Broker: Maybank Research Pte Ltd
Date of Report: April 28, 2026
Excerpt from Maybank Research Pte Ltd report
Report Summary
- Stock: CapitaLand Ascendas REIT (CLAR SP)
- Action: BUY
- Target Price: SGD 3.20 (upside potential of +32% from current SGD 2.54)
- Key Highlights:
- Maintains BUY rating due to stable distribution outlook, strong credit profile, and diversified portfolio.
- Guidance for mid-single-digit positive rental reversion despite declining occupancy and longer lease negotiations.
- SGD 1.6 billion of acquisitions in 1Q26, expanding portfolio with data centre and logistics exposure.
- Leverage to improve to around 40% following equity fundraising; cost of debt stable at 3.5%.
- FY26E/27E DPU forecast lowered by 2% each, but target price maintained.
- Risks include non-renewal of leases, higher interest rates, lower overseas property valuations, and higher capex for older assets.
- Implications: Investors may consider accumulating CLAR shares for potential capital appreciation and stable yield, supported by ongoing portfolio growth and resilience in distributions.
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 website : https://www.maybank.com/investment-banking
