Singapore REITs Monthly - Phillip Securities 2024-07-22: Pricing In 2 Interest Rate Cuts In 2024

• S-REITs Index declined 1.8% in June, following its 0.4% decline in May.
  • The top performer for the month was Elite UK REIT gaining 2.1%. The worst performer IREIT Global, fell 15.2% after announcing that its main tenant at Berlin Campus (20% of rental income) will not be extending its lease, which expiries 31 Dec 2024.
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• S-REITs share prices are now trading at a forward dividend yield spread of ~3.3% (-1.1x standard deviation) and a P/NAV of 0.84x (-2.2x standard deviation).
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• Catalysts are expected from a pick-up in the economy, asset recycling, and interest rate cuts.

S-REIT sector round-up

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Darren Chan Phillip Securities Research | Liu Miaomiao Phillip Securities | https://www.stocksbnb.com/ 2024-07-22 SGinvestors.io

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