Broker: OCBC Group Research
Date of Report: 24 April 2026
Excerpt from OCBC Group Research report.
Report Summary
Stock: CapitaLand India Trust (CLINT SP EQUITY)
Rating: BUY
Target Price (Fair Value): SGD 1.30
Last Close: SGD 1.05
- Actionable Call: Maintain BUY rating with a revised fair value of SGD 1.30, down from SGD 1.37, reflecting more conservative assumptions and INR weakness. The share price correction post-equity fund-raising presents an attractive entry point for long-term investors.
- Key Idea: Despite FX headwinds and a YoY decline in SGD terms for 1Q26, underlying operating metrics are robust—portfolio occupancy is steady at 91%, with strong rental reversions of +17% (TTM).
- Yield: FY26E distribution yield remains attractive at over 7%, even after lowering FY26/FY27 DPU projections by 4.5% due to geopolitical risks and a weaker INR. DPU growth is expected to resume in FY27.
- Financial Highlights: Total property income and net property income in INR terms grew YoY, but declined in SGD terms due to currency depreciation. CLINT is increasing its INR onshore debt for natural hedging and using forward contracts to manage FX risk.
- Growth Outlook: Positive long-term outlook supported by India’s rapid economic growth, tech sector expansion, and strong demand for business space. Management is confident in sustained leasing momentum despite regional geopolitical uncertainties.
Ticker: CLINT SP EQUITY
Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can be the first to access the full report from the OCBC Group Research website : https://www.ocbc.com/
