vested
What’s New
Merger with Ascendas-Singbridge to herald a new era of growth
Group to benefit from a highly recurring earnings stream that is less susceptible to macro shocks
ROE to remain at a high of >9.0%; managed REITs remain at the forefront to acquire and grow
TP raised to S$4.00 based on 25% discount to RNAV
Ain’t no mountain high enough
Maintain BUY, TP raised to S$4.00.
The merger of CapitaLand Limited (CAPL) and Ascendas-Singbridge (ASB) heralds a new era of growth for the group.
We see a myriad of positives and see the combined entity emerging stronger financially and with
an operational scale that puts it among the largest real estate managers globally.
Our RNAV is revised upwards to S$5.42, accounting for ASB numbers and our TP is raised to S$4.00 on the back of a similar 25% discount to RNAV. BUY!
Source: DBS
https://researchwise.dbsvresearch.com/R ... =efcfikhab