Elite Commercial REIT - CGS-CIMB Research 2024-02-19: Execution On Track

• Elite Commercial REIT (SGX:MXNU)'s 2H23/FY23 DPU of 1.33/3.07 pence was below expectations, at 36.6%/84.5% of our FY23F forecasts. Our DDM-based Elite Commercial REIT's target price is lowered to £0.38.
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2H23/FY23 results highlights

• Elite Commercial REIT (SGX:MXNU) posted a 0.9% y-o-y increase in 2H23 revenue to £18.5m due to rental escalations, while net property income was up a higher 21.1% y-o-y to £21.4m, with the inclusion of £5.1m of dilapidation settlements.
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• 2H23 DPU of 1.33 pence was 40.9% lower y-o-y, based on a reduced 90% payout ratio and a 21.4% expansion in units base, following its preferential offer.
• Elite Commercial REIT’s portfolio value was revalued down by 9.5% at end-FY23, bringing its book NAV to £0.43/unit.

Keeping portfolio occupancy high; exploring alternative asset uses

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LOCK Mun Yee CGS-CIMB Research | Natalie ONG CGS-CIMB Research | https://www.cgs-cimb.com 2024-02-19 SGinvestors.io

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