Broker: DBS
Date of Report: 28 Apr 2026
Ticker: SERT_SP_Equity
Excerpt from DBS report
Report Summary
- Action: Maintain BUY
- Target Price: EUR 1.90
- Key Idea: Redeployment of capital will be key to earnings growth.
- Highlights:
- 1Q26 DPU of 3.423 Euro cents, up 1.5% y/y, forms c.26% of FY26 projections.
- Positive rental reversions (+3.9%) mainly from logistics and light industrial portfolio.
- Additional investment into AiOnX expected to provide recurring income and NAV upside.
- Like-for-like net property income (NPI) rose 2.3% y/y, despite revenue/NPI declining 1.2%-1.3% due to FY25 asset divestments ahead of capital recycling.
- Portfolio occupancy remains high at 92.8%, but aggregate leverage is elevated at 42.7%.
- Key risks: High gearing, potential rise in borrowing costs as interest rate swaps roll off, and office portfolio performance.
above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com/insightsdirect/company/TR5059090620
