Suntec REIT - Maybank Kim Eng 2015-10-23: Softer operating performance
SUNTEC REIT SUNTEC REAL ESTATE INV TRUST T82U.SI Suntec REIT - Softer operating performance
- 3Q15 DPU of 2.522 SGD cts in line. Capital distribution lends strength to operations. 9M15 at 77.4% of full-year estimates.
- Guided down on passing rents at Suntec retail. Occupancy at MBFC offices weakened. However, debt metrics remained healthy.
- Maintain SELL and SGD1.33 TP (FY16E target yield of 7.25%). Less attractive yields than office peers.
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