OUE

OUE: On the commercial reit that OUE cited interest in, Deutsche notes that the potential listing would be positive for NAV realisation, given that OUE currently trades at a discount to NAV of 44%, compared to the 13% discount to book for the office-focused REITS. However after a divestment, OUE's earnings could be hollowed out further in the absence of timely capital redeployment. Deutsche would not rule out opportunistic acquisitions in US, although mgmt had previously commented that Singapore would continue to be the key focus market. House maintain Buy on attractive valuations and deep discount to NAV, has a TP of $3.43, translating to an upside of 34.5%.