Broker: CGS International
Date of Report: April 27, 2026

Excerpt from CGS International report.

Report Summary

• Stock Focus: CapitaLand Integrated Commercial Trust (CICT) (Bloomberg: CICT SP)
• Recommendation: Add (Maintain)
• Target Price: S\$2.74 (unchanged)
• Current Price: S\$2.48
• Upside: 10.5%
• Key Highlights:
  • 1Q26 revenue and net property income (NPI) were in line, each at 24.9% of FY26F forecasts, up 8% and 7.9% year-on-year.
  • Positive rental reversions: +4.4% for retail, +6.1% for office portfolio.
  • Proposed divestment of Asia Square Tower 2 and acquisition of Paragon in Singapore announced; both pending completion.
  • Asset enhancement initiatives (AEI) for Plaza Singapura and The Atrium @ Orchard with S\$160m upgrade, phased from 3Q26 to 4Q28.
  • Aggregate leverage: 38.5%. All-in debt cost: 2.9% as of end-1Q26.
  • Portfolio committed occupancy: 95.2%.
  • Dividend Yield (FY26F): 4.81%.
• Actionable Insight: Maintain Add rating for CICT with a target price of S\$2.74. CICT is attractive for its diversified portfolio, resilient Singapore suburban retail exposure, and robust balance sheet. Key catalysts include inorganic growth and sustained occupancy/rental reversions. Downside risks: slower rental recovery, rising costs, or AEI overruns.

Ticker: CICT SP

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com