DBS Group - OCBC Investment 2024-02-07: Record Profits; Strong Dividend Yield Angle

DBS Group - Record Profits; Strong Dividend Yield Angle

Published:
DBS (SGX:D05) | SGinvestors.ioCapitaLand Integrated Commercial Trust (SGX:C38U)

Topline growth more than offsets higher funding cost

  • - Read this at SGinvestors.io -
  • Focus is on asset enhancements (AEI) and proactive portfolio management.
  • We lift DPU estimates for CapitaLand Integrated Commercial Trust and combined with a lower discount rate, raise our DDM-based target price to S$2.10. Maintain BUY.

Proactive portfolio and prudent cost management

  • - Read this at SGinvestors.io -
  • Meanwhile, prudent cost management maintained operating jaws. Contribution from prior acquisitions also contributed to full year growth.
  • All-in funding cost rose 20bps h-o-h/70bps y-o-y to 3.5%. Guide is for funding cost to be in “mid 3%” range.
  • CapitaLand Integrated Commercial Trust's valuation rose 1.2%, led by gains in Singapore which more than offset continued weakness in overseas offices in Australia and Germany. As such, gearing inched down to 39.9% (3Q 40.8%).

Steady operations

  • Read more at SGinvestors.io.




Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.ketrade.com.sg/.




Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-02-07



Previous report by Maybank:
2023-10-30 CapitaLand Integrated Commercial Trust - Stable Performance; Resilient Operational Update.

Price targets by 2 other brokers at CapitaLand Integrated Commercial Trust Target Prices.

Listing of research reports at CapitaLand Integrated Commercial Trust Analyst Reports.

Relevant links:
CapitaLand Integrated Commercial Trust Share Price History,
CapitaLand Integrated Commercial Trust Announcements,
CapitaLand Integrated Commercial Trust Dividends & Corporate Actions,
CapitaLand Integrated Commercial Trust News Articles





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