ARA ASset

ARA ASset Mgt: DBSV upgrade to Buy with $1 .89 TP. Backed by a strong cashflow generating and scalable business that is growing steadily, believe that ARA offers an attractive investment proposition at current levels. ARA is an attractive proxy for REITs, without the interest rate risk. Fees derived from its REITs are resilient, transparent and growing. The group derives close to 66-67% of its revenues from its six managed REITs across major Asian markets.