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CGS-CIMB maintains 'hold' on OUE C-REIT, cuts TP after 1HFY2022 DPU miss

Jovi Ho
Jovi Ho8/2/2022 09:50 AM GMT+08  • 3 min read
CGS-CIMB maintains 'hold' on OUE C-REIT, cuts TP after 1HFY2022 DPU miss
OUE C-REIT’s DPU of 1.08 cents, down 12.2% y-o-y, missed expectations at 39.9% of CGS-CIMB’s forecast.
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OUE Commercial REIT (OUE C-REIT) may be riding on recovery in Singapore and China, but a weak 1HFY2022 distribution per unit (DPU) of 1.08 cents missed CGS-CIMB Research’s forecasts, as revenue and net property income (NPI) declined y-o-y.

OUE C-REIT’s 1HFY2022 ended June revenue and NPI of $115.8 million and $93.6 million were down 13.3% and 14.2% y-o-y respectively, coming in at 46.3% and 47.2% of CGS-CIMB’s FY2022 estimate.

Following OUE C-REIT’s 1HFY2022 results release last week, CGS-CIMB Research analyst Lock Mun Yee maintains “hold” on the REIT with a lower target price of 39 cents, down from 43 cents previously.

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