- Two S-REITs out of 21 under our coverage beat expectations, namely CapitaLand Integrated Commercial Trust (NPI margin expanded due to efficiency and scale from focus on Singapore) and Parkway Life REIT (11 nursing homes in France contributed fully and accounted for 7.8% of group NPI).
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Majority met expectations.
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Retail: Resilient domestic consumption boosted by CDC and SG60 vouchers.
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