- Suntec REIT (SGX:T82U)’s 1H24 results were slightly below our expectations. Gross revenue increased 1.2% y-o-y to S$226.9m but net property income (NPI) fell 1.5% y-o-y to S$151.0m as better operating performance in Singapore was offset by lower contributions from 55 Currie Street and 177 Pacific Highway in Australia and The Minster Building in the UK.
1H24 DPU fell 12.5% y-o-y, but was only down 1.2% y-o-y if we exclude capital distributions
- - Read this at SGinvestors.io -
Rental reversions remained solid albeit at a moderated pace for its Singapore retail and office operations in 2Q24
- - Read this at SGinvestors.io -
- There was also some moderation in the mall’s tenants’ sales, which grew 1% y-o-y on a per square foot basis in 1H24, versus +5% in 1Q24 (Apr and May recorded y-o-y declines). This was despite the 6% y-o-y increase in the mall’s average daily traffic during the same period.
Negative rental reversions at Australia on a net basis
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-07-26
Read also OCBC's most recent report:
2024-09-20 Suntec REIT - Not Getting Carried Away.
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 Dividends & Corporate Actions,
Suntec REIT News Articles
