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
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http://www.ocbcresearch.com/
2016-11-02
OCBC Investment
SGX Stock
Analyst Report
0.650
Same
0.650
