- Suntec REIT’s 9M24 DPU fell 12% y-o-y to S$4.622 cts, in line with the MIBG estimate. Suntec REIT's DPU from operations was S$1.58 cents (-0.9% y-o-y), excluding capital top-ups from the divestment of Park Mall.
- - Read this at SGinvestors.io -
Cautious optimism for Singapore portfolio
- Strong rental reversions of Suntec offices (+12.9%) and Suntec City mall (+21.2%) in 3Q24 underpinned Suntec REIT management’s cautious optimism. Positive rent growth of mid-to-high single digit for Suntec offices is expected to extend into FY25. Management observed for demand for office space of about 5,000 sq ft. Strong shopper traffic (+9% y-o-y in 3Q24) and stable tenant sales (-1% y-o-y) account for strong leasing demand (YTD reversion: 20.9%).
- - Read this at SGinvestors.io -
- Occupancy of its Australia portfolio rose 1.5ppt q-o-q, driven by Southgate and 55 Currie Street. Management expects occupancy at 55 Currie Street to further increase by about 5ppt.
- Backfilling at UK’s Minister Building is expected to complete by end-FY24 and contributions should begin in FY25 after the incentive periods. In addition, all lease break terms for assets in its UK portfolio have been removed.
Potential increase in gearing
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Li Jialin Maybank Research | https://www.maybank.com/ 2024-10-29
Previous report by Maybank:
2024-07-29 Suntec REIT - Divestment On Track; Awaiting Catalysts.
Price targets by 3 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
