OUE

OUE: CIMB reiterates Buy, believes OUE the cheapest domestic landlord at 33% discount to RNAV. Lifts target to $3.71 from $3.37, in line with rise in RNAV (now $4.36) due to lower cap-rate assumptions, following recent sale of recent office properties at low initial yields. Also notes larger free float and higher trading volume should appeal more to larger institutional funds. Sees catalysts coming from further office recovery and accretive acquisitions, such as that of DBS Towers.