Brokers' take
Suntec Reit | Buy (upgraded) July 29 close: S$1.93 Fair value: S$2.07 OCBC Investment Research, July 29
Suntec Reit's Q2 FY2019 distribution per unit (DPU) fell 4.6 per cent year-on-year (yoy) to 2.361 cents due largely to lower capital distribution, but met our expectations. However, it was noteworthy that DPU from operations actually rose 1.4 per cent yoy to 2.129 cents.
Operationally, Suntec Reit had a good quarter on the rental reversions front for its Singapore office and retail portfolios. We expect this positive momentum to be sustained ahead.
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