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Singapore Press Holdings (SPH) released a business update for its first quarter ended November where it reported an improved operational performance with the gradual recovery in the economy. Within the retail segment, SPH REIT witnessed a high occupancy rate of 98.8% across its portfolio. Its cost structure remains efficient with cost of debt (ex perps) at 1.68%, weighted average term to maturity at 2.7 years, and debt repayments staggered across the next five years. Further, its revolving credit lines of S$225mn remain undrawn. On its purpose-built student accommodation (PBSA) projects in the UK, SPH said that it has secured 98.7% of target revenue with a potential to exceed its target as there are still unoccupied units. The division is having a strong start to the academic year (AY) 2022/2023 with 32.7% of target revenue secured and occupancy strong vs. AY21/22. The company added that revenues were boosted by its “dynamic pricing framework”, wherein room prices are increased in line with student demand. Its aged care business across Singapore and Japan also saw stable performance with occupancy at Orange Valley improving to 87% as of December vs. 84% for FY2021.

SPH’s SGD 4.5% Perps traded at 100.963 yielding 4.07%.

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