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OCBC keeps ‘buy’ on CLCT with lowered TP of $1.30

Chloe Lim
Chloe Lim8/1/2022 01:46 PM GMT+08  • 2 min read
OCBC keeps ‘buy’ on CLCT with lowered TP of $1.30
Chengdu Shangliu logistics property, which is a part of CLCT's portfolio. Photo: CLCT
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OCBC Investment Research analyst Chu Peng has kept a “buy” rating on Capitaland China Trust (CLCT) with a lowered fair value estimate of $1.30 from $1.40.

During the 1HFY2022 ended June, CLCT’s revenue rose 12.7% y-o-y to $199.3 million while net property income (NPI) increased 15.9% y-o-y to $139.5 million. The higher figures were mainly driven by strong contributions from CLCT’s business parks and logistics assets, notes Chu.

“However, the growth was partially offset by weaker performance from the retail segment due to the lockdowns in China and higher rental relief for retail tenants,” she adds.

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