“Low-base effects caused by the pandemic are dissipating, which sets companies up for tougher comparisons for 3QFY2023/2HFY2023. Reversions will be positive as Covid-era rents are marked to market,” Guha notes.
Maybank Securities' Krishna Guha has maintained his “neutral” call on Singapore REITS (S-REITS), ahead of the sector’s results for the 3QFY2023 or 2HFY2023.
In his Oct 12 note, the analysts says that he is “waiting for Godot”, as the repricing of debt and foreign exchange (forex) translation losses are likely to outweigh operational resilience across most sub-sectors, leading to lower distribution per unit (DPU). At the moment, consensus DPU estimates are down 1.5%.
