Equity Snap: Capitaland India Trust (CLINT SP): Buy: On track, focus on capital recycling

研报英文原文证据摘录

Equity Snap: Capitaland India Trust (CLINT SP): Buy: On track, focus on capital recycling

29 July 2026

Equity Snap: Capitaland India Equities REITs

Trust (CLINT SP)

Buy: On track, focus on capital recycling Singapore

◆ 1H26 results largely in line, potential divestments still on the Joy Wang*

table HeadThe Hongkongof ASEANandEquityShanghaiResearchBankingandCorporationASEAN Property

Limited, Singapore Branch

joy.wang@hsbc.com.sg

Capitaland India Trust (CLINT SP, SGD1.02, Buy, TP SGD1.35) +65 6658 0606

(Priced as of 28 Jul 2026) Danelle Teo*

Associate, ASEAN Equity Research

1H26 DPU was largely in line with our expectations, up 1% y-o-y to SGD4.00cents The Hongkong and Shanghai Banking Corporation

(49% of HSBC FY26e of: SGD8.23cents and 50% of BBG consensus of: SGD8.0cents. Limited, Singapore Branch danelle.t.y.teo@hsbc.com.sg

However, topline declined by 8% y-o-y to SGD137.6m (48% of HSBC FY26e: +65 66585497

SGD289.5m). CLINT’s gearing was slightly higher at 38.0% as at end June-26 (vs 35.7% Gokulapriyan V*

Associate

as at end Mar-26. CLINT has fixed rates for about 74.5% of its borrowings, and its cost of Bangalore

debt was at 5.6% as of end-June 2026.

Resilient performance: Portfolio committed occupancy remained stable at 91% at end- * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

June 2026. ITPC’s occupancy improved to 95% (from 88% as of end-March 2026), while

ITPB’s occupancy declined to 92% (from 97% as of end-March 2026) following the exit of

a key tenant from a building. Management highlighted that c40% of the vacated space

has already been re-leased, with discussions ongoing for the remaining space;

management expects strong reversions from these new leases.