Suntec REIT’s Fiscal-Year 2018 in Line; 9 Penang Road and Olderfleet Drive Future Growth; FVE Raised
Suntec Real Estate Investment Trust’s full-year 2018 results were in line with our expectations. After rolling forward our forecast and factoring in our latest foreign exchange rate assumptions, we made minor adjustments to our model and raised our fair value estimate to SGD 1.76 per unit from SGD 1.72. Our no-moat and stable moat trend ratings remain unchanged. We think the shares are slightly overvalued at the current price, with future growth factored in, driven by the development of 9 Penang...Suntec Real Estate Investment Trust is a Singapore-domiciled unit trust that invests in income producing real estate and real estate related assets, which are used for commercial purposes. Co. is managed by an external manager, ARA Trust Management (Suntec) Limited. Co.'s subsidiaries include Comina Investment Limited and Suntec Harmony Pte. Ltd.
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