SG REITS

SG REITS: UBS has REITs report. Note that SG REITs currently trading at 6.4% FY11E yield (399bps above 10Y bonds) with 2010-2014E DPU growth at 1.9%, with CDL H-Trust posting the highest growth at 7.5%. S-REIT picks are CDL H-Trust for upside in hotel room rates, CMT and FCT for retail exposure, and CCT as a beneficiary of the recovery in office rental.