Broker Name: DBS Group Research
Date of Report: 29 September 2025
Excerpt from DBS Group Research report.
Report Summary
- CapitaLand India Trust (CLINT) is one of the fastest growing Singapore REITs, with a projected 3-year DPU CAGR of 7.5% driven by a strong pipeline of acquisitions and developments.
- The Trust recently divested two legacy assets (CyberPearl and CyberVale) at a 3% premium to the last valuation, which will lower gearing to approximately 36.8% and create more debt capacity for future growth opportunities.
- The divestment is neutral to DPU and NAV, and the Trust maintains a strong position to pursue further accretive acquisitions, especially in datacenters, IT parks, industrials, and warehouses.
- CLINT is well-diversified geographically across major Indian cities, with a stable operating margin (70-75%), high occupancy (>98%), and a development pipeline that could increase GFA by 63%.
- Key risks include INR-SGD currency fluctuations, Indian economic conditions, and interest rate hikes, though over 75% of debt is on fixed rates.
- DBS maintains a BUY rating with a target price of SGD 1.50, citing attractive yield (>7%) and robust medium-term growth prospects as structural tailwinds persist.
Above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com.sg
