The following is an excerpt of a research report from CIMB.

2Q/1H18 DPU of 1.06 Scts/2.18 Scts was in line with our estimates, at 24%/49% of our FY18 forecast. Slight dip in committed portfolio occupancy to 95.2%. OUEB and LP enjoyed positive rental reversion on the back of rising spot rents. Maintain Hold with unchanged TP of S$0.75.

OUECT reported a 2.6% yoy decline in 2Q18 revenue to S$43.1m dragged by lower committed portfolio occupancy of 95.2% and negative rental reversions at One Raffles Place (ORP).

Distributable income fell a greater 7.5% yoy to S$16.5m, further eroded by higher financing costs.

DPU of 1.06 Scts was 7.8% lower yoy on a slight expansion in units base.

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OUE Bayfront’s (OUEB) committed occupancy slipped slightly to 97.6% in 2Q (from 98.2% in 1Q) while average passing …