Stock Name: SuntecReit
Company Name: SUNTEC REAL ESTATE INV TRUST
DBS Vickers Securities in an Apr 25 research report says: "1Q12 gross revenue and NPI rose by 20.1% and 5.0% y-o-y to $73 million and $49 million respectively, largely due to the consolidation of revenue from Suntec Singapore. Additional contribution from Marina Bay Financial Centre (MBFC) Phase 1 also helped to lift distributable income by 3.8% to $54.9 million. "DPU was 2.453 cents representing 28% of our FY2012 forecast. Approximately 193,000 sq ft, or 23% of the Suntec City retail space is expected to undergo AEI works from June 2012. While we expect some downtime in occupancy, the management will mitigate this by carrying out the works in phases. "Suntec offers FY2012-2013F DPU yields of 6.7% and is trading at an undemanding 0.7 x P/BV. Gearing is at a healthy 37.4%. There is also minimum refinancing this year (7% of total debt). Our unchanged DCF-backed target price of $1.45 offers a total return of close to 20%. MAINTAIN BUY."
Company Name: SUNTEC REAL ESTATE INV TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.45 |
DBS Vickers Securities in an Apr 25 research report says: "1Q12 gross revenue and NPI rose by 20.1% and 5.0% y-o-y to $73 million and $49 million respectively, largely due to the consolidation of revenue from Suntec Singapore. Additional contribution from Marina Bay Financial Centre (MBFC) Phase 1 also helped to lift distributable income by 3.8% to $54.9 million. "DPU was 2.453 cents representing 28% of our FY2012 forecast. Approximately 193,000 sq ft, or 23% of the Suntec City retail space is expected to undergo AEI works from June 2012. While we expect some downtime in occupancy, the management will mitigate this by carrying out the works in phases. "Suntec offers FY2012-2013F DPU yields of 6.7% and is trading at an undemanding 0.7 x P/BV. Gearing is at a healthy 37.4%. There is also minimum refinancing this year (7% of total debt). Our unchanged DCF-backed target price of $1.45 offers a total return of close to 20%. MAINTAIN BUY."
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