UI Boustead REIT (UIBO.SI): Strong Occupancies Underpin Stable Income

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UI Boustead REIT (UIBO.SI): Strong Occupancies Underpin Stable Income

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27 Jul 2026 08:40:41 ET │ 12 pages

UI Boustead REIT (UIBO.SI)

Strong Occupancies Underpin Stable Income

CITI'S TAKE

Buy We expect UI Boustead REIT's (UIBREIT) first set of results (since listing on

12-Mar-26) to have a neutral share price reaction, given the limited Price (27 Jul 26 17:06) S$0.84

financial disclosures, while the NPI miss (vs. IPO forecast) should be Target price S$1.00

neutralized by a beat on JV results and significant improvement in Expected share price return 19.0%

occupancies (especially at 2 Japan properties which are now 100% from Expected dividend yield 8.2%

>76% vs. 9 months ago) since Sep-25. UIBREIT (-5%) has underperformed Expected total return 27.2%

S-REITs (+1%) since its listing date (at price of S$0.88). However, we

Market Cap S$1,147M maintain our Buy rating given the attractive FY27E yield of 8.2%, sizable

US$889M exposure to Singapore (71/83% of AUM/NPI) and well-diversified

industrial portfolio.

NPI/JV results below/above IPO forecasts — NPI (from listing date of 12-Mar-26 Brandon LeeAC

to 30-Jun-26) of S$29.2m came in 4.3% below IPO forecast (7.5% below our +65-6657-1118

forecasted S$31.6m), mainly due to weaker Yen vs. SingDollar and delay in lease brandon2.lee@citi.com

commencement for a vacant unit at UIB Konan Phase 2 (UIBK2). On the bright side,

better performance at Razer SEA HQ and 6 Tampines Industrial Avenue 5 resulted in

share of results from JV (S$3.3m) at 30.3% above IPO forecast, which should

neutralize the NPI miss on our estimates. Gearing of 36.4% (-0.6%pts

QoQ; excluding Consumption Tax Debt Facilities which will be refunded by FY27E)

implies ~S$130m of debt headroom before hitting 40%, but upon completion of