Suntec Real Estate Investment Trust
Sell
OCBC Investment Research | April 22 |
April 22 close: S$1.730
Target price: S$1.51
SUNTEC Reit reported Q1 FY16 gross revenue of S$78.3 million, representing an increase of 5.2 per cent on a year-on-year basis. This formed 22.4 per cent of our FY16 forecast. Growth was driven by the opening of Suntec City mall (Phase 3) following its asset enhancement initiative (AEI) completion, and higher revenue contribution from Suntec City Office and Suntec Singapore Convention & Exhibition Centre, but partially offset by the divestment of Park Mall in December 2015. Distribution per unit (DPU) rose 6.3 per cent year-on-year to 2.371 Singapore cents, and accounted for...
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