Viva Industrial Trust’s (VIT) results were within expectations. Gross revenue increased 10.8% to S$28.3m on the back of positive rental reversions at UE BizHub East and Viva Business Park, as well as contributions from 6 Chin Bee Avenue.

4Q17 NPI increased 14.3% to S$20.7m. 4Q17 DPU increased 5.5% to 1.857 S cents. FY17 DPU increased 7.4% YoY to 7.472 S cents or to 98.6% of our full-year forecast. The overall portfolio achieved 2.6% positive rental reversions for FY17.

Pending further details, we maintain HOLD on VIT while we place our fair value of S$0.90 under review.

Source: OCBC Research - 26 Jan 2018