Suntec REIT - Phillip Securities 2024-07-29: Resilient Singapore Assets & Improving Overseas Outlook

• 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%).
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• 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.

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-04-28 Suntec REIT - Managed Investment Trust Status To Hold.

Previous report by Phillip:
2025-02-10 Suntec REIT - Resilient Singapore Performance Sustained.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
Suntec REIT News