Singapore REITs - Maybank Research 2024-11-25: Staying With The Yield Curve

• While headwinds persist, recent declines of S-REITs share prices have repriced yield spreads to 350bps, which is on the higher side of historical range and is yielding higher than other sectors.
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3Q review: steady operations, financing headwinds

• The S-REIT sector witnessed continuation of key themes in the quarter: healthy reversions, relatively steady occupancy, headwinds from rates and FX, and relative outperformance of Singapore over overseas. DPUs and NAVs slipped.
• Within our coverage, REITs under Frasers and Mapletree, AIMS APAC REIT, First REIT, Keppel REIT and Suntec REIT provided DPU and NAV, while others issued business updates –
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• FX and cost of debt continued to erode operational gains.

Operating trend little-changed

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Krishna Guha Maybank Research | https://www.maybank.com/ 2024-11-25 SGinvestors.io

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