SINGAPORE (Nov 3): CIMB is lowering OUE Commercial REIT FY18-19’s DPU estimates slightly to factor in the additional debt as well as relook its forward rental growth assumptions.
To recap, OUE CT reported a 2.1% decline in 3Q17 revenue to $43.3 million while distribution income came in 3.4% higher y-o-y at $17.8 million, helped by the absence of manager’s performance fees and higher income support drawdown.
However, DPU of 1.15 cents was 13% lower y-o-y due to dilution from the private placement done in March this year.
