- The S-REITs Index fell 5.1% in February, following the 4.4% decline in January after rate cut expectations were pushed to 2H24. The top performer for the month was Cromwell European REIT (SGX:CWBU) – it gained 2.1% after commendable results, with DPU falling only 8.7% despite higher finance costs and the absence of contribution from redevelopment and €197mil of asset sales. The worst performer was Keppel Pacific Oak US REIT (SGX:CMOU) - it fell 55.4% after halting distributions to conserve capital. The overseas retail sub-sector was the top performer in February, falling 2.7%, lifted by Sasseur REIT (SGX:CRPU) which reported strong outlet sales growth (+31.9%). The worst performing sub-sector continues to be overseas commercial. It fell another 19.3% after falling 13.2% the month before, dragged down by Singapore-listed US office REITs.
- - Read this at SGinvestors.io -
- We remain OVERWEIGHT on S-REITs as we enter a monetary easing cycle.
Sector Round-Up
- 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/.
Darren Chan Phillip Securities Research | Liu Miaomiao Phillip Securities | https://www.stocksbnb.com/ 2024-03-18
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