CapitaLand Integrated Commercial Trust (Merger CMT & CCT)

[winston]

not vested

CapitaLand Integrated Commercial Trust (CICT SP) - Clear signs of green shoots but challenges remain

CapitaLand Integrated Commercial Trust (CICT) is the largest S-REIT by market capitalisation and assets in Singapore.

It has a strong sponsor in CapitaLand Limited, and its scale has been significantly enlarged following the completion of the merger with CapitaLand Commercial Trust in Oct 2020.

CICT now offers investors diverse exposure to the suburban and downtown retail market and core CBD office sector in Singapore, coupled with a small exposure to Germany.

Although CICT has been adversely impacted by the Covid-19 outbreak, we see signs of green shoots in the recovery of the macro economy.

This positions CICT as a good proxy to the reopening theme. BUY.

Source: OCBC

[winston]

not vested

CAPITALAND INTEGRATED COMMERCIAL TRUST (CICT SP)
Recommendation : BUY
Fair Value : SGD 2.60

CLEAR SIGNS OF GREEN SHOOTS BUT CHALLENGES REMAIN.

4Q20 and FY20 DPU fell 15.4% and 27.4% YoY, respectively

Tenants’ sales for suburban malls recovered above pre-Covid-19 levels

Good proxy to reopening theme


CapitaLand Integrated Commercial Trust (CICT) is the largest S-REIT by market capitalisation and assets in Singapore. It has a strong sponsor in CapitaLand Limited, and its scale has been significantly enlarged following the completion of the merger with CapitaLand Commercial Trust in Oct 2020.

CICT now offers investors diverse exposure to the suburban and downtown retail market and core CBD office sector in Singapore, coupled with a small exposure to Germany.

Although CICT has been adversely impacted by the Covid-19 outbreak, we see signs of green shoots in the recovery of the macro economy. This positions CICT as a good proxy to the reopening theme.

Source: OCBC

[winston]

not vested

CapitaLand Integrated Commercial Trust – Defensible portfolio capturing recovery

Recommendation: ACCUMULATE (Reinstate Coverage), Last Done: S$2.24

Target Price: S$2.50

Quality assets expected to pull in demand and keep occupancy high as recovery takes root, amid benign new supply.

Enlarged portfolio reduces asset concentration risk and enables value creation through AEIs with minimal impact to DPUs, thereby providing stability to portfolio.

We reinstate coverage post-merger with an ACCUMULATE rating and DDM-based (COE 6.27%) TP of S$2.50.

Estimated 4.9% FY21e DPU yields to offer total prospective returns of 16.5%.

Stock catalysts expected from further AEIs and portfolio reconstitution

Source: Phillips

https://www.stocksbnb.com/reports/capit ... -recovery/

[winston]

CapitaLand Integrated Commercial Trust (CICT SP)
Pure Play On Recovery In The Domestic Economy

CICT provides diversified exposure to the retail and office sectors, which make it an
ideal pure play on recovery in the domestic economy.

In particular, we are optimistic that the recovery in retail spending will extend from suburban malls to downtown malls.

We expect CICT to focus on enhancements for retail malls, such as Plaza Singapura,
RCS, IMM and CQ.

CICT provides 2022 distribution yield of 5.5%, which is attractive given its scale and diversification. Upgrade to BUY. Target price: S$2.42.

Source: UOBKH

https://research.uobkayhian.com/content ... d2131fe26b

[winston]

not vested

CapitaLand Integrated Commercial Trust (CICT SP) - Bright spots amid challenges

CapitaLand Integrated Commercial Trust (CICT) is the largest S-REIT by market capitalisation and assets in Singapore.

It has a strong sponsor in CapitaLand Limited, and its scale has been significantly enlarged following the completion of the merger with CapitaLand Commercial Trust in Oct 2020.

CICT now offers investors diverse exposure to the suburban and downtown retail market and core CBD office sector in Singapore, coupled with a small exposure to Germany.

Although CICT has been adversely impacted by the Covid-19 outbreak, we see signs of green shoots in the recovery of the macro economy.

This positions CICT as a good proxy to the reopening theme. BUY.

Source: OCBC

[behappyalways]

CICT to divest One George Street, to book net proceeds of $344.8 mil
https://www.theedgesingapore.com/news/r ... s-3448-mil

[behappyalways]

CICT acquires two Grade A office buildings in Sydney for $330.7 mil; this is the trust's first inroad into Australia
https://www.theedgesingapore.com/news/r ... -australia

[behappyalways]

CICT closes private placement with upsize option exercised, raises $250 mil
https://www.theedgesingapore.com/news/r ... es-250-mil

[behappyalways]

CICT acquires 50% interest in 2 Sydney properties for A$422 mil
https://www.theedgesingapore.com/capita ... s-a422-mil

[behappyalways]

CICT divests JCube to CapitaLand Group subsidiary for $340 mil as an interested person transaction
https://www.theedgesingapore.com/news/r ... ransaction