OUE Commercial REIT - OCBC Investment 2016-11-02: 3Q16 numbers holding steady

OUE Commercial REIT - OCBC Investment 2016-11-02: 3Q16 numbers holding steady OUE COMMERCIAL REIT TS0U.SI

OUE Commercial REIT - 3Q16 numbers holding steady

  • OUE Commercial REIT reported that its 3Q16 amount available for distribution and distribution per unit (DPU) increased 31.6% YoY and 29.4% YoY to S$17.2m and 1.32 S-cents, respectively, mainly due to the absence of One Raffles Place contributions (acquired in Oct 2015) in the same period last year and improved performances at OUE Bayfront and Lippo Plaza
  • Management highlighted that, excluding contributions from One Raffles Place, the portfolio continued to show healthy growth in net property income which similarly grew 8.5% YoY. We judge this set of results to be broadly within expectations and 9M16 distribution now forms 81.4% of our full year forecast. 
  • OUECT’s overall portfolio occupancy remained stable at 94.4% (versus 94.5% as at end 2Q16). 
  • Maintain HOLD on OUECT with an unchanged fair value estimate of S$0.65.




Eli Lee OCBC Investment | http://www.ocbcresearch.com/ 2016-11-02
OCBC Investment SGX Stock Analyst Report HOLD Maintain HOLD 0.650 Same 0.650




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