Broker Name: Maybank Research Pte Ltd
Date of Report: October 28, 2025
Excerpt from Maybank Research Pte Ltd report.
- CapitaLand Integrated Commercial Trust (CICT) delivered a stable performance in 3Q, with high portfolio occupancy (97.2%), healthy rental reversions, and steady organic and inorganic growth, supported by acquisitions and asset enhancements.
- The trust’s gearing increased slightly due to acquisitions, but its cost of debt is trending lower. The report maintains a ‘BUY’ rating and raises the target price to SGD2.55, citing CICT’s defensive Singapore-centric portfolio, strong credit profile, and ongoing growth initiatives.
Report Summary
- CICT’s 3Q update shows resilience, with strong occupancy across retail and office segments, including overseas assets.
- Recent acquisitions, asset enhancements, and lower projected debt costs are expected to support distribution per unit (DPU) and portfolio growth.
- While distribution yield is relatively low, the trust’s robust financials and focus on Singapore commercial real estate underpin the positive outlook.
- Potential risks include retail sales slowdown, office lease non-renewals, higher interest rates, and dilutive or non-strategic acquisitions.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking
