[ET Net News Agency, 20 January 2020] DBS Group Research tweaked its target price for
Sunlight REIT (00435) to HK$5.87 from HK$5.9 and maintained its "buy" rating.
Despite slowing leasing demand, the spot rate at Sunlight Tower in Wan Chai has been
stable at HK$45psf, the research house said. About 21% of leases are scheduled for expiry
in FY2020, with expiring rents of HK$40psf.
Rental reversion should stay healthy at >10% in FY2020. The HK$50m asset enhancement
works at Strand 50 in Sheung Wan is largely completed.
Occupying 29,000sf of space, co-working space operator, theDesk, has fully opened for
business. This not only brings the property's occupancy back to >90% but has also given a
boost to passing rents. Two eateries on the ground floor will gradually open for business.
At The Harvest in Mongkok, Sunlight REIT has filled up the office space vacated by Chong
Hing Bank with semi-retail or serviced trades, which are now impacted by the ongoing
protests. Overall, Sunlight REIT's office income should remain in good shape. (KL)
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00435 SUNLIGHT REIT
Nominal 
1.490 -0.020 (-1.325%) Others
20/01/2020 11:55
{I-bank focus}DBS tweaks Sunlight REIT (00435) to HK$5.87
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