To The Moon

Three major Singapore-listed companies are set to report their earnings in the coming days, with investors closely watching for updates on portfolio performance, capital deployment, and profit recovery.

CapitaLand Integrated Commercial Trust (SGX: C38U), widely known as CICT, will release its results on 12 August 2026. Wilmar International Limited (SGX: F34) is scheduled to report after the market closes on the same day. CapitaLand Investment Limited (SGX: 9CI), or CLI, will follow on 13 August 2026.

All three companies published their first-quarter business updates in May. A quarterly business update typically includes a narrower set of disclosures compared to a half-year report. The upcoming August releases will provide a more comprehensive view of their financial health.

Will CICT's first distribution of 2026 align with its property income growth?

CICT owns a portfolio of retail, office, and integrated development properties across Singapore, Germany, and Australia. The REIT is sponsored by CapitaLand Investment.

In the first quarter of 2026 (1Q2026), the trust reported gross revenue of S$426.7 million, an 8.0% increase year on year (YoY). Net property income (NPI) rose 7.9% YoY to S$314.4 million. CICT distributes income twice a year and did not declare a distribution per unit (DPU) for the quarter. The 12 August release will feature the first distribution of 2026.

Investors should note that the top-line growth was partly driven by CICT obtaining a 100% interest in CapitaSpring from 26 August 2025 and booking maiden income from Galileo, whose handover was largely completed in 1Q2026. Neither of these assets contributed a year earlier, making the first-half comparison non-like-for-like.

As of 31 March 2026, committed occupancy stood at 95.2%, down 1.7 percentage points quarter on quarter, with a portfolio weighted average lease expiry (WALE) of 3.0 years. Rental reversions were positive at +4.4% for retail and +6.1% for office for the year to March 2026. The half-year figures will show whether rental reversion strength held while occupancy slipped.

CICT is currently in the process of acquiring 100% of Paragon from Cuscaden Peak at an agreed property value of S$3.9 billion. It plans to part-fund the purchase by divesting Asia Square Tower 2 for S$2.48 billion, a 9.9% premium over the 31 December 2025 valuation. Management has indicated a pro forma DPU accretion of 1.7%, though this is a projection rather than a confirmed distribution. The transaction is expected to be completed in the third quarter of 2026. Investors should watch the funding structure and the unit base for any changes.

What new information will CLI reveal beyond its quarterly update?

CLI manages real assets through two primary business segments. The fee-related business (FRB) covers listed funds, private funds, and commercial and lodging management. The real estate investment business (REIB) holds fund stakes and balance sheet investments. As of 31 March 2026, funds under management stood at approximately S$125 billion.

In 1Q2026, FRB revenue rose 10% YoY to S$310 million. Within this, listed funds management grew 14% YoY, while private funds management jumped 58% on higher real estate credit contributions. Conversely, REIB revenue fell 14% to S$207 million, impacted by the exit from the Synergy platform in August 2025 and the divestment of Dalian IT Park. The absence of these contributions will continue to distort the REIB comparison for the first half of the year.

CLI withholds its operating PATMI and dividend details from its quarterly updates. Both will be disclosed on 13 August, giving income investors their first look at 2026 earnings and payout intentions.

Lodging management fee-related revenue held flat at S$84 million. Recurring fees grew 5% YoY, while one-off event-driven fees tapered. Revenue per available unit (RevPAU) rose 3% to S$80, with Japan and Korea leading at S$188 on a 7-percentage-point lift in occupancy. The recurring growth without event fees provides a clearer signal of underlying performance.

Year to date, CLI has raised approximately S$2.5 billion in equity. Over the same period, it deployed S$7.2 billion and divested S$3.4 billion, underscoring its active capital recycling strategy.

Did Wilmar's hedging losses reverse as management anticipated?

Wilmar operates across the agribusiness value chain, with over 1,000 manufacturing plants in 36 countries. In 1Q2026, revenue climbed 21.9% YoY to US$19.8 billion. Excluding AWL Agri Business, which has been consolidated since December 2025, revenue grew 7.6% YoY to US$17.44 billion. The inclusion of AWL will also inflate the first-half comparison.

Net profit attributable to shareholders fell 22.8% YoY to US$265.6 million, while core net profit dropped 23.0% to US$264.2 million. Management attributed the decline primarily to temporary unrealised mark-to-market hedging losses tied to commodity price volatility, which they expect to reverse in coming quarters. Weaker associate and joint-venture contributions, along with softer results from the Plantation and Sugar Milling segments, also weighed on performance.

Cash flow tells a similar story. Net cash flow from operating activities came in at US$1.69 billion, down 18.5% YoY. However, net debt fell 7.0% to US$18.6 billion as of 31 March 2026, from US$20.0 billion at the end of 2025, improving net gearing to 0.84x from 0.91x.