Suntec REIT - Maybank Research 2025-11-06: Buoyed By Lower Rates; Upgrade To BUY

• A stable quarter – 3Q25 Suntec REIT's DPU rose 12.5% y-o-y to S$1.778c. 9M25 DPU of S$4.933c rose 6.7% y-o-y.
• Growth was underpinned by strong performance in Singapore, lower financing cost and, reversal of Australia tax provision. Occupancy was higher for retail while mixed for offices. Positive high single digit reversion continued, but at a moderated pace.

A mix of growth, stability and temporary weakness.

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• Office occupancy saw sequential slippages in Singapore and Australia, while Suntec mall saw higher occupancy. Suntec City reversion came in at +6.7% for 3Q25. After reporting double-digit positive reversions for the past 10 quarters, Suntec Mall saw positive but slower reversion of 8.6%.
• The focus is on backfilling its Australian portfolio and space optimisation to suit tenant needs.

Proactive debt management.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2026-01-26 Suntec REIT - Fresh Leadership, Renewed Growth Trajectory.

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 Dividend Payout Dates & Corporate Actions,
Suntec REIT News