Broker Name: DBS
Date of Report: June 2024 (inferred from context and timing of announcement)
Excerpt from DBS report:
Report Summary
- CAREIT has obtained approval to add 540 beds to its Westlite Ubi property, increasing capacity from 1,650 to 2,190 beds through development of an underutilised carpark site.
- Development costs are estimated at SGD27-32 million, funded internally with debt, resulting in only a minor increase in gearing (+1.8ppt).
- The project is expected to start by 2Q26 and complete in 1.5 years, with incremental income anticipated by FY28 and a full-year accretion of +1.5% to FY28 DPU.
- DBS maintains a “BUY” rating with a target price of SGD1.30, citing management’s strong execution and medium-term catalysts for growth.
above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website:
https://www.dbs.com.sg/
