Suntec REIT Likely Benefiting From Rebound of Events in Singapore -- Market Talk

Dow Jones01-29

0340 GMT - Suntec REIT is likely benefiting from a rebound in various events such as conventions in Singapore, UOB Kay Hian analyst Jonathan Koh says in a research report as the brokerage raises the REIT's target price to S$1.28 from S$1.23 with an unchanged hold rating. Net property income of the REIT's Suntec Singapore Convention & Exhibition Centre rose 39% on year in 2H thanks to earlier-than-expected recovery of these events to pre-pandemic levels, the analyst notes. Also, the delay of Marina Bay Sands' integrated-resort expansion offers an opportunity for the REIT's Suntec Singapore Convention & Exhibition Centre to capture larger share of increase in conventions, the analyst adds. Units are 1.7% higher at S$1.21. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

January 28, 2024 22:40 ET (03:40 GMT)

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Also, the delay of Marina Bay Sands' integrated-resort expansion offers an opportunity for the REIT's Suntec Singapore Convention &amp; Exhibition Centre to capture larger share of increase in conventions, the analyst adds. Units are 1.7% higher at S$1.21. 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