After factoring in around $4 million in retained income, 2HFY2024 income to be distributed to unitholders was up 0.8% y-o-y to $39.3 million. This translates to a distribution per unit (DPU) of 2.929 cents which remained flat y-o-y, after accounting for 20% of the management base fee and a lower payout ratio of 90.2%.
Analysts at CGS International (CGSI) and PhillipCapital have both kept their respective “add” and “buy” calls on Sasseur REIT, with the former lowering the target price (TP) to 85 cents from 93 cents previously and the latter to 81 cents from 84 cents previously.
For the 2HFY2024 period, the REIT reported an entrusted management agreement (EMA) rental income of $62.2 million, a marginal 0.3% y-o-y dip, dragged by weaker foreign exchange (forex) and lower variable income.
