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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Suntec REIT Overseas performance subdued
• Gross revenue for 3Q24 is in line with expectations, sliding by 4.6%YoY to S$117.7mn. 9M24 revenue forms 74% of our FY24e estimates, and the decline was due to lower contributions from the Suntec Convention and overseas properties.
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Frasers Centrepoint Trust Upside from Tampines 1 AEI completion
▪ 2H24/FY24 DPU of 6.02/12.04 Singapore cents was unchanged/0.9% lower YoY, in line with our expectations and formed 50%/99% of our FY24e forecast. 2H24/FY24 NPI was down 0.6%/4.6% YoY but excluding the divestment of Changi City Point and the lower contribution from Tampines 1 due to its AEI works, NPI was 4.7%/3.4% higher YoY.
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PHILLIP SECURITIES |
MAYBANK KIM ENG |
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Keppel Ltd Surfing the huge data centre wave
▪ Limited financials provided except 9M24 net profit comparable YoY. We believe 3Q24 net profit declined due to lower real estate earnings. Monetisation more than doubled by S$453mn to S$733mn.
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CapitaLand Ascendas REIT (CLAR SP) Stable performance
Healthy reversions offset by higher financing cost CLAR reported 1H DPU of SGD7.52c, +1.1% HoH/-2.5% YoY. Higher interest expense and an enlarged number of units offset top-line growth. Portfolio occupancy was stable though US business parks saw lower occupancy. Rent reversion was mid-teen positive for 1H and, consequently, rent reversion guidance has been raised to high single-digit from mid-single digit for the FY. Borrowing cost crept up by 20bps HoH. All in, a steady report card. We maintain our forecasts, BUY rating and TP of SGD2.90.
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MAYBANK KIM ENG |
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Frasers Centrepoint Trust (FCT SP) Resilient performance
Stabilizing distribution, enhancing assets FCT reported 2H DPU of SGD6.02c, flat HoH/YoY. Robust operating performance was underpinned by high committed occupancy and high single digit positive reversion. Financial metrics and asset values were stable. With Tampines 1 completing AEI and exceeding targeted return on investment, FCT has embarked on enhancing Hougang Mall. We tweak forecasts and trim our TP to SGD2.50 but retain BUY on FCT’s disciplined execution of its strategy and positioning for sustainable growth.
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