- OUE Commercial REIT (SGX:TS0U)'s 3Q22 distributable income fell 13% y-o-y to S$26m while estimated DPU fell 14% y-o-y to 0.48 cents, in line with our FY22F core DPU estimates. The decline was mainly due to lower income support for OUE Downtown and higher interest expenses. The hospitality segment continues to draw minimum rent despite a strong improvement in RevPAR.
- - Read this at SGinvestors.io -
- OUE Commercial REIT obtained an unsecured S$978m sustainability-linked loan (SLL) in Aug 22 to refinance its existing secured borrowings. As a result, there are no further refinancing requirements until Sep 23, when 12% (S$283m) of total debt is due.
- - Read this at SGinvestors.io -
Strong recovery trends from hospitality with RevPAR close to or higher than pre-COVID; retail rents have bottomed out and signings are close to pre-COVID rents.
- OUE Commercial REIT's portfolio occupancy remained relatively stable at 91.2%, mainly held up by the office portfolio (+1ppt q-o-q), offset by Mandarin Gallery, which saw a slight decline of 1.1ppt q-o-q to 89.2%.
- SG office reversions remained strong at 1.6% to 9.2%, while it remains challenging for Shanghai.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rachel TAN DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2022-11-04
Read also DBS's most recent report:
2024-07-26 OUE REIT - Hospitality-led Recovery Gains Momentum.Previous report by DBS:
2023-10-31 OUE Commercial REIT - Recovery Ahead Of Expectations.Price targets by other brokers at OUE Commercial REIT Target Prices.
Listing of research reports at OUE Commercial REIT Analyst Reports.
Relevant links:
OUE Commercial REIT Share Price History,
OUE Commercial REIT Announcements,
OUE Commercial REIT Dividends & Corporate Actions,
OUE Commercial REIT News Articles
