Friday, December 9, 2011

Ascendas Reit

Ascendas Reit: Acquires two business parks in Singapore — Corporation Place at $99m (Jurong) and 3 CBP Vista at S$80m (Changi). New Acquisitions Likely to Add 1.7% to DPU.

CS upgrade to Neutral from U/p, TP 2.01 from 1.99, attractive yields of 7% FY3/13E, offset its less exciting longer term growth given its larger base now, having grown its assets 9-fold since. Within SREITs, still prefer retail REITs given their resilience. DB maintain Buy, TP 2.28, continue to like AREIT's well-diversified and defensive portfolio, valuations undemanding at FY12e yield of 6.8%.

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