SPH REIT

SPH REIT: In maiden results for period between 24 Jul to 30 Nov, net property income was $51.4m (+1.8% vs pro forma), while net distributable income was $46.5m (+3.2% vs pro forma). DPU is 1.86¢ (vs 1.80¢ pro forma), while NAV was $0.90. 27 leases were signed in the period, with 11.7% rent reversion, led by Paragon, +12.4%. Most of the leases expiring in 2014 have been renewed/ re-let and more than 90% of the tenants by NLA have committed for a second lease term. At FY14 yield of 5.3%, market may have already priced in the fairly slow and steady growth outlook. CS is Neutral SPH REIT with TP $1.05