CapitaLand Integrated Commercial Trust's capital management seems prudent, Maybank Research's Krishna Guha says in a research report.
The REIT's average debt cost edged down to 3.4% in 1Q 2025 from 3.6% in 4Q 2024, with management guiding for lower debt cost for entire 2025 thanks to declining base rates in Singapore, the analyst notes.
Management will probably focus on improving performance overseas and reconstituting the REIT's Singapore portfolio, the analyst adds.
Maybank raises its 2025 distribution-per-unit forecast for the REIT by 1.6%.
It raises the unit's target price to S$2.25 from S$2.15 with an unchanged buy rating.
Units are 1.4% higher at S$2.17.