Equity Analysis /
Singapore

SG : SPH REIT - Recovery priced in

    Munyee Lock
    Munyee Lock

    Head of Regional Property

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    CGS-CIMB
    1 April 2022
    Published byCGS-CIMB

    SPH REIT’s 1HFY8/22 DPU of 2.68 Scts came in line at 50.8% of our FY22F. We expect better operating environment on easing Covid-19 restrictions. But market seems to have priced in a recovery. Downgrade from Add to Hold.