Suntec Real Estate Investment Trust

T82U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Suntec REIT: Business Update in Line With Expectations; Units Fairly Valued

Xavier Lee

Oct 25, 2024

We retain our fair value estimate of SGD 1.38 per unit after Suntec REIT’s in-line third-quarter 2024 business update. Third-quarter distribution per unit, or DPU, fell 11.9% year over year due to the absence of capital distribution and vacancies at 55 Currie Street and The Minster Building. These were offset by better operating performances at Suntec City offices, MBFC properties, One Raffles Quay, and Southgate Complex. With no surprises, we left our estimates broadly unchanged and think the units are fairly valued currently.

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Suntec Real Estate Investment Trust

Suntec REIT: Business Update in Line With Expectations; Units Fairly Valued

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