0518 GMT - Suntec REIT's fundamentals appear to be improving, Maybank Research's Li Jialin says in a research report, citing results for the first nine months of 2024. There are signs that the REIT's U.K. assets are bottoming out and the occupancy of its Australian portfolio is improving, the analyst says. Positive rent growth of mid to high single digits for Suntec offices is likely to extend into 2025, and management has seen demand for office space of about 5,000 square feet. Management expects rental rate increases of 10%-15% in 2025, and stronger top-line contribution from the retail portion, the analyst notes. Maybank raises the REIT's target price to S$1.25 from S$1.10 with an unchanged hold rating. Units are 0.8% lower at S$1.22. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
October 29, 2024 01:18 ET (05:18 GMT)
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