- Prime US REIT retained US$25.6m and payout ratio was only 10.4% in 2H23 to preserve capital. Management targets to execute up to US$100m of deleveraging in 2024. The board has declared a 1-for-10 bonus issue to acknowledge unitholders’ support for Prime US REIT’s efforts to strengthen its capital position.
- - Read this at SGinvestors.io -
- Valuation is attractive with Prime US REIT's distribution yield at 20% for 2024 and 42% for 2025 and P/NAV at 0.22x.
Prime US REIT's 2H23 Results
- Prime US REIT (SGX:OXMU) reported DPU of US$0.0025 for 2H23, representing a payout ratio of 10.4%.
Operations started to stabilise.
- - Read this at SGinvestors.io -
- NPI margin narrowed by 0.4ppt y-o-y to 57.7% due to an absence of lease termination income (3Q22: US$1.3m).
- Interest expenses increased 29% y-o-y in 2H23.
- Management has elected to receive 100% of base fee in cash for 2023.
Leasing momentum has picked up,
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-02-26
Read also UOB's most recent report:
2024-03-11 Prime US REIT - Charting A Unique Course Of Action.
Price targets by 3 other brokers at Prime US REIT Target Prices.
Listing of research reports at Prime US REIT Analyst Reports.
Relevant links:
Prime US REIT Share Price History,
Prime US REIT Announcements,
Prime US REIT Dividends & Corporate Actions,
Prime US REIT News Articles
