SPHREIT’s DPU rose c.4% YoY/c.16% QoQ in 2Q22, with 1H22 DPU at 49% of our FY22E. The results were in line to our estimates, and we stay at HOLD. While recovery is underway, acquisition visibility is low, and we expect SPHREIT to trade sideways in the near term, as it is bound by a chain offer, resulting from its sponsor’s ongoing privatisation exercise. Clementi Mall’s resilience reinforces our preference for suburban retail, and also FCT for its concentrated suburban mall portfolio.