Broker Name: Lim & Tan Securities
Date of Report: 28 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- CapitaLand Ascott Trust (CLAS) (\$0.90) – Accumulate. Target price (Bloomberg consensus): \$1.08 (20% upside). Dividend yield: 6.8%. Key positive: Distribution income is stable, supported by divestment gains and interest savings despite asset enhancement initiatives pressuring top-line. Gearing is 38.9% with strong debt headroom and 78% of debt on fixed rates. Singapore lodging demand remains robust with diversified guest profile. Action: Accumulate.
- Mapletree Pan Asia Commercial Trust (MPACT) (\$1.40) – Hold. Target price (consensus): \$1.60 (14.3% upside). Dividend yield: 5.7%. DPU impacted by one-off tax charge, but underlying operations in Singapore are resilient, with VivoCity and other properties showing growth. Leverage at 36.5%, with improved interest coverage and proactive debt management. Action: Hold.
Key Actionable Insights:
- Primary actionable BUY is on CapitaLand Ascott Trust (CLAS) with an Accumulate call and \$1.08 target price (20% upside).
- Hold recommendation for Mapletree Pan Asia Commercial Trust (MPACT) with a \$1.60 target price (14.3% upside).
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 : www.limtan.com.sg
