For the period, OUE C-REIT reported a 19.8% increase in revenue to $138.8 million while net property income (NPI) increased 23.1% y-o-y to $115.3 milion, led by a strong 35.8% y-o-y improvement in hospitality revenue to $45.8 million. Commercial rental revenue also rose 13.3% y-o-y to $93 million in 1HFY2023.
Analysts from CGS-CIMB Research have kept their “hold” recommendation on OUE Commercial REIT (OUE C-REIT) (SGX:TS0U
) with an unchanged target price of 36 cents after the REIT’s 1HFY2023 ended June 30 results.
In their report dated July 28, Lock Mun Yee and Natalie Ong say that the REIT’s distribution per unit (DPU) of 1.05 cents for the six-month period, down 2.8% y-o-y, was in line with 49.5% of their full-year FY2023 forecast.
