Suntec REIT cut to 'hold' by UOB Kay Hian with higher target price of $2.08

Stock Name: Suntec Reit
Company Name: SUNTEC REAL ESTATE INV TRUST

Research House: UOB KayHian

Price Call: HOLD

Target Price: 2.08

SINGAPORE (Jan 23): UOB Kay Hian is downgrading its "hold" call on Suntec REIT with a higher target price of $2.08 from $2.05 previously.

In a report today by analyst Vikrant Pandey, UOB sees limited upside in the REIT after the 26% yoy surge in its share price.

Management has also noted the challenging operating environment for the retail segment that resulted in a qoq drop in Suntec Mall's overall committed rents.

In the latest 4Q14, Suntec REIT reported a DPU of 2.557 cents, up 0.6% from a year ago and up 0.8% from the previous quarter.