Manulife US REIT - More Signs Of Recovery
- Manulife US REIT (SGX:BTOU) posted y-o-y declines of 1.4% in gross revenue to US$94.3m and 0.3% in net property income to US$53.5m for 2H21. 2H/FY21 DPU of US$0.0263/US$0.0533 is in line at 48.8%/98.9% of our FY21 forecast.
- Portfolio occupancy rose h-o-h in 2H21; Manulife US REIT expects positive rental reversion in FY22F.
- We lower our FY21-23F DPU estimates for Manulife US REIT by 0.16-0.4% post results as we believe the new leases it signed in the latter part of FY21F are likely to start to contribute to earnings from 2H22F. Reiterate ADD rating for Manulife US REIT with a lower DDM-based target price of US$0.89.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | EING Kar Mei CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-09 2022-02-09
Read also CGS-CIMB's most recent report:
2022-05-09 Manulife US REIT - Focus On Portfolio Resilience
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