Suntec

Suntec: Recent 2Q10 were generally in line with expectations. Despite incoming supply of new Grade A office space, Suntec’s office rentals and occupancy are expected to remain more buffered than peers as its tenants comprise a diversified mix of companies in the resources, shipping and legal services sectors, which are less likely to move premises. Suntec trades at 6.9% consensus FY10E yield, 0.8x PB.