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Iggy’s Journal: CICT Revenue Rose 15%. Should Your Payout Rise 15% Too?

Sun 1 Nov 2026 | Morning

The Numbers

CICT reported revenue up 15%. The growth includes Paragon, Galileo and the step-up purchase of CapitaSpring, while Bukit Panjang Plaza and Asia Square Tower Two were sold. Retail net property income fell from S$108.5 million to S$99.6 million, a drop of S$8.9 million or about 8.2%, even as the total rose. Leverage moved to 39.7%. Interest cover eased from 3.9 times to 3.8 times. The results slides do not give distribution per unit or the number of units in issue. $CapitaLand IntegratedCommercial Trust NRO(C38UNRO.SG) 

My Personal Take

A 15% rise in revenue reads like good news until I ask what was bought and what was sold. Retail income went down while the total went up, and I want to understand that before I read anything into the 15%. That leaves me with two questions. Does 15% more revenue mean 15% more for each unit, and how much of the growth came from properties added to the portfolio? The episode goes through the property changes, the retail line, the leverage and the interest cover one at a time.

📺 YouTube: https://youtu.be/4dJIRknfwho

Cheers,

Iggy 🦖

Not financial advice. Iggy’s Forensic Compliance Standards apply.

🐱 Mi Material – A New SGX Debut to Watch! 🇸🇬

Mi Material is an interesting new name to watch on the Singapore Exchange. Although it received only 12% of the votes in Captain Leo’s poll, I believe new SGX listings deserve attention, especially when they operate in industries with long-term growth potential.

1️⃣ Why am I interested now?

New listings can offer opportunities, but I prefer to understand the company’s business model, financial performance and valuation before jumping in.

2️⃣ What’s my plan from here?

I will watch its share price movements, trading volume and upcoming financial results. I would rather wait for a reasonable entry price than chase the excitement of a new listing. 🐱

@Captain Leo

Branded Blue Chip REITs Mapletree needs to work on their overseas properties investments. Their SG properties are doing all the heavy lifting. Best to divest non performing overseas properties and reinvest into better yielding assets or pay down debt.

Commented my man

The Longbridge community serves as a dynamic hub for retail investors to connect, learn, and share strategies. Through the Longbridge app and physical spaces like the Longbridge Café, members can engage in real-time market discussions, explore AI-driven investment tools, and participate in educational sessions. Then yes

Ditching REIT

Mapletrees results were quite disappointing, hopeful that it’s just a temporary setback and they will bounce back in the next results announcement

As oil prices keep increasing and macro concerns grow uncertainty in the market. Markets where stocks drastically increase might have slowed so risk reward to upside might be smaller compared to market consolidation in range or sharp movement drop. DCA slowly into stocks that you like and know will have high and positive cashflow. Not financial advice.

The Feds stayed put which was pretty much expected and the market remained steady. If the market remains strong and dips get bought, we might see a nice rally into the year end.