Suntec Reit has consolidated below the 1.62 resistance level for about 3 months already and finally we have seen some interest today and a slight attempt to break above, more confirmation needed though. The high set today is 1.63 currently. Can be a possible potential trade setup if the 1.63 level clears out. Target will then be to 1.70 then 1.80 in the near term. 1.70 resistance level is also the 200 DAY MA(Dotted blue line) so a break above that level can also signal more strength in the uptick.
Stop loss at 1.595 for short term trades.
OCBC – 13 September 2013
Suntec REIT: Unveils Suntec City’s new look
Suntec REIT announced yesterday that its major enhancement of Suntec City has reached a milestone with the opening of Phase 1 and Suntec Singapore. Management reported that Suntec Singapore has hosted 96 events and 650k visitors since opening in Jun 2013, affirming its status as an attractive Meetings, Incentives, Conventions and Exhibitions (MICE) destination, and expects a full calendar ahead for 2013 with customers like Spikes Asia, IFLA etc. The newly created retail space at Phase 1 now houses ~100 retail outlets and 50 F&B restaurants, including UNIQLO’s largest outlet in Singapore. We continue to believe that the outlook and valuation remains attractive for Suntec REIT. Maintain BUY with an unchanged fair value estimate of S$1.80.
Suntec REIT announced yesterday that its major enhancement of Suntec City has reached a milestone with the opening of Phase 1 and Suntec Singapore. Management reported that Suntec Singapore has hosted 96 events and 650k visitors since opening in Jun 2013, affirming its status as an attractive Meetings, Incentives, Conventions and Exhibitions (MICE) destination, and expects a full calendar ahead for 2013 with customers like Spikes Asia, IFLA etc. The newly created retail space at Phase 1 now houses ~100 retail outlets and 50 F&B restaurants, including UNIQLO’s largest outlet in Singapore. We continue to believe that the outlook and valuation remains attractive for Suntec REIT. Maintain BUY with an unchanged fair value estimate of S$1.80.
DBSV – 23 August 2013
StanChart – 20 July 2013
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