Overall, they forecast a 1% per annum (p.a.) decline in overall S-REIT DPU, with larger DPU declines for some REITs, such as Mapletree Industrial Trust (MINT),
JPMorgan has taken a ‘cautious’ outlook on Singapore REITs (S-REITS), saying that they expect a decline in distribution per unit (DPU) as well as a potential economic slowdown to weigh on share price performance in 2023.
In their report dated Dec 15, analysts Mervin Song, Terence Khi and Cusson Leung write that their DPU forecasts for FY2023 and FY2024 are 2% to 17% below consensus estimates, explaining that DPU declines over the next two years are likely.
