Transfer of Coverage of CCT with Narrow Moat, Stable Trend and FVE of SGD 1.70; Units Overvalued
We are transferring coverage on CapitaLand Commercial Trust, or CCT, with narrow moat and stable moat trend ratings, along with a fair value estimate of SGD 1.70 per unit. Our fair value estimate implies a P/E ratio of 18.4 times and an EV/EBITDA ratio of 22.4 times in 2017. We think the units are overvalued at the current price, with future growth mainly driven by the redevelopment of Golden Shoe which is due to be completed by first-half 2021.CCT is a commercial real estate investment trust w...
CapitaCommercial Trust is a commercial real estate investment trust investing in properties predominantly used for commercial purposes. Through its subsidiary, Co. is engaged in the provision of treasury services, including lending to the Trust the proceeds from issuance of notes under an unsecured multicurrency medium term note program. As of Dec 31 2011, Co.'s portfolio comprised of nine properties including three office buildings, one prime office building, three mixed-use properties, one multi-story car park and an ongoing development for a new office tower, all of which are located in Singapore.
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