SREITS: CLSA switching preference to mid-cap REITs.
Roadshow feedback: Investors generally O/W REITs as macro-trade. Good place to hide given:
1) undemanding valuations vs. peers/ historical mean
2) Delayed US rate hike
3) bleak global outlook.
The house now prefers Mid Cap than Large Caps. Top Picks now AREIT, MCT, MGCCT, MLT, replacing CCT with MLT.
Top Sells are CT, Suntec REIT.
Ranking of subsectors: Industrial, retail, hospitality, office. Office valuation have run up despite still challenging outlook