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Daiwa upgrades CapitaLand Commercial Trust to 'outperform' from 'sell' on brighter post-merger outlook

Uma Devi
Uma Devi2/11/2020 9:58 AM GMT+08  • 3 min read
Daiwa upgrades CapitaLand Commercial Trust to 'outperform' from 'sell' on brighter post-merger outlook
Lead analyst David Lum opines that a strong y-o-y DPU growth is in the pipelines for the group for FY21-22E, led by the progressive income contribution from CapitaSpring, which is scheduled for completion in 1HFY21.
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SINGAPORE (Feb 11): Daiwa Capital Markets has altered its view on CapitaLand Commercial Trust (CCT) by almost 180 degrees, on the back of the REIT standing to benefit on “favourable terms” from its merger with CapitaLand Mall Trust (CMT).

The merger will generate a diversified commercial REIT to be named CapitaLand Integrated Commercial Trust (CICT), with a market capitalisation of $16.8 billion and a combined property value of $22.9 billion.

After obtaining the necessary approvals, the proposed merger is expected to be completed before the end of 2QFY20.

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