CAPLAND INTCOM TLong
Target Price: S$2.37, indicating a 22.8% upside
Stock Valuation and Outlook
Share Price (as of Feb 6, 2025): S$1.93
Target Price: S$2.37, indicating a 22.8% upside
Net Asset Value (NAV) per share: S$2.12
Projected DPU for 2025-2027:
2025F: 10.9 S cents
2026F: 11.2 S cents
2027F: 11.3 S cents
Dividend Yield: 5.6% (2025F), increasing to 5.8% by 2027
PE Ratio: 16.9x (2025F).
Investment Thesis
Steady DPU Growth: Supported by positive rental reversions and strong occupancy rates.
Portfolio Expansion & AEI: With the acquisition of ION Orchard and ongoing AEIs at IMM Building and Gallileo, CICT is poised for higher rental income.
Lower Gearing & Strong Balance Sheet: Improved aggregate leverage (38.5%), stable cost of debt, and a well-managed debt maturity profile reduce financial risks.
Resilience in Retail & Office Segments: The recovery in tourist arrivals and work-from-office trends supports demand for retail and office spaces.
Conclusion: Maintaining a BUY Rating
With strong fundamentals, ongoing AEI projects, and a well-diversified portfolio, CICT remains a top choice among S-REITs. The stable cost of debt, healthy rental reversions, and strong tenant demand further reinforce its long-term growth prospects. Maintaining a BUY rating with a target price of S$2.37, CICT presents an attractive investment opportunity for those seeking stable dividends and potential capital appreciation
Share Price (as of Feb 6, 2025): S$1.93
Target Price: S$2.37, indicating a 22.8% upside
Net Asset Value (NAV) per share: S$2.12
Projected DPU for 2025-2027:
2025F: 10.9 S cents
2026F: 11.2 S cents
2027F: 11.3 S cents
Dividend Yield: 5.6% (2025F), increasing to 5.8% by 2027
PE Ratio: 16.9x (2025F).
Investment Thesis
Steady DPU Growth: Supported by positive rental reversions and strong occupancy rates.
Portfolio Expansion & AEI: With the acquisition of ION Orchard and ongoing AEIs at IMM Building and Gallileo, CICT is poised for higher rental income.
Lower Gearing & Strong Balance Sheet: Improved aggregate leverage (38.5%), stable cost of debt, and a well-managed debt maturity profile reduce financial risks.
Resilience in Retail & Office Segments: The recovery in tourist arrivals and work-from-office trends supports demand for retail and office spaces.
Conclusion: Maintaining a BUY Rating
With strong fundamentals, ongoing AEI projects, and a well-diversified portfolio, CICT remains a top choice among S-REITs. The stable cost of debt, healthy rental reversions, and strong tenant demand further reinforce its long-term growth prospects. Maintaining a BUY rating with a target price of S$2.37, CICT presents an attractive investment opportunity for those seeking stable dividends and potential capital appreciation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.