In a note dated Jan 18, Jefferies has initiated coverage on CapitaLand Integrated Commercial Trust (CICT) with a “buy” rating and target price of $2.32.

CICT is the merged entity between CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT).

According to the brokerage, CICT is a scale play on recovery, rejuvenation and regionalisation of Singapore retail and office space.

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