Ascendas India Trust

Ascendas India Trust: Citi lifts target to $1.18 from $1.05 after adjusting valuation metrics. Keeps Buy call. Tips REIT as defensive play on Indian property, offering 12-month yield of 8% vs 5%-7% for Singapore peers. Says portfolio vacancy remains low, with income stream steady. Adds growth opportunities abundant with capacity to develop another 2.5m sq ft of space at its Bangalore premises.