Suntec REIT - UOB Kay Hian 2024-01-25: 2H23 Resiliency From Singapore Office; Recovery From Suntec Convention

• Suntec City Office generated NPI growth of 1.8% y-o-y and achieved positive rental reversion of 13.4% in 2H23. Revenue and NPI from Suntec Convention increased 41% and 39% y-o-y respectively in 2H23 due to the earlier-than-expected recovery of MICE events to pre-pandemic levels.
• We did not factor in any capital distribution from past divestment gains in 2024. Suntec REIT's 2024 distribution yield is fair at 5.6%, although P/NAV of 0.57x is attractive.

Suntec REIT's 2H23 Results

• - Read this at SGinvestors.io -

Singapore office: Maintaining steady growth.

• - Read this at SGinvestors.io -
• Suntec REIT will enhance One Raffles Quay by refurbishing the main office lobbies and adding F&B units at the Garden Plaza and North Tower. It will benefit from 22 consecutive quarters of positive rental reversion. Management expects high single-digit rental reversion in 2024.

Singapore retail: Temporary dip in occupancy.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-01-26 Suntec REIT - Reviewing Strategy After New Sponsor Installed.

Previous report by UOB:
2025-10-27 Suntec REIT - 3Q25 Boost From Favourable Tax Ruling Down Under.

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 Dividend Payout Dates & Corporate Actions,
Suntec REIT News