Suntec Real Estate Investment (T82U) AI Stock Analysis

• Market Cap: $4.43B
• Dividend Yield: 4.55%
• Average Volume (3M): 6.70M
• Price to Earnings (P/E): 27.7
• Beta (1Y): 0.69
• Revenue Growth: 0.01%
• EPS Growth: -110.22%
• Country: SG
• Employees: 1,300
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.07
• Shares Outstanding: 2,955,540,300
• 10 Day Avg. Volume: 5,731,840
• 30 Day Avg. Volume: 6,695,019
• PEG Ratio: -2.77
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 8.64
• P/FCF Ratio: 22.27
• Enterprise Value/Market Cap: 1.92
• Enterprise Value/Revenue: 15.33
• Enterprise Value/Gross Profit: 24.56
• Enterprise Value/Ebitda: 25.48
• 1Y Price Target: $1.55
• Price Target Upside: 7.59% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: S$1.50 ▲(4.17% Upside)

The score is driven mainly by stable-but-softening financial performance (contracting revenue and weakening cash flow, with leverage still a key risk) and only mildly supportive technicals. Valuation is a headwind due to the relatively high P/E, partially offset by a moderate dividend yield.

Positive Factors

High-quality, well-located property portfolio

A portfolio focused on high-quality, well-located assets and diversified tenant leases supports stable rental income and lower vacancy risk over time. This underpins predictable distributable cash for a REIT and preserves long-term cashflow stability versus opportunistic portfolios.

Improving leverage trend

A declining debt-to-equity ratio reduces refinancing stress and improves balance-sheet resilience. Gradual deleveraging enhances flexibility to withstand rate cycles and pursue asset enhancements or selective acquisitions without materially increasing refinancing risk.

Historically strong cash conversion

Consistent alignment of free cash flow with net income indicates earnings quality and reliable cash generation. For a REIT, this supports sustainable distributions and funding for asset maintenance or enhancements, even if growth is currently muted.

Negative Factors

Revenue and earnings weakening

Sustained declines in revenue and operating cash flow reduce distributable income and limit organic growth funding. Continued downtrends compress margin resilience and raise structural questions about rent renewals, leasing demand, or asset mix for the coming quarters.

High absolute debt burden (~$4.45B)

A large nominal debt load increases exposure to rising rates and refinancing risk, constraining capital allocation. Even with improved ratios, high absolute debt can limit acquisitions, hinder asset enhancements, and amplify downside if property cashflows soften.

Declining free cash flow momentum

Multi-year negative free cash flow growth weakens the REIT's ability to sustain distributions, invest in asset enhancements, or accelerate deleveraging. Persistent FCF deterioration signals structural demand or margin pressures rather than a short-lived timing issue.

Suntec Real Estate Investment Business Overview & Revenue Model

Company Description

Listed on 9 December 2004, Suntec REIT holds properties in Suntec City, Singapore's largest integrated commercial development (including one of Singapore's largest shopping Mall), a 66.3% interest in Suntec Singapore Convention & Exhibition Centre, a one-third interest in One Raffles Quay, a one-third interest in Marina Bay Financial Centre Towers 1 and 2 and the Marina Bay Link Mall, and a 30.0% interest in 9 Penang Road. Suntec REIT holds a 100% interest in a commercial building located at 177 Pacific Highway, Sydney, a 100% interest in a commercial building located at 21 Harris Street, Pyrmont, Sydney, a 50.0% interest in Southgate Complex, Melbourne, a 50.0% interest in a commercial building located at Olderfleet 477 Collins Street, Melbourne and a 100% interest in a commercial building located at 55 Currie Street, Adelaide, Australia. Suntec REIT also holds a 50.0% interest in Nova Properties located in London, United Kingdom. Its aim is to invest in income-producing real estate which is primarily used for office and/or retail purposes. Suntec REIT is managed by an external manager, ARA Trust Management (Suntec) Limited.

How the Company Makes Money

Suntec Real Estate Investment generates revenue primarily through leasing its properties to tenants, which provides a steady stream of rental income. The company benefits from long-term leases with diversified tenants across various sectors, reducing the risk associated with vacancy rates. Additionally, Suntec may realize capital gains through the appreciation of its property values. The REIT model allows the company to distribute a significant portion of its taxable income to unitholders, creating an attractive investment proposition. Strategic partnerships with property management firms and developers can also enhance operational efficiencies and maximize returns on investments. Furthermore, the company's involvement in redevelopment and asset enhancement initiatives can lead to increased property value and income potential, contributing to its overall earnings.

Suntec Real Estate Investment Financial Statement Overview

Summary

Solid REIT profitability and generally good cash conversion, but fundamentals are decelerating: revenue contracted in 2024 and weakened further in 2025, with declining operating/free cash flow momentum. Leverage has improved versus 2020, yet absolute debt remains high and equity has drifted down, limiting flexibility.

Income Statement

Profitability is solid for a REIT, with strong gross profit levels and generally healthy earnings in recent years, but the growth profile has weakened. Revenue growth turned negative in 2024 and fell further in 2025 (annual), and net income has been flat-to-down versus the 2022 peak. Results also show historical volatility (notably a loss in 2020 and unusually elevated profit levels in 2021–2022), which reduces confidence in the durability of the earnings run-rate.

Balance Sheet

The balance sheet looks reasonably supported by equity, with debt-to-equity improving from ~0.80 (2020) to ~0.66 (2023–2024), indicating moderating leverage over time. However, absolute debt remains high (~4.45B in 2025 annual), and equity has drifted down from 2022–2025, which can limit flexibility if property values or refinancing conditions weaken. Overall, leverage appears manageable but is still a key risk factor typical of the sector.

Cash Flow

Cash generation is positive and free cash flow has generally tracked reported earnings well in 2021–2024 (free cash flow roughly in line with net income), which is a constructive sign of earnings quality. That said, free cash flow growth has been negative for multiple years (down again in 2024 and more sharply in 2025 annual), and operating cash flow declined in 2025, signaling softer underlying cash momentum. The 2020 period also showed weak free cash flow, highlighting cyclicality.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	554.35M	490.26M	462.74M	498.74M	467.33M	396.00M
Gross Profit	345.96M	309.27M	303.90M	294.11M	407.39M	302.48M
EBITDA	333.46M	230.99M	366.46M	210.81M	347.06M	279.08M
Net Income	-5.00M	177.96M	185.38M	185.38M	476.81M	476.44M
Balance Sheet
Total Assets	11.02B	10.88B	10.95B	11.13B	11.71B	11.69B
Cash, Cash Equivalents and Short-Term Investments	373.35M	195.77M	231.34M	217.93M	269.61M	268.31M
Total Debt	4.05B	4.45B	4.21B	4.26B	4.84B	4.92B
Total Liabilities	4.43B	4.74B	4.47B	4.55B	5.13B	5.19B
Stockholders Equity	6.45B	6.01B	6.35B	6.46B	6.46B	6.40B
Cash Flow
Free Cash Flow	256.10M	190.08M	241.99M	250.56M	270.09M	235.42M
Operating Cash Flow	258.62M	191.16M	254.58M	252.02M	284.18M	243.73M
Investing Cash Flow	216.56M	88.96M	174.73M	698.15M	114.77M	-82.68M
Financing Cash Flow	-286.39M	-316.93M	-414.21M	-1.00B	-383.59M	-116.94M

Suntec Real Estate Investment Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:T82U, the sentiment is Positive. The current price of 1.44 is above the 20-day moving average (MA) of 1.42, above the 50-day MA of 1.39, and above the 200-day MA of 1.24, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 57.68 is Neutral, neither overbought nor oversold. The STOCH value of 46.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:T82U.

Suntec Real Estate Investment Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BUOU	71 Outperform	S$3.83B	18.57	4.77%	6.04%	2.01%	38.17%
ME8U	71 Outperform	S$6.02B	18.33	6.70%	6.51%	-1.96%	175.59%
TQ5	67 Neutral	S$4.71B	20.48	2.37%	4.02%	-18.20%	40.87%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
T82U	62 Neutral	$4.43B	27.68	-0.32%	4.55%	0.01%	-110.22%
K71U	57 Neutral	S$4.84B	23.96	3.21%	7.36%	4.22%	25.85%

Suntec Real Estate Investment Corporate Events

Suntec REIT Overhauls Board and Committees Ahead of Manager Ownership Change

Suntec REIT’s manager, ESR Trust Management (Suntec) Limited, has announced a significant reshuffle of its board and key board committees effective 31 December 2025, driven by director tenure limits and an impending change in ownership of the manager. Two long-serving independent non-executive directors, Mr. Chan Pee Teck Peter and Mrs. Foo Yee Shoon, will retire after reaching a nine-year tenure limit, while non-executive directors Mr. Shen Jinchu and Mr. Matthew James Lawson will step down in line with the anticipated change in ownership, prompting a refreshed governance line-up. The trust is strengthening its oversight structure by appointing Mr. Abdul Jabbar Bin Karam Din as chairman of the Nominating and Remuneration Committee and member of the Audit and Risk Committee, alongside the appointments of Mr. Anthony Charles Philip Couse and Mr. David Alasdair William Matheson to the Nominating and Remuneration Committee, with Mr. Couse also joining the Audit and Risk Committee. The resulting board and committee compositions underscore a continued emphasis on independent oversight and governance continuity as the trust prepares for a transition in its managerial ownership.

The most recent analyst rating on (SG:T82U) stock is a Buy with a S$1.40 price target. To see the full list of analyst forecasts on Suntec Real Estate Investment stock, see the SG:T82U Stock Forecast page.

Suntec Real Estate Investment release contains no substantive content

No company background details were provided in the release.

The document supplied is a PDF viewer placeholder and contains no substantive news, financial or operational information; as a result, investors and other stakeholders have no new data to assess Suntec Real Estate Investment’s performance, strategy, or market positioning and should await the complete release for any material updates or implications.

The most recent analyst rating on (SG:T82U) stock is a Buy with a S$1.40 price target. To see the full list of analyst forecasts on Suntec Real Estate Investment stock, see the SG:T82U Stock Forecast page.

Suntec REIT Manager Set for Acquisition by Acrophyte Asset Management

ESR Trust Management (Suntec) Limited, the manager of Suntec REIT, has announced a proposed acquisition by Acrophyte Asset Management, controlled by Mr. Gordon Tang. This acquisition, pending approval from the Monetary Authority of Singapore, signifies a strategic move to enhance Suntec REIT’s market position and implement value-adding initiatives. Mr. Tang, already a significant stakeholder, expresses confidence in Suntec REIT’s leadership and aims to work closely with the management team to ensure sustainable growth and benefit for all unitholders.

The most recent analyst rating on (SG:T82U) stock is a Buy with a S$1.40 price target. To see the full list of analyst forecasts on Suntec Real Estate Investment stock, see the SG:T82U Stock Forecast page.

Suntec REIT Secures Tax Concessions for Perpetual Securities

Suntec Real Estate Investment Trust has announced a tax ruling regarding its S$250,000,000 fixed rate subordinated perpetual securities. The Inland Revenue Authority of Singapore has ruled that these securities qualify as debt securities, allowing holders to benefit from tax concessions under the Qualifying Debt Securities scheme, provided certain conditions are met. This ruling could enhance the attractiveness of these securities to investors by offering potential tax benefits.

The most recent analyst rating on (SG:T82U) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Suntec Real Estate Investment stock, see the SG:T82U Stock Forecast page.

Suntec REIT Redeems and Cancels S$200 Million Securities

Suntec Real Estate Investment Trust announced the redemption and subsequent cancellation of its S$200,000,000 Fixed Rate Subordinated Perpetual Securities as of October 27, 2025. This move is part of the company’s financial strategy to manage its debt profile and could potentially strengthen its financial position, impacting its stakeholders and market standing positively.

The most recent analyst rating on (SG:T82U) stock is a Buy with a S$1.40 price target. To see the full list of analyst forecasts on Suntec Real Estate Investment stock, see the SG:T82U Stock Forecast page.

Suntec REIT Strengthens Board with New Appointments

Suntec Real Estate Investment Trust has announced the appointment of Mr. Anthony Couse and Mr. Abdul Jabbar as Independent Non-Executive Directors, effective from October 24, 2025. These appointments are expected to enhance the board’s expertise and capabilities, potentially strengthening the company’s strategic positioning and governance.

The most recent analyst rating on (SG:T82U) stock is a Hold with a S$1.50 price target. To see the full list of analyst forecasts on Suntec Real Estate Investment stock, see the SG:T82U Stock Forecast page.