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DBS reinstates coverage on CICT with “buy”, TP of $2.50

Atiqah Mokhtar
Atiqah Mokhtar12/10/2021 04:09 PM GMT+08  • 2 min read
DBS reinstates coverage on CICT with “buy”, TP of $2.50
DBS sees CICT as a key proxy and beneficiary of the reopening play.
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DBS Group Research has reinstated coverage on CapitaLand Integrated Commercial Trust with a “buy” call and target price of $2.50.

In a Dec 10 research note, analysts Rachel Tan and Derek Tan state that CICT is a key proxy and beneficiary of the reopening play. “We estimate CICT could deliver c.12% of DPU growth in FY2022 and a 9% two-year compound annual growth rate, one of the stronger growth rates among peers,” they say.

Despite concerns surrounding the Omicron variant dampening reopening optimism, the analysts believe that quicker recovery is around the corner, underpinned by faster response from pharmaceutical companies and higher levels of vaccination rates.

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