Suntec REIT - CGS-CIMB Research 2022-04-26: Improved Performance

Suntec REIT - Improved Performance

SUNTEC REAL ESTATE INV TRUST (SGX:T82U) | SGinvestors.ioSUNTEC REAL ESTATE INV TRUST (SGX:T82U)
  • Suntec REIT (SGX:T82U)'s 1Q22 distributable income of S$68.7m was slightly below our expectations, at 22% of our FY22F forecast.
  • Singapore office contribution, including JV income, was flat y-o-y at S$46.4m in 1Q22, impacted by the divestment of Suntec Office strata units, partly offset by lower sinking fund contributions and higher JV income from ORQ.
  • 1Q22 retail NPI rose 33.1% y-o-y to S$22.1m, due mainly to higher occupancy and rents at Suntec Mall and the absence of sinking fund contributions, partly moderated by lower occupancy at Marina Bay Link Mall.
  • We lower our FY22-24F DPU estimates for Suntec REIT by 1.84-4.27% post update, as we align our assumption for the proportion of fees paid in units to 50%, in line with management’s guidance, and maintain our DDM-based target price of S$1.79 for Suntec REIT. With limited total returns in the near term, we lower our rating for Suntec REIT to HOLD.



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 | https://www.cgs-cimb.com 2022-04-26
SGX Stock Analyst Report HOLD DOWNGRADE ADD 1.790 SAME 1.790




Previous report by CGS-CIMB:
2021-10-22 Suntec REIT - Gaining Further Traction

Target prices by 2 other brokers at Suntec REIT Target Prices.
Listing of broker reports at Suntec REIT Analyst Report.

Relevant links:
Suntec REIT Share Price History,
Suntec REIT Announcements,
Suntec REIT Dividends & Corp Actions,
Suntec REIT News Articles





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