S-REITs Hold DPU Flat as Market Prices in Rate-Cut Optimism: Analyst

Singapore Business Review2025-07-18

CGS International has reiterated its Overweight rating on the sector.Singapore-listed real estate investment trusts (S-REITs) are expected to report largely flat distribution per unit (DPU) growth YoY...

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KDCREIT, in particular, saw a 9% YoY DPU rise supported by new data center contributions and a gearing level of 30.2%.On the other hand, REITs such as ESR-LOGOS REIT (EREIT), Mapletree Logistics Trust (MLT), and Far East Hospitality Trust (FEHT) may post weaker results due to asset exits, refinancing costs, or slow first-quarter performance. Hospitality trusts in general continue to grapple with softer 1Q results despite improved tourist arrivals in April and May.Analysts highlighted two key watchpoints this reporting season: updated average debt cost guidance, which could set the tone for future DPU growth, and potential tariff-related impacts on industrial demand. The downward trend in Singapore’s interest rates, particularly the Singapore Overnight Rate Average (SORA), is seen as a key tailwind for many S-REITs with local debt exposure.CGS International has reiterated its Overweight rating on the sector. S-REITs currently trade at an average 5.75% forecast dividend yield and 0.88x price-to-book value.The brokerage favors KDCREIT and CLAR for their operational strength and balance sheet flexibility, noting that CLAR’s recent $700 million acquisition is DPU-accretive and positioned for upside through lease expiries.Despite short-term earnings volatility, analysts believe the full benefit of easing interest rates has yet to be reflected in current valuations—supporting the case for continued exposure to high-quality REITs.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":10,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1109601493","isCrawlerRequest":true}