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CapitaLand Retail China Trust (AU8U) Fair Value & Analysis

Real Estate · SG · Market cap 1.1B SGD

CR CapitaLand Retail China Trust AU8U · SG
Price0.6400 SGD
Fair Value0.7400 SGD
Upside+15.6%
Quality57/100
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Mixed Growth
Loss-making · -1.8% net margin
Moderate debt · generates free cash flow
7.38% dividend yield
Ranks above peers (9/14)
Narrow moat 41/100
Evidence: Medium Range 0.4900 SGD – 1.10 SGD Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 4 days ago

Share price −2.3% over the past month.

A solid business, screening 16% undervalued on our models.

What matters now

  • A fairly wide model range (0.4900 SGD to 1.10 SGD) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

0.9973 SGD 0.5390 SGD Fair Value 0.7400 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.5390 SGD – 0.9973 SGD · fair‑value band 0.4900 SGD – 1.10 SGD · the 0.6400 SGD price screens below the 0.7400 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

CapitaLand Retail China Trust (AU8U) currently trades at 0.6400 SGD, while our model-based Fair Value estimate is 0.7400 SGD, implying the stock looks roughly 15.6% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, CapitaLand Retail China Trust generated revenue of 304M SGD at a net margin of -1.8%. Revenue declined 14.3% year over year. It earns a return on equity of 0.3%. Net debt stands at 1.5B SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.4900 SGD (bear case) to 1.10 SGD (bull case); at 0.6400 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 20% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -48% fair-value upside, at 16%, AU8U screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.1300 SGD 0.3700 SGD 80
Rev-Margin DCF 0.3600 SGD 0.7600 SGD 74
Gordon GGM 0.3900 SGD 0.5800 SGD 0.7600 SGD 70
All 13 models by family
DCF Models
FCF DCF 0.1400 SGD 0.4100 SGD 38
5Y Revenue Exit 0.3500 SGD 0.8100 SGD 39
5Y EBITDA Exit 0.1800 SGD 0.7200 SGD 1.30 SGD 41
10Y Revenue Exit 0.2300 SGD 0.6000 SGD 36
10Y EBITDA Exit 0.0600 SGD 0.4500 SGD 0.9300 SGD 37
Dividend Discount
Gordon GGM 0.3900 SGD 0.5800 SGD 0.7600 SGD 70
DDM Multi-Stage 0.3900 SGD 0.5400 SGD 0.6800 SGD 61
Multiples
EV/EBIT 0.9300 SGD 1.50 SGD 2.06 SGD 53
EV/EBITDA 0.5500 SGD 0.9900 SGD 1.43 SGD 54
EV/Revenue 0.0800 SGD 0.4400 SGD 0.8100 SGD 43
Asset-Based
NCAV (Graham) 0.5500 SGD 0.7400 SGD 1.10 SGD 50
Growth DCF
Growth DCF 0.1300 SGD 0.3700 SGD 80
Rev-Margin DCF 0.3600 SGD 0.7600 SGD 74

Widest divergence: Multiples (0.9900 SGD) versus Growth DCF (0.1300 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 304M SGD
Revenue growth (YoY) -14.3%
Net margin -1.8%
Return on equity 0.3%
Free cash flow 136M SGD FY2025
Operating margin 59.0%
More key figures
EPS (TTM) -0.0100 SGD
Dividend yield 7.4%
EPS growth (YoY) +160%
Net debt 1.5B SGD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 56 · Market factors (momentum, volatility) 45

Profitability 9
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 97
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 69
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

CapitaLand China Trust (CLCT) is Singapore's largest China-focused real estate investment trust (REIT). CLCT's portfolio comprises eight shopping malls, five business park properties and four logistics park properties. Its total property value is 4.2 billion US dollars based on valuations as at 31 December 2025.

Full company description

CapitaLand China Trust (CLCT) is Singapore's largest China-focused real estate investment trust (REIT). CLCT's portfolio comprises eight shopping malls, five business park properties and four logistics park properties. Its total property value is 4.2 billion US dollars based on valuations as at 31 December 2025. The geographically diversified portfolio has a total gross floor area of approximately 1.7 million square meters, located across 11 leading Chinese cities. CLCT was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) on 8 December 2006, and established with the objective of investing on a long-term basis in a diversified portfolio of income-producing real estate and real estate-related assets in mainland China, Hong Kong and Macau that are used primarily for retail, office and industrial purposes (including business parks, logistics facilities, data centres and integrated developments). CLCT is managed by CapitaLand China Trust Management Limited, a wholly owned subsidiary of Singapore-listed CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. CapitaLand China Trust was established on October 23, 2006 and incorporated in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CapitaLand Retail China Trust reported revenue of 304M SGD in FY2025 versus 378M SGD in FY2021, a compound −5.3%/yr. Reported net income was −5.5M SGD in FY2025.

Growth Quality 46/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
304M SGD
Latest YoY
−11.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−7.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.6%
Avg. growth/yr (18Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.3%
Revenue −5.3%/yr
FY21 378M SGD
FY22 383M SGD
FY23 365M SGD
FY24 342M SGD
FY25 304M SGD
Net income
FY21 107M SGD
FY22 123M SGD
FY23 40.8M SGD
FY24 −14.7M SGD
FY25 −5.5M SGD
Character of growth · EPS growth decomposed (2011-2022) −9.7 % p.a.
Revenue per share +1.0 pp

of which total revenue +10.4 pp · buybacks/dilution −9.4 pp

EBIT margin +0.3 pp
Tax rate −2.1 pp
Residual (interest, one-offs) −8.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "CapitaLand Retail China Trust Fair Value". https://www.fairvalue-calculator.com/stock/AU8U

Peer Group

REIT - Retail · 98 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Above median
Fair Value upside +16% · Top 25%
Return on equity (TTM) 0% · Bottom 25%
Return on assets 2% · Below median
Net margin (TTM) -2% · Bottom 25%
Operating margin (TTM) 59% · Above median
Revenue growth -14% · Bottom 25%
Dividend yield (TTM) 7.4% · Top 25%
Debt / equity 0.82× · Higher than median

Valuation Multiples vs REIT - Retail median · lower = cheaper

P/B 0.46× · Cheaper than 75% of peers
P/S (TTM) 2.94× · Cheaper than 75% of peers
P/FCF 6.6× · Cheaper than median
EV/EBITDA 12.3× · Cheaper than median
PEG 1.36× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 54 · sector 10
FUTURE 0 · sector 20
PAST 1 · sector 29
HEALTH 59 · sector 67
DIVIDEND 100 · sector 100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Simon Property Group SPG $220.56 $84.26 -62%
Realty Income Corporation O $62.59 $30.45 -51%
Unibail-Rodamco-Westfield SE URW €103.40 €98.09 -5%
Kimco Realty Corporation KIM $24.18 $12.49 -48%
Scentre Group SCG A$3.79 A$3.34 -12%
Regency Centers Corporation REG $75.74 $33.37 -56%
Link Real Estate Investment Trust (Link REIT) 0823 HK$38.44 HK$41.98 +9%
Federal Realty Investment Trust FRT $117.21 $41.47 -65%
Brixmor Property Group BRX $29.73 $12.34 -58%
Agree Realty Corporation ADC $74.36 $38.85 -48%

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Frequently asked questions

Is CapitaLand Retail China Trust (AU8U) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.7400 SGD versus a price of 0.6400 SGD, about +16% (undervalued).
What is the fair value of AU8U?
Our model-based fair value for CapitaLand Retail China Trust is 0.7400 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.6400 SGD.
What is the quality score of AU8U?
CapitaLand Retail China Trust has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CapitaLand Retail China Trust (AU8U)?
CapitaLand Retail China Trust reported trailing-twelve-month revenue of about 304M SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of AU8U?
The net profit margin of CapitaLand Retail China Trust is about -1.8%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does CapitaLand Retail China Trust pay a dividend?
CapitaLand Retail China Trust currently shows a dividend yield of about 7.38% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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