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📌 OUE REIT: Resilience and Capital Discipline at the Core

📈 DPU Growth Amid Soft Hospitality
In 1H 2025, OUE REIT’s distribution per unit rose 5.4% YoY to 0.98 cents, supported by strong commercial performance and effective capital management. Core DPU, excluding capital distribution in 1H 2024, grew an even stronger 11.4% YoY.

🏢 Commercial Segment Strength
Commercial (office & retail) revenue increased 3.6% YoY to S$86.1 million, with NPI climbing 5.1% YoY to S$65.2 million on a like-for-like basis. The portfolio achieved committed occupancy of 95.5%, while average passing rent rose 0.8% QoQ to S$10.86 psf/month. Office lease renewals were healthy, posting rental reversion of +9.1% in 2Q 2025.

🛍 Mandarin Gallery Momentum
Mandarin Gallery maintained occupancy at 99.0% and achieved stellar rental reversion of 34.3% in 2Q 2025. Average passing rent rose to S$22.22 psf/month, now 1.2% above pre-pandemic levels in 2019.

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💼 Proactive Capital Management
Aggregate leverage eased 30 bps to 40.3% as of 30 June 2025. Interest cost held steady at 4.2% p.a., with 71.1% of debt hedged and an average debt term of 2.7 years. Interest coverage improved to 2.2×, comfortably above covenant thresholds.

🌱 Green Financing Milestone
OUE Bayfront was refinanced through Singapore’s first green loan for the asset, underscoring OUE REIT’s focus on sustainable financing practices.

🔍 Valuation & Analyst Sentiment
Phillip Securities maintains a BUY rating with a target price of S$0.40, implying FY25e yield of 6.4% and trading at 0.54× P/NAV.

DBS and KGI also rate BUY/OUTPERFORM, while consensus 12-month target prices range around S$0.34–0.35, suggesting modest upside potential.

⚖ Competitive Landscape
Within the S-REIT space, OUE REIT differentiates itself with a balanced portfolio across CBD-grade A office, retail, and hospitality.

This contrasts with CapitaLand Integrated Commercial Trust (CICT) and Frasers Centrepoint Trust (FCT), which lean more toward retail, and CDL Hospitality Trusts, which are more exposed to hotel cyclicality.

OUE’s flagship assets like One Raffles Place, OUE Bayfront, and OUE Downtown Office ensure strong rental resilience, while its hospitality exposure provides cyclical upside in recovery phases.

📈 Conclusion
With resilient commercial fundamentals, disciplined capital management, and attractive valuations, OUE REIT remains one to watch for yield-seeking investors positioning for long-term stability with selective growth upside.

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Cheers,

James -Dissecting-Stocks-in-1-min- Yeo