Viva Industrial Trust’s (VIT) 2Q16 results lived up to our desires. DPU came in 5.4% lower YoY at 1.750 S pennies, making up 25.3% of our fullyear figure. Gross income expanded 31.3% YoY to S$23.4m and net property pay expanded 41.0% to S$17.2m, meeting 22.1% and 26.8% of our entire year gauges.
Income expanded on the back of extra rental commitment from HFB, 11 Ubi Road 1, and 30 Pioneer Road, and extra salary from Viva Business Park (VBP). Inhabitance at VBP has expanded from 66.6% as at 1Q16 to 70.2% as at 2Q16. Distributable salary expanded 28.8% YoY to S$15.1m. Adapting proportion remains at 40.0% with a holding nothing back getting expense of 3.95%.
We put our BUY rating and reasonable estimation of S$0.75 under audit, pending more points of interest from the investigator preparation later.
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