K-REIT: UBS starts at Buy with $1.53 TP. Note that REIT is a key beneficiary of rising office rents, occupancy in Singapore with 90% of portfolio value derived from prime or grade A office assets….
Highlight that portfolio occupancy at 99.2%, with long weighted average lease expiry of 5.5 years. Forecast FY11 DPU of 7.03c and DPU CAGR of 4.4% over FY10-FY14 on positive rental reversion. Add that REIT's recent proposal to acquire stake in phase 1 of Marina Bay Financial Centre will boost its portfolio size to $3.4b from $2.5b, making it 6th largest Singapore REIT by assets.
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