Ascendas REIT

Ascendas REIT: Annouced results, with 3Q11 distributable income +0.8%YoY to $61.7m, DPU +0.6% to 3.29c and net property income at $83.9m. JP Morgan retains Neutral with $2.20 TP, tipping counter as preferred large-cap S-REIT and Overseas expansion as key near term catalyst….

CS meanwhile downgrades to Neutral with $2.33 TP, citing that 3Q11 results in line, with grp experiencing negative rent reversions at 3 segments. Expect the hi-tech space to continue experiencing negative reversions into FY12, and accretions from acquisition growth (if any) to be capped due to its large base….

Daiwa maintains Outperform with $2.50 TP. Note that REIT remains a highly liquid S-REIT with an attractive DPU yield and a stable DPU-growth outlook….

Deutsche Bank maintains Buy with $2.33 TP, noting that 3Q slightly below forecast, yet regional opportunities beckon. In other ratings, MS maintain Underweight, citing that reit trading at full valuations, at 1.4X FY12e P/B vs. 0.9X to 1.4X of S-Reits. Nomura maintain Reduce with $1.88 TP from $1.66 citing that REIT continues to trade at premium multiples: a 14.9% premium to revised PT and 1.36x price to book value. UBS maintain Buy with $2.44 from $2.38, extending its built-to-suit record