Equity Analysis /

SG : SPH REIT - Recovery priced in

Karmei Eing

Analyst @ CGS-CIMB

Munyee Lock

Head of Regional Property @ CGS-CIMB

1 April 2022

Published by

CGS-CIMB

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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.

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