Broker Name: CGS International Securities (CGSI)
Date of Report: October 27, 2025

Excerpt from CGSI report.

Report Summary

• Suntec REIT reported a 13.4% year-on-year increase in distributable income for 3Q25, mainly due to stronger performance from its Singapore office and retail assets, lower finance costs, and one-off tax reversals. Dividend per unit (DPU) of 1.778 Scts exceeded expectations, with stable gearing and improved cost of debt.
• The Singapore portfolio saw high occupancy rates and positive rental reversions, while Suntec Mall recorded robust tenant sales and rental growth. However, challenges remain in the Australia and UK office markets, limiting near-term upside. The report maintains a Hold rating with a S\$1.39 target price, citing limited catalysts ahead but notes upside potential from quicker asset recycling or improved funding costs.

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