0547 GMT - CapitaLand Integrated Commercial Trust's Singapore-focused earnings profile looks resilient, while its strong credit and estimated 2024 yield of 5.9% provide comfort, Maybank Research analyst Krishna Guha says in a research report, maintaining the unit's buy rating. The REIT's Singapore office and retail portfolio had positive rental reversions of high single digit to mid-teen in 1Q, prompting management to lift rental reversion guidance to high-single digit from mid-single digit earlier, the analyst notes. With a delay in Fed rate-cut expectations, however, the REIT has raised its borrowing-cost guidance to mid-to-high 3% from mid-3%, the analyst adds. Maybank trims the unit's target price to S$2.05 from S$2.10. Units are 1.1% lower at S$1.86. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
April 22, 2024 01:47 ET (05:47 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Comments