Suntec REIT - RHB Research 2026-07-24: Driving DPU Growth

• Suntec REIT’s strong set of 1H26 DPU were ahead of our expectations, driven by lower finance costs and higher JV income.

• Outlook for its Singapore office/retail portfolio remains positive though growth is set to slightly moderate. UK portfolio occupancy is expected to improve, while transaction activity in Australia has picked up.

• - Read this at SGinvestors.io -

Potential outcome of strategic review

• Potential outcome of strategic review in our view are:

  1. Divestment of Australia assets/portfolio with ongoing review of UK assets,
  2. Divestment of lower net yielding (due to absence of tax transparency) of the one-third stake in One Raffles Quay and buying sponsor’s 9 Penang Road (100% stake), and
  3. - Read this at SGinvestors.io -

• The outcome of strategic review is likely to be announced by 3Q26.

Singapore portfolio metrics remain strong.

• Read more at SGinvestors.io.

Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2026-07-24

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