- Suntec REIT (SGX:T82U)'s gross revenue for 1H24 is in line with expectations, inching up by 1.2% to S$226.9mil due to the strong performance of Singapore assets (Retail rental reversion: +20.8%, Office: +9.7%) while overseas assets faced pressure (Australia revenue: -6.4%, UK: -16.1%).
- - Read this at SGinvestors.io -
- Suntec REIT continues to demonstrate the capability of monetizing its assets as it divested S$31.5mil of strata units at 27% above book value and has put another 12.3k sqft for sale at ~S$41.8mil. With the strengthened cash position and the possible uplift on MAS’s regulation (ICR lowered from 2.5x to 1.5x), Suntec REIT would soon improve its balance sheet, which has been one of the main drags on its share performance.
- - Read this at SGinvestors.io -
The Positives
Resilient Singapore asset.
- 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/.
Liu Miao Miao Phillip Securities Research | https://www.stocksbnb.com/ 2024-07-29
Previous report by Phillip:
2024-04-26 Suntec REIT - Higher-for-longer Interest Rate Continue Eroding DPU.
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
