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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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OUE REIT Resilient rental reversion from SG office
• While DPU was not disclosed for 1Q25, NPI fell 12.1% YoY to S$53.2mn, in line with our forecast and forming 25% of FY25e estimates. The decline was mainly due to the income vacuum following the Lippo Shanghai divestment. On a same-store basis, NPI declined 4.1% YoY due to weaker performance from the hospitality segment.
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Suntec REIT MIT status to hold
• 1Q25 DPU reversed its downward trend, rising 3.4% YoY to 1.56 Singapore cents, in line with our forecast and forming 25% of FY25e estimates. The YoY growth was driven by S$2.5mn in finance cost savings, a 176.9% surge in Suntec Convention NPI, and resilient rental reversions in Singapore (Office: 8.0%, Retail: 10.3%).
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UOB KAYHIAN |
UOB KAYHIAN |
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CapitaLand Integrated Commercial Trust (CICT SP) 1Q25: A Good Start For A Good Year
CICT clocked a positive rental reversion of 10.4% for retail and 5.4% for office in 1Q25. Portfolio occupancy eased 0.3ppt qoq to 96.4%. CICT’s diversified portfolio, healthy aggregate leverage of 38.7% and low cost of debt of 3.4% appeal to investors seeking safety. Phases 3 and 4 of AEI for IMM should complete in 3Q25 while Gallileo would be handed over to tenant ECB starting 2H25. ION Orchard will provide full-year contribution in 2025. Maintain BUY. Target price: S$2.37.
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Mapletree Pan Asia Commercial Trust (MPACT SP) 4QFY25: Overcoming Adverse Operating Challenges Overseas
VivoCity was the star performer with NPI rising 6.5% yoy in 4QFY25 despite disruptions from the ongoing enhancement at its basement 2. VivoCity registered stellar doubledigit positive rental reversion of 16.8% and maintained high occupancy of 99.3%. Aggregate leverage receded by 0.5ppt qoq to 37.7% due to revaluation gains. MPACT trades at FY26 distribution yield of 7.0% and P/NAV of 0.69x, which has factored in a dimmer outlook for its overseas properties. Maintain BUY. Target price: S$1.62.
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| CGS CIMB | CGS CIMB |
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Hongkong Land Holdings Ltd Slightly positive EPS impact from disposal
■ HKL’s disposal of nine floors of office space and two floors of retail space at One Exchange Square to HKEX is both NAV- and EPS-accretive. ■ Management emphasises that the disposal is opportunistic and that HKL remains committed to investment in HK. ■ Reiterate Hold, with a higher TP of US$4.91 (55% discount to NAV). We expect FY25F-27F DPS to grow by 4% p.a.
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CapitaLand Integrated Commercial 1Q25 operating performance in line
■ 1Q25 revenue/NPI of S$395.3m/S$291.5m, is in line, both at 24% of our FY25F forecast. ■ CICT maintained its FY25F guidance for positive office and retail rental reversions. ■ We maintain our Add rating with an unchanged DDM-based TP of S$2.45.
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