E-LOG’s portfolio occupancy increased 92.9% q-o-q in 1HFY2023. The REIT recorded positive rental reversion of 11.6% during the period, mainly from its Singapore lease renewals. “While management continues to be upbeat on its portfolio rental reversions, the slower macro outlook could temper the quantum of increment for the rest of FY2023, in our view,” Lock and Ong say.
Analysts at CGS-CIMB Research and DBS Group Research have kept their “add” and “buy” calls on ESR-LOGOS REIT (E-LOG) (SGX:J91U
) following the REIT’s 1HFY2023 ended June results announcement.
For the period, E-LOG posted DPU of 1.376 cents, down 5.6% y-o-y due to an enlarged units base post-merger as well as a $300 million equity fund raising exercise. The DPU is slightly above CGS-CIMB’s forecast at 52.9%, CGS-CIMB analysts Lock Mun Yee and Natalie Ong note.
