英文【摩根大通】新加坡房地产情报：凯德综合商业信托——处于令人羡慕的地位；凯德腾飞房地产投资信托——初步分析

Asia Pacific Equity Research29 April 2025J P M O R G A Nwww.jpmorganmarkets.comSingapore/ASEAN Property and REITsTerence M Khi AC(65) 6882-1518terence.ml.khi@jpmorgan.comMervin Song, CFA AC(65) 6882-7829mervin.song@jpmorgan.comJ.P. Morgan Securities Singapore Private Limited/ J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) LimitedCapitaLand Integrated Commercial Trust – In an enviable position. CICT is one of our top S-REIT picks, as we believe CICT is in an enviable position with a portfolio anchored by Singapore properties, a relative safe harbour in the midst of global uncertainty, non-organic growth drivers, mid-single-digit positive retail and office reversions and a beneficiary of lower rates, translating to 4% 3-year DPU CAGR. We also see up to 1% DPU upside if CICT were to sell properties such as Bukit Panjang Plaza and its interest in Citadines Raffles Place, use its debt headroom (to 40% gearing from 38.7%) as well as acquiring better-positioned properties, including the remaining 55% interest in CapitaSpring ahead of the potential anchor rental renewal in 2026 and without any equity raising. Link. (Source: J.P. Morgan)CapitaLand Ascendas REIT – First Take: Outperforms rental reversion and cost of debt guidance.CLAR outperformed FY25 rental guidance of positive mid-single digit reversion with +11.0% 1Q25 rental uplift. In addition, cost of debt fell 0.1pts QoQ to 3.6% beating guidance for a small increase. On the negative side, portfolio occupancy dipped to 91.5% from 92.8% in 4Q24. Higher vacancy in Singapore and the US was expected, with the 3.3pts drop in Australia a negative surprise. Overall, we believe CLAR’s FY25 DPU will remain relatively resilient compared to other China/trade exposed S-REITs, owing to the completion of various AEIs/acquisitions, initial Geneo contribution (95% pre-commitment link) and interest cost savings. Link. (Source: J.P. Morgan)Companies Frasers Centrepoint Trust – First take: 1H25 DPU up 0.5% YoY even as fees in units dips.FCT’s 1H25 DPU rose 0.5% YoY to 6.054 Scts, which was in-line with our/consensus expectations at 49.7%/50.5% of FY25 estimates, even as management fees in units dipped to 30% in 1H25, down from 82/58% in 1H/2H24. NPI grew 7.3% YoY largely due to completion of AEI at Tampines 1, higher occupancy and positive reversions. FCT continues to deliver with improvement in rent reversions to 9.0%, while tenant sales growth of 3.3%, we believe, should support further rental upside ahead. We see further growth supported by completion of acquisition of Northpoint South Wing (link), together with future AEIs at Northpoint South Wing and Nex, and tax transparency at Nex. Link. (Source: J.P. MorganAmara (AMA SP, NC) received a privatization offer of S$0.895/share, which values the hotel group at S$514.6m, by a consortium including Hwa Hong, Newfields, Albertsons Capital, and Wing Tai’s subsidiary, Winteam Investment. The offer, which is final, is at a 27% premium over i