Singapore Stock Market News
SPH REIT - Steady as she goes
StockFanatic
Publish date: Wed, 08 Jul 2015, 12:54 PM
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SPH REIT's results were in line with expectations, with 3Q/9MFY15 DPUs at 25%/75% of our full-year forecast. YTD, the REIT recorded positive rental reversion of 9.2% for 17% of its portfolio by NLA. We expect the portfolio to remain stable, with most of the leases expiring in FY15 renewed. We maintain our Hold rating and DDM-based target price of S$1.07 as we believe the REIT is fairly valued at 5.2% FY15F dividend yield (vs. peers average of 5.6%). Re-rating catalyst could come from potential yield-accretive acquisition of The Seletar Mall, given the REIT's below-peers gearing of 26%.
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