Broker: DBS Group Research
Date of Report: 28 April 2026

Excerpt from DBS Group Research report

Report Summary

• Stock: CapitaLand Ascendas REIT (CLAR)
  Ticker: CLAR SP
• Recommendation: Maintain BUY
• Target Price: SGD 3.20 (12-month)
• Last Traded Price: SGD 2.54
• Key Investment Highlights:
  • Recent SGD 1.4bn in acquisitions strengthen Singapore presence and introduce Japan as a new growth market.
  • Equity fund raising of SGD 903.5mn supports expansion, keeping gearing around 40%.
  • Acquisitions are DPU-accretive (~4.1%), though FY26 DPU is expected to dip slightly (~0.4%) due to timing effects, before resuming growth.
  • Portfolio rejuvenation, positive rental reversions, and redevelopment projects are expected to drive organic income and NAV growth.
  • Structural tailwinds from e-commerce, data centres, and office decentralisation support long-term earnings and capital values.
  • Risks include FX volatility due to diversified global exposure, but hedging is in place.
• Key Financials (Selected):
  • FY2026F DPU: 15.1 S cts, Yield: ~5.9%
  • Aggregate Leverage: ~42.5%
  • Gross Revenue (FY2026F): SGD 1,533mn

Implications:

• Investors are encouraged to act on the BUY call with a target price of SGD 3.20, reflecting expected earnings growth and further accretive acquisitions.
• CLAR remains a core holding for exposure to Singapore industrial and new economy assets, with further upside from portfolio optimization and acquisitions.

above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com.sg