| PHILLIP SECURITIES | CGS CIMB |
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Del Monte Pacific Limited – Turnaround underway
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Suntec REIT Gaining further traction
■ Suntec REIT’s (SUN) 3Q21 DPU of 2.232 Scts was broadly within expectations, at 26.6% of our FY21F forecast. ■ Office and retail segments delivered better performance in 3Q21. ■ Reiterate Add, with an unchanged DCF-based TP of S$1.79
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UOB KAYHIAN |
CGS CIMB |
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CapitaLand Integrated Commercial Trust (CICT SP) 3Q21: Good Things Come To Those Who Wait For The Reopening
CICT’s retail portfolio achieved stable occupancy of 96.4% but its office portfolio suffered transitory vacancies at AST2 and CapitaGreen. Vaccinated employees are allowed to work from their office starting 1 Jan 22, leading to an improved physical occupancy for CICT’s office buildings and bringing relief to its downtown malls. CICT would benefit as the recovery broadens to offices and downtown malls in 2022. 2022 distribution yield is 5.3%. Maintain BUY. Target price: S$2.39.
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CapitaLand Integrated Commercial A subdued quarter
■ CICT’s 3Q21 gross revenue/NPI were within expectations, at 24.5%/25% of our FY21F forecasts. ■ Asset enhancement plans for Raffles City Singapore are in the works. ■ Reiterate Add, with an unchanged DDM-based TP of S$2.56
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Check out our compilation of Target Prices
