PhillipCapital analyst Tan Jie Hui has retained her “accumulate” rating for iREIT Global with a higher target price of 70 cents from 68 cents previously following the REIT’s announcement of its FY2020 results.

“Our target price implies yields of 7.3% and total prospective returns of 14.2%. FY2021 distribution per unit (DPU) has been raised by 7% for better operational performance,” she writes in a March 1 report.            

iREIT Global’s overall performance for the FY2020 ended December was better than Tan expected, with revenue and net property income (NPI) growing 7.2% and 7.3% y-o-y to 37.8 million euros ($60.6 million) and 32.9 million euros respectively. The growth follows the consolidation of the REIT’s Spanish properties after acquiring them in October 2020, combined with high rental collection exceeding 99%.

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