Broker: Lim & Tan Securities
Date of Report: 28 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- CapitaLand Ascott Trust (CLAS):
Action: Accumulate
Target Price: \$1.08
Key Idea: CLAS trades at 0.8x price-to-book and a 6.8% dividend yield. Distributions are expected to remain stable, supported by interest savings and past divestment gains. Demand in Singapore remains strong, with diversified guest mix and resilient domestic/regional demand. Upside potential is 20%.
- Mapletree Pan Asia Commercial Trust (MPACT):
Action: Hold
Target Price: \$1.60
Key Idea: MPACT currently trades at 18x forward PE, 0.8x PB, and offers a 5.7% dividend yield. Financials reflect lower overseas contributions but improved finance expenses and robust Singapore performance. Target price implies 14.3% upside.
Highlights:
- CLAS: Portfolio revenue per available unit (RevPAU) was \$137, occupancy at 77%. RevPAU increased across Japan, UK, US, Australia, and Singapore.
- MPACT: Distribution per Unit (DPU) for FY25/26 would have been up 1.1% yoy (excluding one-off tax). Leverage improved, debt profile remains well-managed, and majority of income hedged in SGD.
Calls to Action:
- Investors should consider accumulating CLAS for stable distributions and 20% upside toward \$1.08 target.
- Hold MPACT, with consensus price target at \$1.60 and 14.3% upside.
above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website : https://www.limtan.com.sg
