14.41x15.65x5.95% 7.4B
-123.74x11.65x16.57x3.02% 6.43B
Average 8.69x 11.88x 15.77x 5.2% 14.65B
Weighted average by Cap. 21.15x 12.79x 16.61x 4.75%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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