“We expect S-REIT DPUs to rise at a 2-year CAGR of c.6%, led by a +8-20% jump for retail REITs,” the Maybank Kim Eng said in a report.
Singapore was recently placed under Phase 2 following a rise in COVID-19 cases last May. The outbreak has since been controlled, allowing Singapore to transition to less restrictive Phase 3 . “They have not disclosed rental waivers , but we see limited impact to DPU at 0.5-1.5%,” the report also noted.S-REITS, according to Maybank, gained 2.4% month-on-month to outperform the market. It was boosted by a 20-30 basis point pull-back in the UST 10-year yield since end-Apr.
“Capital flows into yield names remain strong, underpinned by recovering cashflows and DPUs,” it said.wide DPUs are more resilient from AUM expansion, with sound balance sheets and low interest rates supporting acquisition upside in the next 12- 24 months.
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