CapitaLand Commercial Trust (CCT)

CCT downgraded to 'sell' by OCBC after price balloons 22% YTD

SINGAPORE (June 25): OCBC Investment Research is downgrading CapitaLand Commercial Trust (CCT) to “sell” with an unchanged fair value estimate of $1.88, after the stock saw its share price surge 22.3% so far this year.

In a Monday report, OCBC’s research team says the run-up had been supported by a flight to defensive safe names and a dovish bias from the US Federal Reserve.

But now, the Fed is expected to shift its policy stance.

Rental upside, tapering supply, positive net absorption keep Singapore office REIT at 'overweight' by UOB

SINGAPORE (June 3): UOB KayHian is maintaining the Singapore office REIT sector at “overweight” given the sector in its second year of recovery after the market bottomed in 1H17.

UOB says continued upside for office rents is supported by tapering supply which has eased to 1.3 million sf this year, of which only 228,958 sf is within the core CBD.

CCT gets 'buy' from DBS, Jefferies but 'hold' from OCBC, RHB

SINGAPORE (Apr 22): DBS Group Research is maintaining CapitaLand Commercial Trust (CCT) at "buy" and raising its target price from $2 to $2.10, saying CCT remains undervalued "ahead of a multi-year upturn in office rents in Singapore" and limited supply over the next three years.

Based on data from CBRE, Core Grade A CBD office rents rose 3.2% q-o-q to $11.15 ppm in 1Q19, the sixth consecutive quarter whereby rents grew more than 3% q-o-q.

CCT reports 3.8% higher 1Q DPU of 2.20 cents on higher property contributions

SINGAPORE (April 19): The manager of CapitaLand Commercial Trust (CCT) has reported a 1Q19 distribution per unit (DPU) of 2.20 cents, rising 3.8% y-o-y from 2.12 cents due to higher contributions from Gallileo and Asia Square Tower 2.

Gross revenue and net property income (NPI) for the quarter increased by 3.5% and 3.4% to $99.8 million and $79.8 million, respectively.

It's all work, all play in Singapore if urban plan gets go ahead

(Apr 5): Living where you work and play may not seem like the ideal balance in terms of escaping the grind, but it’s a key plank of Singapore’s vision for its central business district.

Like many cities’ financial centres, Singapore’s is bustling by day and close to deserted during a weekend. The government hopes to change that and laid out details of how it aims to go about it in an urban draft plan released last month.

CapitaLand Commercial Trust said to pursue $1.5 bil Duo office tower

SINGAPORE (Mar 20): CapitaLand Commercial Trust (CCT), Singapore’s biggest office landlord, is among suitors in talks about a potential acquisition of the Duo office and retail development in the city, people with knowledge of the matter said.

The real estate investment trust has been negotiating the purchase of a 39-story office building called Duo Tower, along with the connected Duo Galleria mall, according to the people. The property could be valued at more than $1.5 billion, one of the people said, asking not to be identified because the information is private.

Singapore's office market is buzzing, for now

(Jan 25): What’s not to like about Singapore’s office property market? Take a look at CapitaLand Commercial Trust’s 2018 results. Singapore’s biggest office landlord, owner of $10 billion of the city-state’s commercial buildings, finished the year with a record-high occupancy rate of 99.3%.

Buy CapitaLand Commercial Trust on dips: RHB

SINGAPORE (Jan 25): RHB Research is maintaining a “neutral” call on CapitaLand Commercial Trust (CCT) with a target price of $1.86.

CCT yesterday announced that its 4Q18 DPU has increased by 6.7% to 2.22 cents from 2.08 cents in 4Q17. FY18 DPU was just 0.5% higher at 8.70 cents from 8.66 cents in FY17.

Gross revenue came in at $99.0 million, a 14.8% increase from $86.3 million last year, mainly due to contributions from Asia Square Tower 2 (AST2) and Gallileo. Net property income came in at $79.3 million, 16.6% higher than $68.0 million a year ago.

CapitaLand Commercial Trust posts 6.7% increase in 4Q DPU to 2.22 cents

SINGAPORE (Jan 24): The manager of CapitaLand Commercial Trust (CCT) announced 4Q18 DPU increased 6.7% to 2.22 cents from 2.08 cents in 4Q17.

This brings FY18 DPU to 8.70 cents, just 0.5% more than 8.66 cents in FY17.

Distributable income for the quarter was 10.7% higher at $83.1 million, from $75.0 million in the previous year, due to higher net property income as well as the distribution of S$3.9 million tax-exempt income from dividends paid by its subsidiaries that own AST2 and Gallileo.

CapitaLand Commercial Trust to maintain positive rental reversions in 2020: UOB

SINGAPORE (Jan 14): UOB Kay Hian is maintaining its “buy” call on CapitaLand Commercial Trust (CCT), while raising its target price to $2.11 from $2 previously after fine-tuning 2018-20F DPU by –3 to 1% upon adjusting rental assumptions.

This comes as the research house now expects positive rental reversions for Asia Square Tower 2 in 1H19 with improved occupancy due to The Work Project Kingdom (TWPK) – a 50:50 co-working joint venture between CCT’s sponsor CapitaLand and The Work Project – leasing 41,000 sf at the property, with contributions estimated to kick in from Jan 2019.

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