Wednesday, December 15, 2010


Suntec: Nomura maintains Buy at $1.72 despite issuance of new units for acquisition of 33% stake in MBFC. Suntec’s office portfolio increases to 2.4m sf vs (1.9m sf prev) Faster than expected pick-up in rents and capital values supported by squeeze in “reported” vacancies to result in growth...

This is in line with house’s property report favouring office sector. Nomura notes that Suntec has also completed its private placement for its initial portfolio of properties. Suntec’s 2010e yield is currently at 6.4%

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