Broker Name: Maybank Research Pte Ltd
Date of Report: February 6, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary:

• CapitaLand Ascendas REIT (CLAR) reported stable operating metrics with FY DPU (distribution per unit) slightly down 1.3%, mainly due to higher borrowing expenses and an enlarged unit base despite ongoing portfolio reconstitution and top-line growth.
• Portfolio occupancy slipped to 90.9% due to overseas assets, but rental reversion remains positive (12%), especially in business parks and logistics. Gearing increased to 39%, while cost of debt fell to 3.5%. CLAR continues to focus on asset recycling, sustainable growth, and maintains a BUY rating with a target price of SGD 3.20.

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 Research website: www.maybank-keresearch.com