SG REITs: Daiwa has sector report. Note that retail resiliency is no secret. Positive industry fundamentals reaffirmed, with minor downward revisions to DPU forecasts.
CMT downgraded to Hold from O/p, (TP $1.90 from $2.03), as valuations less attractive against office and hospitality S-REITs. Starhill Global, upgrade to Buy from O/p, (TP $0.73), citing REIT as the only true deep value left in the segment. House prefer office, hospitality, such as CCT, Suntec REIT, CDL HTrusts, Ascott Reit.