Published:
Suntec REIT's revenue predicted to dip 5.5%
Blame it on SCM's renovations.
According to Maybank Kim Eng, Suntec’s 2Q13 DPU is likely to be lackluster, dragged down by Suntec City Mall’s (SCM) ongoing renovation works.
Here's more:
We estimate that the largest dip on FY13 DPU will occur in both 1Q & 2Q13, when Phase 1 new tenants have yet to start paying rentals and Phase 2 old tenants are being vacated for the AEI.
We noted that many Phase 1 tenants (H&M, Uniqlo, etc.) have begun operations in Jun, but they are likely to be still on rent-free periods (1-2 mths). We forecast 2Q13 DPU at 2.23 SG-cts (flat QoQ; -5.5% YoY) and FY13 DPU at 9.23 SG-cts. (-2% YoY).
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