Broker Name: Lim & Tan Securities
Date of Report: 24 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Suntec REIT (SGX: T82U): “Accumulate” recommendation. Suntec REIT delivered robust distributable income growth (+24.8% y-o-y to S\$57.3m for 1Q26), with Distribution Per Unit up 23.9% y-o-y. Strong performance driven by Singapore Office and Retail portfolios, lower financing costs, and lower Australia withholding tax. Suntec REIT trades at 0.7x P/B, 5.2% yield, and a 16.3% discount to NAV (S\$2.03/unit). Recent block purchase at S\$1.70 is a premium to current trading price. Actionable: Accumulate, focus on price recovery towards NAV.
- iFAST Corporation (SGX: AIY): “Accumulate” recommendation. iFAST reported strong 1Q2026 results (revenue +44.5% y-o-y, net profit +47.5% y-o-y), with AUA at S\$32.64bn (+27.1%). Vision 2030 targets S\$100bn AUA by 2030, implying ~25.6% CAGR. Trades at 21.7x forward PE, 6.8x P/B, 1% dividend yield. Consensus target price S\$12.21 (28.7% upside). Actionable: Accumulate, focus on growth and upside to target price.
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