Broker: Lim & Tan Securities
Date of Report: 21 April 2026

Excerpt from Lim & Tan Securities report

Report Summary

• Keppel Ltd (BN4):
  • Action: Accumulate
  • Target Price: S\$13.38 (implies 13% upside from current S\$11.86)
  • Key Idea: Keppel and Shell are piloting advanced immersion cooling at Keppel’s data centre using Shell’s proprietary GTL-based fluid. This is expected to improve energy efficiency by up to 48%, boost computing performance by up to 40%, and cut capital/operating expenditure by up to 40%. Aligns with Singapore’s sustainability agenda and supports future AI data centres. Keppel remains well-positioned in energy efficiency, data centre, and asset management markets.
• CapitaLand Integrated Commercial Trust (CICT) (C38U):
  • Action: Accumulate on price weakness
  • Target Price: S\$2.67 (implies 11.7% upside from current S\$2.39)
  • Key Idea: CICT is acquiring Paragon for S\$3.9bn and divesting Asia Square Tower 2 for S\$2.48bn, redeploying capital into a higher-yielding, freehold integrated development (3.9% yield vs AST2’s 3.0%). This is expected to be DPU accretive, maintaining pro forma leverage at 39%, well below the 50% regulatory limit.

Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg