Excerpts from CGSCIMB report
SPH Reit (SGX: SK6U)
- Change of FY from 31 Aug to 31 Dec. FY22 will be a 16M period ending 31 Dec 22. 12M22 DPU of 5.52 Scts (+2.2%) in line at 78.3% of our 16M22F.
- Tenant sales across portfolio recovered to 89%-99% of pre-COVID levels. Negative portfolio reversions narrowed yoy from -8.4% to -2.8% in 12MFY22.
- FY22-24F DPU tweaked -0.1%-33.7% due to change in FYE/higher rental growth assumptions. Recovery priced in.
Stay Hold, higher S$0.96 DDM TP.
SPH Reit 12M22 DPU of 5.53 Scts (+2.2%) was in line, forming 78% of 16M22F
SPH Reit (SPHREIT) has announced a change of FYE from 31 Aug to 31 Dec to align with its sponsor, Cuscaden Peak. FY22 will be a 16M period from 1 Sep 21 to 31 Dec 22.
12MFY22 DPU of 5.53 Scts (+2.2% yoy) was in line, forming 79% of our 16MFY22F. 12MFY22 revenue grew 1.7% yoy on the back of lower rental reliefs given and step-up in rents while NPI margin grew 3.5% on NPI margin improvements due to lower property expenses....
