Ascendas India Trust (AIT): StanChart initiates at Outperform with $1.09 TP. Expects cap rates for Indian commercial real estate to compress over the next two years, and likes that AIT has started to take advantage of apparent early-cycle opportunities through acquisitions. Believes its parentage is a key differentiator versus other players in the Indian real estate space in areas such as corporate governance, capital and asset mgt…
While house forecasts FY12E yield of 8.1%, we highlight that this is only slightly higher than 10yr Indian govt bond yields of 7.9%, and the investor has to be mindful of volatility in earnings due to currency fluctuations.
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