As earnings season continues to unfold, investors can evaluate and, if necessary, make strategic adjustments to their portfolio.
Today, we look at four Singapore companies, with different industry exposures, that just reported earnings.
CapitaLand China Trust: Soft Pricing Power
CapitaLand China Trust (SGX: AU8U), or CLCT, offers a glimpse into the state of China’s property scene.
In its third quarter update (3Q2025), the REIT recorded an 8% year on year (YoY) decline for its gross revenue to RMB416.6 million, with net property income (NPI) also down 8.5% YoY to RMB273.5 million.
Management attributes these drops to lower rents and occupancy, as well as the lack of contribution from CapitaMall Yuhuating (divested to Capitaland Commercial C-REIT (SSE: 508091), or CLCR, on 7 September 2025).
CLCT’s retail segment shines with a high occupancy rate of 97.1%, while its business parks segment remains challenged with an occupancy rate of 85.2%.
Meanwhile, Logistics’ occupancy remains stable at 96.6%.
CLCT’s retail segment, which contributes 69.96% of gross rental income, is seeing positive momentum: shopper traffic increased 4.5% YoY, while tenant sales rose 3.2%.
For the first nine months of 2025, rental reversion for all three segments – retail, business parks, and logistics parks – declined by 1.5%, 8.9%, and 24.5% respectively.
Weighted average lease to expiry (WALE) by gross income is 2.1 years.
The Chinese operator remains well-capitalised, with a gearing ratio of 38.8%, down from 42.1% in the second quarter.
Its financing cost also declined to 3.36%, with 80% of its total debt at fixed rates.
Interest coverage ratio (ICR) remains steady at 2.9 times.
In the quarter, CLCT also saw the successful listing of CLCR on 29 September 2025, of which it owns 5% of the outstanding shares.
Management continues to expect a mixed operating environment, with government stimulus support still working through the economy.
CDL Hospitality Trusts: A Challenging Hospitality Environment
CDL Hospitality Trusts (SGX: J85), or CDL, reported a third-quarter (3Q2025) operational update that highlights softness in the hospitality industry.
NPI declined 5.6% YoY to S$34.3 million.
The REIT’s Singapore properties, constituting 63.8% of NPI, declined 8.1% YoY on the back of softer average daily revenue (ADR) of S$228 (down 9.4%), while revenue per available room (RevPar) dropped 5.9% to S$201.
This is buffeted by strong performance from its UK hotels’ performance – NPI rose 8.6% YoY to approximately $4.8 million, with the addition of Hotel Indigo Exeter, and higher inflation-adjusted rent.
Overall, NPI for CDL’s UK operations rose 66% YoY to S$7.0 million (20.3% of NPI).
The property developer has a robust pipeline of new hotel rooms, with 475 rooms coming online in 2026 for its Moxy Singapore Clarke Quay property, bringing total rooms to around 5,400.
Gearing remains stable at 42.4%, with a weighted average cost of debt of 3.4%.
47.9% of CDL’s total debt is in fixed rates as of 30 October 2025, which could benefit from refinancing at lower rates, while ICR stands at 2.1 times.
CDL has 79.8% of its total debt due from 2025 to 2028 (of which 31.6% is due in 2028).
Management expects a stronger 4Q2025 performance from F1 and continued recovery of tourism, while also focusing on AEI, capital recycling initiatives, and refinancing at lower rates to boost shareholder value.
Wilmar International: Excellent Operating Quarter Soured by a One-Time Legal Payment
Wilmar International Limited (SGX: F34), or Wilmar, a leading food processing and investment holding company, turned in an impressive earnings report for the third quarter of 2025 (3Q2025).
The company recorded a 7.4% YoY increase in revenue to US$19.1 billion and saw its core net profit (stripping away a one-off US$712 million penalty to the Indonesian court) skyrocket 71.6%, compared to the prior year’s quarter, to US$357.2 million.
Sales were robust for its food products, rising 6.5% YoY to 9,255 (‘000MT), with consumer products rising 2.7% alongside a 7.8% increase in Medium Pack and Bulk.
Strong showing from China’s oil, flour, and rice businesses, alongside steady growth in sales volume, contributed to the segment’s performance.
The food processor’s feed & industrial products segment reported a stable YoY increase of 3.2% to 18.8 million MT, owing to abundant soybean harvests and higher demand, which led to strong margins and volume for its soybean business.
This was aided by stable palm oil prices, alongside higher sales volume in the tropical oils business.
Operating cash flows in 3Q2025 surged 70% YoY to US$2.1 billion due to lower working capital needs (continued lower soybean and sugar prices).
This helped the company to reduce net debt to US$16.5 billion, improving its net gearing ratio to 0.82 times.
Wilmar has unutilized banking facilities of US$36.9 billion available for liquidity/financing needs.
The company’s Indonesian unit faced a legal setback this quarter after its general manager was convicted and fined, with a prior deposit forfeited.
Nonetheless, management expects this robust operating performance to persist for the rest of the year, barring any adverse geopolitical developments.
Keppel Limited: Firing on All Cylinders
Keppel Limited (SGX: BN4), or Keppel, is steadily advancing its shift towards an asset-light model, positioning itself as a global manager and operator of alternative real assets, with a clear focus on digital and green energy infrastructure.
For the nine months ended 2025 (9M2025), the group reported robust earnings growth of 25% in its core operating segment, New Keppel (excluding the non-core portfolio of assets slated to be discontinued or divested).
A more positive fact is that Keppel’s recurring income increased 15% YoY on the back of higher contributions from asset management and operating income, further strengthening Keppel’s earnings resilience.
Keppel is also making strides in its asset management business, having raised S$6.7 billion in funds under management (FUM), with another S$1.4 billion potential addition from its latest divestments of real estate and digital infrastructure business.
For 9M2025, the asset manager received asset management fees of S$299m.
Keppel also completed S$2.4 billion in asset monetisation thus far, with an additional S$500 million earmarked for the next few months.
Management has returned S$709.6 million to shareholders year-to-date, with cash dividends of S$617 million and S$92.6 million in share repurchases.
At its current price, this represents an estimated 3.9% shareholder yield.
Management reiterated its intention to continue asset monetisation while targeting EBITDA growth in 2025, which appears achievable with expected stronger recurring income from its digital and power assets. Management also signalled the potential for higher shareholder returns ahead.
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