CEREIT’s 1HFY2023 DPU of 7.79 Euro cents came in 10.4% lower than the DPU of 8.695 Euro cents in the 1HFY2022, which Natarajan attributes to income contribution for the last year from two assets that are currently undergoing redevelopment.
Despite a lower 1HFY2023 ended in June reported distribution per unit (DPU) from Cromwell European REIT (CEREIT), analysts at RHB Bank Singapore and DBS Group Research have kept their “buy” calls on the backings of a robust balance sheet, and resilient operational quarter.
RHB’s Vijay Natarajan has an unchanged target price of EUR2.15, noting “solid execution” from CEREIT, while Dale Tan and Derek Lai from DBS have lowered their target price to EUR2 from EUR2.10 previously.
