A made-up kopitiam example shows why a growth figure and a like-for-like figure differ.
A 15% revenue rise sounds like a 15% dividend rise, but CICT’s own slides do not say that. I use a simple kopitiam example to show why growth can come from properties bought and sold, rather than from the properties a unitholder already owns. We also look at why retail net property income fell, why the occupancy figures are not directly comparable, and why borrowing, interest cover, distribution per unit and units in issue matter before drawing any conclusion.
Key takeaways:
Q3 gross revenue was S$464.5 million, up 15% year on year.
Net property income rose 13.8% to S$334.9 million.
Retail net property income fell from S$108.5 million to S$99.6 million.
Leverage rose to 39.7% and interest cover eased to 3.8 times.
The slides do not state distribution per unit or units in issue.
Iggy’s Forensic Disclaimer
This content is produced for educational and informational purposes only. I am not a financial advisor. I am a retail investor who applies forensic analysis to my own portfolio and shares that process publicly. Nothing here constitutes a recommendation to buy, sell, or hold any security, and no specific target prices or personalised financial advice are offered.
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All data is sourced from public filings and verified sources. Where data is unverified, it is explicitly flagged. All investments carry risk, including the potential loss of principal, and past performance is not indicative of future results. If you are making investment decisions involving CPF, SRS, or personal capital, please conduct your own due diligence or consult a MAS-licensed financial adviser before committing funds.
