- Suntec REIT (SGX:T82U) is trading at 42% discount to book value of S$2.1. We reiterate our BUY recommendation with an unchanged target price of S$1.47 and FY24-25e DPU forecasts of S$0.0730 to S$0.0789.
- - Read this at SGinvestors.io -
- Revenue were supported by a rental reversion of 12.3% for Singapore office spaces and a 21.8% rental reversion for Suntec City Mall. Suntec Convention has fully resumed its operations, with revenue surpassing pre-COVID levels by 3.9%.
- DPU decreased by 19.7% y-o-y but exceeded our estimates by 6.7%, primarily due to higher maintenance fund contribution and weaker Australia performance, ending the full year at 7.135 cents. See Suntec REIT's dividend dates.
- - Read this at SGinvestors.io -
- We anticipate strong retail rental reversion to be persistent in FY24 as international visitors gradually return, and the office segment continues to achieve stable reversion in the mid-single digits.
The Positives
Resilient balance sheet upon completion of divestment goal.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Liu Miao Miao Phillip Securities Research | https://www.stocksbnb.com/ 2024-01-25
Read also Phillip's most recent report:
2024-07-29 Suntec REIT - Resilient Singapore Assets & Improving Overseas Outlook.
Previous report by Phillip:
2024-04-26 Suntec REIT - Higher-for-longer Interest Rate Continue Eroding DPU.
Price targets by 4 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 Dividends & Corporate Actions,
Suntec REIT News Articles
