Broker: Maybank Research Pte Ltd
Date of Report: April 20, 2026
Excerpt from Maybank Research Pte Ltd report
Report Summary
- Stock: CapitaLand Integrated Commercial Trust (CICT SP)
- Action: BUY (maintained)
- Target Price: SGD 2.60 (9% upside from current price SGD 2.39)
- Key Idea: CICT is acquiring Paragon, a premier freehold integrated development on Orchard Road for SGD 3.9 billion, funded by the divestment of Asia Square Tower 2 (SGD 2.5 billion), new equity (SGD 600 million), and debt.
- Dividend Growth: The transaction is expected to be accretive, resulting in a 2.1% pro-forma dividend per unit (DPU) increase, with portfolio leverage remaining below 40%.
- Portfolio Upgrade: The acquisition improves portfolio quality, adds upscale retail and medical exposure, and offers rental upside with 40% of Paragon’s leases expiring by 2027.
- Defensive Attributes: CICT remains the largest proxy to Singapore commercial real estate, backed by CapitaLand Investment, and benefits from strong credit rating and Singapore safe-haven flows.
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 Pte Ltd website : https://www.maybank-keresearch.com
