UOB Kay Hian Research (UOB KH) analyst Jonathan Koh has upgraded CapitaLand Integrated Commercial Trust (CICT) to ‘buy’ with a higher target price of $2.42 from $2.32 previously.

The upgrade is underpinned by Koh’s view that CICT provides diversified exposure to the retail and office sectors, making it an ideal pure play on recovery in the domestic economy.

His higher dividend target price comes on the back of a higher distribution per unit (DPU) forecast by 1% for FY2022 ending December due to contributions from 21 Collyer Quay, which will be tenanted by WeWork, starting 4QFY2021.  

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