AIMS AMP: Maybank KE upgrades to Buy, raises TP to $1.47 from $1.45; downside from 20 Gulway's possible non-renewal by master tenant CWT largely priced in.
Maybank KE's assumption is that the property will be converted into a multi-tenant property, with 90% occupancy.
Aside, the house is also factoring in 1% extra vacancies in the rest of the multi-tenanted portfolio to hedge weak demand/strong supply conditions.
DPUS are docked only 1-2.8% under these scenarios. Currently trading at FY16e yield of 8.3%