Singapore Stock Market News

Suntec REIT - Challenging retail

StockFanatic
Publish date: Fri, 24 Apr 2015, 01:38 PM
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■ 1Q15 DPU missed at only 21% of our FY15F. Lower-thanexpected retail contributions the variance. Cut FY15-17 DPU by 5-7%.

■ Retail softness to weigh, near term. Also exposed to weaker office market in 2016.

Maintain HOLD on lack of catalysts. DDM-based TP lowered to SGD1.89 from SGD1.94. Prefer Keppel REIT in office sector.
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