Broker Name: Maybank Research Pte Ltd
Date of Report: January 26, 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary:

• Suntec REIT delivered a strong FY25 performance with DPU up 13.6% YoY, driven by significant interest savings, resilient Singapore office and retail rental growth, and stable capital management. The cost of debt fell, and further improvements are expected as higher-rate swaps roll off.
• The REIT’s overseas portfolio remains a drag but is showing signs of recovery, especially in Australia and the UK, with lease commencements and backfilling expected. Management is considering monetising mature assets and reconstituting the portfolio for debt repayment and unitholder returns.
• Maybank has raised its target price by 11% to SGD1.56 and maintains a BUY rating, noting risks from slower overseas occupancy ramp-up, retail sales, interest rates, and divestment pace. The REIT’s strong governance, sustainability efforts, and proactive leasing support its investment case.
• Financial metrics indicate stabilising DPUs, high but manageable gearing, and strong income margins. Suntec City remains the flagship asset, and ongoing asset enhancement initiatives underpin future growth.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research website : https://www.maybank-keresearch.com