HSBC starts Ascendas REIT (A17U.SG) at Overweight, with a $2.36 price target. The house says A-REIT is the “leader of the industrial pack.” It adds, A-REIT has a stable income profile from diversified exposure across industrial property types, tenants and lease tenures. 

It says internal and external growth engines will drive distribution, while the units currently represent an “attractive entry point for Singapore's largest industrial REIT.” A-REIT is off 1.4% at $2.12, roughly in line with the STI’s 1.2% fall.