Ascendas REIT

DBS Vickers upgrades to Buy from Hold; keeps $2.11 target. Says earnings should remain resilient with renewal activities expected to be stable as 46% of REIT''s income derived from single-tenant buildings, which are tied to long-term leases. Notes industrial landlord has begun to raise asking rents during talks with prospective tenants or during lease renewals. Expects minimized risk of negative rental reversions in FY11-12 given that current transacted rents are above expiring rents for each industrial sub-sector.