SPH REIT's 1QFY15 DPU was up 2.3% yoy and broadly in line by meeting 22% of our FY15 forecast. Improvements came from higher rental income and margins. We expect FY15 to be a stable year, with 100% occupancy and only 11-13% of the leases set to expire. 2016-17 should be more exciting, with more lease expiry, AEI completion, and potential stabilisation and acquisition of The Seletar Mall. We trim our DPS estimates slightly (leading to a lower DDM-based TP) and keep our Hold call as we think that the positives of its stable portfolio have been priced in at 5.8% FY15 dividend yield and 1.12x P/BV. We prefer to wait for cheaper valuation or greater clarity on future leasing demand.