FCT, Suntec & OUE Earnings: Steady DPU! Do You Prefer “Stable Yield” or “Explosive Growth”?
Following yesterday’s good vibe, we have another 3 stellar S-REITs announcing their results!
1. $Frasers Cpt Tr(J69U.SI)$ YTD +19.86%
FCT delivered another steady set of results for H2 FY2025, with revenue and NPI up double digits on the back of new acquisitions and strong suburban retail performance, though DPU growth (+0.6%) trails peers due to acquisition costs.
Revenue: S$205.2M (+14.3% y-o-y)
NPI: S$144.3M (+12% y-o-y)
DPU (H2): S$0.06059 (+0.6% y-o-y)
Occupancy: 98.1% ｜ Rental reversion: +7.8% ｜ Leverage: 39.6%
Growth was driven by the acquisition of Northpoint City South Wing (May 2025) and contributions from Tampines 1, which completed its AEI in August 2024.
Broad-based rental growth and higher shopper traffic (+1.6%) lifted overall portfolio performance, while tenant sales grew 3.7% y-o-y.
Slight dip in occupancy (to 98.1%) due to Cathay Cineplexes’ exit from Causeway Point and Century Square, though excluding them, occupancy would have stayed at 99.9%.
2. $Suntec Reit(T82U.SI)$ YTD +21%
Singapore strength drives double-digit DPU growth
Distributable income: $52.4M (+13.4%)
DPU: 1.778 cents (+12.5%)
DPU jumped 12.5% y-o-y to 1.778 cents — one of the strongest jumps this quarter — driven by lower financing costs, stronger performance from its Singapore assets, and a tax provision reversal from its Australia portfolio.
Traffic and sales at Suntec City Mall are expected to rise into year-end festive season, and the MICE segment remains well-supported by government events.
While overseas assets like the UK’s The Minister Building still face vacancy pressure, the domestic rebound clearly led the charge — a refreshing turnaround after several muted quarters.
3. $OUEREIT(TS0U.SI)$ YTD+30.19%
Revenue: $70.5M (-5.6% YoY)
NPI: $57M (-5.8% YoY)
Like-for-like growth: Revenue +1.2%, NPI +2.0%
Leverage: 40.9% ｜ Cost of debt: 4.1% (-10bps)
NPI down 5.8% and revenue down 5.6% y-o-y, but that’s largely because of the Lippo Plaza divestment in Shanghai last year. On a like-for-like basis (excluding that sale), revenue and NPI actually grew 1.2% and 2.0%, driven by resilient Singapore offices and retail assets, with a 9.3% positive office rental reversion.
Hospitality numbers were weaker due to the shift of F1 to October, but overall financing costs continued to decline to 4.1%, with the REIT locking in a record-low 2.75% coupon on new Green Notes.
What's your dividend + reits plan?
Do You Prefer “Stable Yield” or “Explosive Growth”?
REWARDS
All valid comments will receive 5 Tiger Coins (5-50 coins; depend on comment quality)
Tag your friends to win another 5 Tiger Coins
Join our topic and post directly or leave your comments to win tiger coins~
Plus, you can stand a chance to get 100 tiger coins & $5 stock vouchers.
—————
Open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with upcoming 0-commission, unlimited trading on SG, HK, and US stocks, as well as ETFs. Find out more here.
Other helpful links:
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
$Suntec Reit(T82U.SI)$ delivered one of its best quarters in a while, with DPU up 12.5% thanks to stronger Singapore performance and lower financing costs. The rebound in MICE events and festive season boost at Suntec City Mall should support momentum, even as overseas assets face some pressure.
$OUEREIT(TS0U.SI)$ headline dip was mainly due to its earlier divestment, but underlying numbers show resilience, with positive rental reversions and lower borrowing costs. Personally, I prefer the “stable yield” route — focusing on well-managed REITs with predictable income.
@Tiger_SG @TigerStars @Tiger_comments
FCT have a history of consistent performance, strong footfall and high occupancy rates. The current occupancy rate is an impressive 99.9%.
The current dividend yield is 4.14%. Dividends are paid twice a year. This is heaps better than putting money in the big banks and Singapore Treasury Bills.
Performance wise, FCT is up 15% year todate.
Analysts are Bullish on FCT with Buy ratings. RHB raised its target price for FCT from SGD 2.50 to SGD 2.70, following FCT 's improved 2nd half earnings for FY25.
I like FCT as I believe that it is a well managed Reit due to its stable financial performance and resilient portfolio of Singapore suburban malls.
@Tiger_SG @Tiger_comments @CaptainTiger @TigerClub
Check them in the history - “community distribution“
A well-rounded dividend and REITs plan should combine steady income from stable REITs with growth potential from higher-risk sectors, and the focus can shift between stability and growth depending on individual investment preferences and market conditions。。。
Tag :
@Huat99
@Snowwhite
可分配收入：5240萬美元(+13.4%)
DPU：1.778美分(+12.5%)
DPU跳轉同比12.5%至1.778美分——本季度最強勁的漲幅之一——推動降低融資成本、新加坡資產表現強勁，以及稅項撥備撥回來自其澳大利亞投資組合。
新達城購物中心的客流量和銷售額預計將在年底節日期間上升，而會展板塊仍然受到政府活動的大力支持。
收入：2.052億新元（同比+14.3%)
NPI：1.443億新元（同比+12%)
DPU（H2）：0.06059新元(+0.6%同比)
入住：98.1%｜租金復歸：+7.8%｜槓桿：39.6%
增長是由收購北角城南翼（2025年5月）以及來自淡濱尼1，於2024年8月完成AEI。
Seriously though, I have huge skepticism after seeing how COVID wrecked commercial spaces, so REITs focused on malls would not be my go-to. After all, we never truly learned the lesson (look at the people coughing out in the open with covering their mouths, going to work sick, etc.)
先说FCT，它继续证明了“郊区零售王”的实力。北角城南翼的收购和淡滨尼1的AEI都立刻带来了业绩增厚。虽然DPU仅微升0.6%，但我认为这是短期被收购成本拖累，长期看租金复归+7.8%非常健康。消费者流量和租户销售的双增长，也说明郊区商场仍是金饭碗。
至于Suntec REIT，这份成绩单算是惊喜。DPU飙升12.5%，不仅得益于本地资产强劲，也靠税项拨回等一次性因素。虽然海外资产依旧承压，但我觉得“新达城+会展经济”的组合，让它有望在年底旺季再冲一波。
OUEREIT则是“稳中有进”。虽然账面上NPI下降，但剔除去年撤资影响后其实是增长的。办公租金复归正数说明市场在回暖，再加上融资成本下降至4.1%，管理层控得非常稳。
如果问我偏好，我个人倾向“稳定收益”派。REITs本质上是现金流游戏——稳健的租金、合理的杠杆和持续派息，才是长期胜出的关键。
Suntec REIT buy for the stable income and most importantly get a 2nd attempt by the offerer again..
As for FCT, looking for a big merger within the Fraser group..