SINGAPORE (Oct 27): Maybank Kim Eng is keeping its “neutral” rating on Singapore’s office REITs sector post-3Q16 results from CapitaLand Commercial Trust, Keppel REIT, and Suntec REIT.

“Operating trends were not exciting, but were in line with low expectations,” says Maybank analyst Derrick Heng in a Thursday report. “CCT and KREIT reported inline results, while Suntec REIT missed on weaker than expected retail performance.”

Heng adds that CCT’s proposed redevelopment of Golden Shoe Car Park is “the only material development this results season”. The research house, however, has not yet factored this deal into its forecasts.

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