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Suntec REIT - DBS Research 2023-01-25: Hop On For Peaceful Rabbit Year Ahead

Suntec REIT - Hop On For Peaceful Rabbit Year Ahead

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SUNTEC REAL ESTATE INV TRUST (SGX:T82U) | SGinvestors.ioSUNTEC REAL ESTATE INV TRUST (SGX:T82U)
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  • FY22 DPU +2.5% y-o-y to 8.884 cents, mainly due to capital distributions paid out in FY22, in line with our FY22 estimates.
  • On a q-o-q basis, Suntec REIT's 4Q22 revenue and NPI +9% q-o-q and +11% q-o-q, respectively, held up by the Singapore portfolio (NPI +11%q-o-q), partially offset by the weaker AUD and GBP.
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  • Suntec REIT's gearing lowered to 42.4% vs 43.1%. ICR declined to 2.4x vs 2.5x in 3Q22. Average cost of debt increased by 18bps q-o-q to 2.94% (FY22 cost of debt increased by 59 bps). 4Q22 cost of debt stood at 3.6%. Hedging ratio improved to 66% from 56% in 3Q22.

    • Strong recovery seen from Singapore assets, especially Suntec City Mall and Suntec Convention Centre (coming out from low base)

    • Read more at SGinvestors.io.



    Above is an excerpt from a report by DBS Group Research.
    Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.



    Rachel TAN DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2023-01-25


    Read also DBS's most recent report:
    2025-08-07 Suntec REIT - Re-rating Catalyst In Sight.

    Previous report by DBS:
    2024-10-25 Suntec REIT 3Q24 Business Update - Suntec City Continues To Lead The Charge.

    Price targets by 5 other brokers at Suntec REIT Target Prices.

    Listing of research reports at Suntec REIT Analyst Reports.

    Relevant links:
    Suntec REIT Share Price History,
    Suntec REIT Announcements,
    Suntec REIT Dividend Payout Dates & Corporate Actions,
    Suntec REIT News



    Suntec REIT Share Price Performance vs The STI
    Suntec REIT Share Price vs STI Performance

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