Successful redevelopment of GSCP will also crystallise 2.9 cents of development surplus when completed in 2021, adds Heng.
SINGAPORE (Oct 20): Maybank Kim Eng is maintaining its “buy” call on CapitaLand Commercial Trust with a target price of $1.77, advising investors to look beyond potential DPU dilution and focus on value creation from the redevelopment of Golden Shoe Carpark and active management of Asia Square Tower 2.
In a Friday report, analyst Derrick Heng expects active asset management of AST2 to offset negatives from the slight DPU dilution from this acquisition given CCT will be acquiring the property at a discount to comparable properties in the vicinity and its estimated replacement cost of a new office building in the CBD.
