Elite UK REIT - Phillip Securities 2024-08-08: Increasing Payout Ratio To 90%+

• Elite UK REIT (SGX:MXNU)'s gross revenue for 1H24 slid by 0.6% y-o-y owing to the 7.7% vacancy rate in the portfolio to £18.6mil, which was 48% of our FY24e estimates. NPI is in line with our forecast and down by 4.7% to £18.7mil as vacancy holding cost continues to hurt the margin.
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• We reiterate our BUY recommendation with an unchanged DDM-based Elite UK REIT's target price of £0.32.

The Positives

Picking up in leasing momentum.

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Valuation gain.

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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:
2025-05-02 Elite UK REIT - Cost Of Borrowing Trending Downward.

Previous report by Phillip:
2025-02-11 Elite UK REIT - Payout Ratio Restored To 95%.

Price targets by other brokers at Elite UK REIT Target Prices.

Listing of research reports at Elite UK REIT Analyst Reports.

Relevant links:
Elite UK REIT Share Price History,
Elite UK REIT Announcements,
Elite UK REIT Dividend Payout Dates & Corporate Actions,
Elite UK REIT News