Broker Name: OCBC Investment Research
Date of Report: 29 September 2025

Excerpt from OCBC Investment Research report.

Report Summary

• CapitaLand China Trust (CLCT) is rated HOLD, with a revised fair value of SGD0.705, as a protracted recovery in distribution per unit (DPU) is expected due to subdued consumer and business sentiment in China and near-term dilution from asset divestment.
• The divestment of CapitaMall Yuhuating and participation in CapitaLand Commercial C-REIT’s IPO is seen as a long-term positive for capital recycling but is likely to be near-term dilutive if proceeds are used solely to repay debt; retail assets are expected to anchor performance while new economy assets face volatility.

Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Investment Research can be the first to access the full report from the OCBC Investment Research website: https://www.ocbc.com/personal-banking/investments/research-insights