- Revenue was in line with our forecast. DPU was +6.2% higher due to realised FX gains on loan repayment, excluding which DPU would be in line.
- Diversification and hedging strategy kept earnings stable
- Lower gearing of 32.8% (-2.9ppts QoQ), debt headroom increased to c.$1.1bn
- Maintain ACCUMULATE; target price of $1.36 unchanged