A-REIT

A-REIT: CS maintains Underperform with TP$2.01 unchanged on 2nd China acquisition with est NPI yield of 7.5%. With new business park asset, China will now contribute 1.1% of total assets and 1.4% of gross rev, exposure is minimal at this point but co has announced plans to expand portfolio to 20% of total portfolio. House expects slower organic growth and acquisition growth, coupled with overseas expansion plans which will raise A-REIT's risk profile and dilute Sg Industrial pure play angle.