Suntec REIT

Re: Suntec REIT

Postby winston » Fri Oct 21, 2016 10:10 am

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Suntec REIT: Softer retail rents but office rents recovered

Suntec REIT reported an in-line set of 3Q16 results.

Gross revenue fell 4.3% YoY
to S$82.4m, but DPU rose 0.5% YoY to 2.535 S cents.

Suntec REIT continued its proactive approach to manage its lease expiry profile during the quarter.

Management successfully brought down its lease expiries for its office and retail portfolio to 0.4% and 2.4% (as percentage of NLA) for the remainder of FY16, respectively.

Encouragingly, office leases signed in 3Q16 came in at an average rent of S$8.78 psf/month, which was an increase of 2.3% on a QoQ basis.

However, retail rents continued to come under pressure.

In terms of occupancy rates, Suntec REIT’s office and retail portfolio stood at 99.4% (+0.5 ppt QoQ) and 97.3% (-0.4 ppt QoQ), respectively.

We fine-tune our assumptions after incorporating this set of results in our model, and lower our fair value estimate slightly from S$1.54 to S$1.53.

Source: OCBC
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Re: Suntec REIT

Postby winston » Wed Apr 25, 2018 5:41 pm

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The tide is turning

• 1Q18 DPU of 2.433 Scts (+0.3% y-o-y) in line with expectations
• Weakness in Suntec office offset by improvement at Suntec Mall
• Strong 1Q18 foot traffic (+13% y-o-y) and tenant sales (+5% y-o-y) bodes well for sustained turnaround at Suntec Mall
• Maintain BUY, TP of S$2.30

Source: DBS

https://researchwise.dbsvresearch.com/R ... fibdkfdhjg
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Re: Suntec REIT

Postby winston » Thu Apr 26, 2018 9:53 am

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Suntec REIT: In stabilisation mode

Suntec REIT reported its 1Q18 results which met our expectations.

Gross revenue rose 2.6% YoY to S$90.7m, while DPU was flat (+0.3% YoY) at 2.433 S cents. The latter was boosted by a higher distribution from capital of S$6.5m (1Q17: S$3.0m).

We believe underlying operations have firmed up for both its office and retail segments. We expect office spot rents to continue its upward trajectory this year, which augurs well for Suntec REIT.

Since our downgrade to a ‘Sell’ on 24 Jan 2018 and as of the closing price of S$1.90 on 25 Apr, Suntec REIT’s share price has corrected 11.6%.

We believe valuations are less demanding than before, with Suntec REIT now trading at FY18F distribution yield of 5.3%.

We factor in Suntec REIT’s acquisition of an additional 25% interest in Southgate Complex and raise our fair value from S$1.81 to S$1.84.

Source: OCBC
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Re: Suntec REIT

Postby winston » Wed Jan 23, 2019 9:10 am

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Suntec REIT: 4Q18 DPU fell marginally by 0.5% YoY

Suntec REIT reported its 4Q18 results this morning which were in-line with our expectations.

Gross revenue jumped 7.0% YoY to S$93.5m and NPI rose 2.3% to S$60.7m. This was driven by higher contribution from its retail portfolio and 177 Pacific Highway, but partially offset by sinking fund contribution for Suntec City office upgrading works. Excluding this, NPI would have increased by 10.4% YoY.

For the full-year, Suntec REIT’s gross revenue improved 2.6% to S$363.5m, but NPI fell 1.4% to S$241.0m and this formed 100.3% of our forecast.

The decline in NPI was due to the sinking fund contribution highlighted earlier.

If we strip this out, FY18 NPI would have increased 3.2% YoY. DPU of 9.988 S cents represented a mild decline of 0.2%, and was boosted once again by capital distributions amounting to S$39m, or 1.459 S cents per unit (+32.9%). DPU from operations declined 4.2%.

Source: OCBC
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Re: Suntec REIT

Postby winston » Thu Jan 24, 2019 1:15 pm

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Suntec REIT: Expect further positive rental reversions ahead

Suntec REIT reported its 4Q18 results which met our expectations.

DPU slipped 0.5% YoY to 2.59 S cents.

FY18 DPU of 9.988 S cents represented a mild decline of 0.2%, and was once again boosted by capital distributions.

Operationally, Suntec REIT achieved positive rental reversions of 10% for Suntec City retail in FY18. Management has guided for positive rental reversions in the range of ~5% for FY19.

As for the Singapore office segment, rental reversions also came in positive at 3% for FY18.

For FY19, Suntec REIT has guided for positive rental reversions of around 3%-5%.

Looking ahead, Suntec REIT will seek DPU accretive inorganic growth opportunities as a key part of its strategy, so as to reduce the requirement for capital distributions over time.

There is currently ~S$70m of capital top-ups that can still be utilised.

Australia will remain as one of the core markets for acquisitions. After adjustments, we derive a slightly higher fair value estimate of S$1.84 (previously S$1.83).

Source: OCBC
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Re: Suntec REIT

Postby behappyalways » Sun Apr 28, 2019 3:51 pm

Suntec REIT looks to expand Australia footprint with $150 mil private placement
https://www.theedgesingapore.com/suntec ... -placement
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Re: Suntec REIT

Postby behappyalways » Wed Jul 03, 2019 9:00 am

Suntec REIT acquires Grade A office building in Sydney for A$297 mil
https://www.theedgesingapore.com/news/p ... y-a297-mil
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Re: Suntec REIT

Postby behappyalways » Sun Jul 21, 2019 9:22 am

Suntec REIT acquires Adelaide office building for $141 mil
https://www.theedgesingapore.com/capita ... ng-141-mil
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Re: Suntec REIT

Postby winston » Wed Apr 22, 2020 10:33 am

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Suntec Real Estate Investment Trust Says Dpu Was 1.760 Singapore Cents For 1Q 2020

April 22 (Reuters) - Suntec Real Estate Investment Trust:

* DPU WAS 1.760 CENTS FOR 1Q 2020
* DISTRIBUTABLE INCOME FROM OPERATIONS OF S$55.1 MILLION,DOWN 6.5%
* RENT REVERSION IS EXPECTED TO REMAIN POSITIVE FOR REST OF YEAR
* TENANT RELIEF MEASURES WILL IMPACT MALL'S RENTAL REVENUE FOR 2020
* SUNTEC CITY MALL IS EXPECTED TO REGISTER A SUBSTANTIAL DECLINE IN SHOPPER TRAFFIC IN Q2 OF 2020

Source: Reuters
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Re: Suntec REIT

Postby winston » Thu Apr 23, 2020 9:23 am

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3 April 2020

Suntec REIT (SUN SP)
Assessing The Impact Of COVID-19; BUY


Buy (Maintained)
Target Price (Return): SGD1.78 (48.3%)
Price: SGD1.20
Market Cap: USD2,351m
Avg Daily Turnover (SGD/USD) 23.8m/17.1m

Keep BUY with a lower TP of SGD 1.78 from SGD 2.08, 48% upside and c.7% yield.

While Suntec REIT’s convention and retail segments face nearterm challenges due to the COVID-19 pandemic, the office segment is expected to remain relatively resilient due to a minimal lease expiry and low average expiring rents (vs committed rents).

Its balance sheet remains relatively healthy and the completion of development assets is largely on track.

Valuations are starting to look attractive at 0.6x P/BV

Source: RHB

https://research.rhbtradesmart.com/atta ... 089cab.pdf
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