Singapore REITs - DBS Research 2025-01-02: Resurgence In Hunger For Yields. Which REITs Offer Sustainable Growth But Mispriced?

• Introduce a new metric to pick out mispriced “growth” REITs, and our picks are CapitaLand Integrated Commercial Trust, Frasers Centrepoint Trust, Keppel REIT, Mapletree Logistics Trust, Mapletree Industrial Trust.
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Turnaround in growth from 2025 onwards, supported by fundamentals.

• After facing two years of erosion due to the impact of higher interest rates, we project S-REITs to experience a 3.4% rebound in distribution per unit (DPU) growth over FY25-26F. This is based on the expectation of a stable operating climate and our assumption of a more gradual rate cut trajectory through 2025.
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• With supply also picking up in the logistics, hotel, and business park sectors, we take a more conservative stance in our sectoral positioning and prefer retail > industrial > office > hotels, which should tide us well.

S-REITs are near “peak rates”, erosion from refinancing tapering off.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read More Analysis On Singapore REITs (S-REITs):
Analyst Reports on Singapore REIT Sector

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S-REIT Share Price Performance
S-REIT Target Prices & Ratings