Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
CPAMF'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.69 Med: 0.79 Max: 0.97
Current: 0.97
During the past 13 years, the highest Price to Graham Number ratio of CapitaLand Integrated Commercial Trust was 0.97. The lowest was 0.69. And the median was 0.79.
CPAMF's Price-to-Graham-Number is ranked worse than 67.85% of 731
companies
in the REITs industry
Industry Median: 0.74
vs CPAMF: 0.97
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
CapitaLand Integrated Commercial Trust (OTCPK:CPAMF) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
CapitaLand Integrated Commercial Trust's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
1.85
/
1.94
=
0.95
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
CapitaLand Integrated Commercial Trust Graham Number Related Terms
CapitaLand Integrated Commercial Trust Graham Number Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CapitaLand Integrated Commercial Trust Graham Number Chart
CapitaLand Integrated Commercial Trust Annual Data
For the REIT - Retail subindustry, CapitaLand Integrated Commercial Trust's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
CapitaLand Integrated Commercial Trust Price-to-Graham-Number vs REITs Industry
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
CapitaLand Integrated Commercial Trust (CPAMF) has a Graham Number of $1.94 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on CapitaLand Integrated Commercial Trust and its competitors. This is 146% above median its historical median of 0.79. Over the past decade, CapitaLand Integrated Commercial Trust's Graham Number has ranged from 0.69 to 0.97. According to the industry distribution chart, CapitaLand Integrated Commercial Trust ranks #496 out of 731 companies in the REITs industry, placing it in the top 67.9%.
Is CapitaLand Integrated Commercial Trust's Graham Number too high?
CapitaLand Integrated Commercial Trust's current Graham Number of $1.94 is 146% above median its 10-year median of 0.79. Over the past 10 years, this metric has ranged from a low of 0.69 to a high of 0.97. The REITs industry median Graham Number is 0.74. CapitaLand Integrated Commercial Trust's value of $1.94 is 162.2% above this industry median. Based on the distribution chart, CapitaLand Integrated Commercial Trust ranks #496 out of 731 companies in the REITs industry, which is below the industry midpoint. Overall, CapitaLand Integrated Commercial Trust has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CapitaLand Integrated Commercial Trust's Graham Number compare to SPG and O?
According to the REITs industry distribution chart, CapitaLand Integrated Commercial Trust ranks #496 out of 731 companies for Graham Number. This places CapitaLand Integrated Commercial Trust in the lower half of its industry. The industry median Graham Number is 0.74. CapitaLand Integrated Commercial Trust's value of $1.94 is 162.2% above this benchmark. Historically, CapitaLand Integrated Commercial Trust's own Graham Number has ranged from 0.69 to 0.97 over the past decade. While the company's 10-year median is 0.79 vs. the industry median of 0.74, CapitaLand Integrated Commercial Trust has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a REITs company?
The median Graham Number among REITs companies is 0.74, based on 731 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. CapitaLand Integrated Commercial Trust's current Graham Number of $1.94 is 162.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on CapitaLand Integrated Commercial Trust and its competitors. For the REITs industry, the median Graham Number is 0.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CapitaLand Integrated Commercial Trust's current Graham Number is $1.94, which is 146% above median its own 10-year median of 0.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CapitaLand Integrated Commercial Trust stock overvalued right now?
Based on GuruFocus' analysis, CapitaLand Integrated Commercial Trust (CPAMF) is currently considered Modestly Overvalued. The stock's GF Value™ is $1.49, compared to a current price of $1.85 — trading 24.2% above its estimated fair value. The current Graham Number is $1.94, which is 146% above median its 10-year median of 0.79 and 162.2% above the REITs industry median of 0.74. CapitaLand Integrated Commercial Trust's overall GF Score™ is 69/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For CapitaLand Integrated Commercial Trust (CPAMF), the current Graham Number is $1.94 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is CapitaLand Integrated Commercial Trust (CPAMF) Overvalued in 2026?
Based on GuruFocus' analysis, CapitaLand Integrated Commercial Trust stock appears to be overvalued.
The current stock price of $1.85 is trading 24.2% above its estimated GF Value™ of $1.49.
GuruFocus considers CapitaLand Integrated Commercial Trust to be Modestly Overvalued.
Key valuation signals for CPAMF:
Graham Number: $1.94 (146% above median its 10-year median of 0.79)
GF Value™: $1.49 vs. price of $1.85 (24.2% above fair value)
Industry Position: 162.2% above the REITs median (#496 of 731)
No single metric tells the full story. See the CPAMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CapitaLand Integrated Commercial Trust Business Description
CICT was established following the merger between CapitaLand Mall Trust and CapitaLand Commercial Trust in October 2020. The trust has a diversified portfolio of 26 properties valued at SGD 27.4 billion as of Dec. 31, 2025. These include offices (mainly in the central business district), retail malls (including urban and suburban malls), and integrated development. Most of its properties are located in Singapore, with assets in Australia and Germany making up less than 10% of its portfolio. The trust is externally managed by CapitaLand Integrated Commercial Trust Management; parent CapitaLand retains a 24% stake in CICT.
69GF Score
Get the complete analysis for CPAMF
Graham Number is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
CPAMF has been successfully added to your 
