Following the results, CICT enjoyed a series of higher target prices. Jonathan Koh of UOB Kay Hian, who now values this counter at $2.95 from $2.79 previously, is more upbeat after raising his DPU forecasts by 4.7% for 2026 and 5.8% for 2027, driven by improved operational performance and lower debt costs. Krishna Guha of Maybank Securities continues to like this REIT for its “strong credit and defensive portfolio”, raising his target price to $2.60 from $ 2.55. For Andy Wong of OCBC Group Research, the largest S-REIT by both market cap and portfolio size is best described as “might and mighty”. Wong has raised his fair value from $2.55 to $2.67.
CapitaLand Integrated Commercial Trust (CICT) announced a positive beat for its distribution per unit (DPU) for FY2025 ended Dec 31, 2025, inspiring the market to lift its unit price from $2.38 before the results were announced to as high as $2.52 in the following days. The better showing was due to a full-year contribution from its 50% ownership in ION Orchard, as well as CapitaSpring’s 4QFY2025 contributions.
For FY2025, CICT’s DPU increased 6.4% y-o-y to 11.58 cents despite an enlarged unit based on a private placement in August last year. This was supported by a strong second half, which provided a 9.4% uplift to 5.96 cents. Annualised, 2HFY2026’s DPU will match CapitaLand Mall Trust’s pre-Covid DPU of 11.97 cents in FY2019.
