Suntec REIT - RHB Invest 2023-10-24: Lacking Catalysts

• Suntec REIT (SGX:T82U)’s 3Q23 results are in line. Its Singapore operations continues to perform well, with improvement seen across all three segments, but the outlook for overseas assets has dimmed.
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3Q operational DPU rose by 4% q-o-q

• Suntec REIT's 3Q23 operational DPU rose by 4% q-o-q (-15% y-o-y), aided by higher contributions from Suntec City’s office, mall and convention segments. The y-o-y decline was mainly due to sharply higher financing costs and a weaker AUD. Including a S$5.8m capital top-up, DPU rose 2% q-o-q (-14% y-o-y).
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• For 3Q, the convention segment was a star performer, with NPI more than doubling vs1H23 and 3Q22 levels.

Singapore office and retail continues to shine...

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Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2023-10-24 SGinvestors.io

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