Singapore Stock Market News
OUE Commercial REIT - Healthy growth
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Publish date: Tue, 27 Jan 2015, 12:35 PM
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OUECT's FY14 DPU was in line, at 100% of our full-year forecast, and 4.4% ahead of its forecast in prospectus. The better performance was primarily due to better-than-expected occupancy and rental reversions, as well as lower utilities costs. We believe there is more room for OUEB to grow in FY15, as the expiring leases have an average rent of S$9-10psf/month as compared to the committed rent of S$11.22-15.50psf/month for FY14 and average Grade A office rent of S$11.20psf/month.
We maintain Add and our DDM-based target price. We tweak our FY15-16 DPU forecasts by 0.8-2.6% to account for slightly higher interest costs. Potential catalysts are better-than-expected rental reversions at OUEB.
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