Singapore REITs Monthly - Phillip Securities 2025-03-24: Valuations Are Cheap

• The S-REITs Index fell 2.9% in February 2025, after gaining 0.2% in the previous month. The top performer for the month was Paragon REIT (SGX:SK6U), gaining 9% after the proposed privatisation offer of S$0.98 in cash. The worst performer was Manulife US REIT (SGX:BTOU), falling 23.2%, as financial metrics remain stretched.
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• S-REITs are expected to start benefitting from interest savings in 2025 and 2026.
• We remain OVERWEIGHT on S-REITs, preferring those with a healthy balance sheet, strong sponsors, and improving operating metrics, particularly those with the potential to deliver sustainable DPU growth in a higher interest rate environment. We prefer the retail sub-sector as rental reversions remain strong. Catalysts for growth include asset recycling and accelerated interest rate cuts.
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SECTOR ROUND-UP

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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/.

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