Brokers' take
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Suntec Reit | Hold July 27 close: S$1.925 Target price: S$1.95 UOB Kay Hian, July 27
RESULTS were in line with expectations. The office segment and contributions from new acquisitions offset weakness from the retail segment. Management expressed their commitment to increasing utilisation rates for Suntec City Mall by subdividing units and raising rents, while keeping the overall quantum affordable for tenants.
Suntec also expanded their footprint in Australia to 12 per cent from eight per cent (in terms of gross asset value) with the distribution per unit or DPU-accretive acquisition of 477 Collins Street. Maintain "hold" with a higher target price of S$1.95.
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