Broker: OCBC Group
Date of Report: 29 July 2026
Excerpt from OCBC Group report.
Report Summary
- CapitaLand Ascott Trust (CLAS SP)
Action: BUY
Target Price: SGD 0.950
Key Idea: Stable distribution per share (DPS) is expected for FY26, with potential for growth in FY27. 1H26 DPS was flat YoY at 2.53 cents. Forward 12-month yield is 6.8%. Management focuses on portfolio rejuvenation and asset enhancement, with gearing improving and most debt at fixed rates. Total returns potential exceeds 10%. - Keppel Infrastructure Trust (KIT SP)
Action: BUY
Target Price: SGD 0.575
Key Idea: 1H26 DPU grew 1% YoY to 1.99 cents. Portfolio is resilient with limited Middle East conflict exposure, backed by long-term contracts. Cost of debt assumptions raised, but FY26 DPU projections unchanged. Maintain BUY as portfolio strength and distribution stability remain. - Frasers Centrepoint Trust (FCT SP)
Action: BUY
Target Price: SGD 2.43
Key Idea: Retail portfolio occupancy remains high at 99.6%. White Sands divestment will lower leverage, but reduce FY25 DPU by 1.9%. Successful bid for Bayshore Drive GLS site adds future growth. Cost of debt guidance lowered, expected to remain stable. Maintain BUY for portfolio repositioning and long-term value.
Above is an excerpt from a report by OCBC Group. Clients of OCBC Group can access the full research report from the broker’s website.
