Broker: OCBC Group Research
Date of Report: 27 July 2026

Excerpt from OCBC Group Research report.

Report Summary

• Keppel DC REIT (KDCREIT): BUY. Target Price: SGD 2.86 (raised from SGD 2.78). 1H26 DPU rose 11.3% YoY to 5.714 cents, outperforming expectations. FY26 and FY27 DPU forecasts were raised by 4.7% and 3.0%. Action: Positive outlook and upside potential.
• OUE REIT: BUY. Target Price: SGD 0.410 (unchanged). 1H26 DPU up 28.6% YoY to 1.26 cents, exceeding expectations. FY26 and FY27 DPU projections raised by 9.2% and 4.3%, respectively, but offset by lower terminal value due to planned asset divestment. Action: Attractive entry with upside potential.
• CapitaLand Ascendas REIT (CLAR SP): BUY. Fair Value: SGD 3.11.
• CapitaLand Ascott Trust (CLAS SP): BUY. Fair Value: SGD 0.95.
• CapitaLand India Trust (CLINT SP): BUY. Fair Value: SGD 1.30.
• CapitaLand Integrated Comm (CICT SP): BUY. Fair Value: SGD 2.67.
• Frasers Centrepoint Trust (FCT SP): BUY. Fair Value: SGD 2.49.
• Frasers Logistics & Comm Trust (FLT SP): BUY. Fair Value: SGD 1.07.
• Keppel REIT (KREIT SP): BUY. Fair Value: SGD 1.03.
• Mapletree Logistics Trust (MLT SP): BUY. Fair Value: SGD 1.36.
• Parkway Life REIT (PREIT SP): BUY. Fair Value: SGD 4.80.
• Stoneweg Europe Stapled Trust (SERT SP): BUY. Fair Value: EUR 1.92.
• Suntec REIT: HOLD. Target Price: SGD 1.46 (raised from SGD 1.45). 1H26 DPU increased 24.8% YoY to 3.936 cents, exceeding expectations.
• Mapletree Industrial Trust (MINT SP): HOLD. Fair Value: SGD 1.97 (lowered from SGD 2.10). 1QFY27 DPU fell 4.9% YoY. FY27 and FY28 DPU forecasts cut due to interest rate pressures.
• Mapletree Pan Asia Comm Trust (MPACT SP): HOLD. Fair Value: SGD 1.45.
• CapitaLand China Trust (CLCT SP): HOLD. Fair Value: SGD 0.665.
• Starhill Global REIT (SGREIT SP): HOLD. Fair Value: SGD 0.525.

Key actionable ideas:

• Investors looking for upside in the Singapore REITs space should focus on names with BUY ratings and clear target prices above current market prices, especially Keppel DC REIT (KDCREIT SP, SGD 2.86), OUE REIT (OUEREIT SP, SGD 0.410), and CapitaLand Ascendas REIT (CLAR SP, SGD 3.11).

Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can access the full research report from the broker’s website.
OCBC Group Research research website