KUALA LUMPUR (Apr 22): CapitaLand Malaysia Trust (KL:CLMT) posted a 14.7% year-on-year rise in its first-quarter net property income (NPI), driven by contributions from industrial and logistics assets acquired in 2025, stronger performance across selected retail properties and lower operating costs.
For the quarter ended March 31, 2026 (1QFY2026), NPI rose to RM80.42 million from RM70.09 million a year earlier while gross revenue increased 5.8% to RM127.38 million from RM120.38 million.
Distributable income jumped 22.7% to RM45.77 million from RM37.30 million, its filing with Bursa Malaysia on Wednesday showed.
CLMT, which is a real estate investment trust focused on retail, logistics and industrial properties in Malaysia, declared a distribution per unit (DPU) of 1.36 sen for the quarter, up from 1.28 sen a year earlier.
Profit attributable to unitholders, reported as profit and total comprehensive income for the quarter, rose 22.2% to RM45.81 million from RM37.49 million while earnings per unit after the manager's fee improved to 1.37 sen from 1.30 sen.
CapitaLand Malaysia REIT Management Sdn Bhd, the manager of CLMT, said the stronger quarterly performance was supported by higher revenue from East Coast Mall and Sungei Wang Plaza, as well as contributions from logistics and industrial assets acquired in 2025, on top of prudent management of financing costs. Synergy Logistics Hub, Senai Airport City Facilities and Iskandar Puteri Facilities were acquired in 2025.
Finance costs eased 2.2% to RM23.86 million from RM24.40 million, as savings from paying off debt, adjusting interest rates in FY2025 and an Overnight Policy Rate (OPR) cut in July 2025 were greater than the extra borrowing used for acquisitions.
Chief executive officer Yong Su-Lin said the trust’s results reflected the quality and strength of its expanding portfolio, supported by acquisitions completed in 2025 and steady revenue growth across most retail assets.
"We are actively investing to enhance shoppers’ experience, from undertaking asset enhancement initiatives to driving ongoing leasing and tenant curation efforts that keep our malls fresh, relevant and competitive," she said.
“While the global environment remains uncertain, CLMT will adopt a prudent approach in our portfolio rejuvenation strategy,” Yong added.
Looking ahead, the manager said cautious consumer sentiment, geopolitical tensions and rising cost pressures may weigh on retail activity, although domestic demand, tourism initiatives and investment expansion are expected to provide support.
"While there are targeted asset management plans, including asset enhancement initiatives to future-proof assets, we will adopt a prudent approach on capital expenditure requirements to minimise income disruption," CLMT said.
"On the inorganic front, CLMT maintains a disciplined acquisition approach, focusing on yield-accretive opportunities, with financial discipline," it added.
The company’s price-to-earnings ratio of 13.8 times is lower than peers like IGB REIT (KL:IGBREIT) at 26.7 times and AXIS REIT (KL:AXREIT) at 19.9 times. Its price-to-net-asset-value ratio of 0.6 times is also lower than most peers.
CLMT's counter closed unchanged at 61 sen on Wednesday, valuing the trust at about RM2.05 billion.