CGS-CIMB Research is keeping its “add” call on ESR-REIT with an unchanged target price of 49.4 cents.

This came on the back of ESR-REIT’s manager announcing in its 1QFY2021 ended Mar 31 interim business update, which saw core DPU increase by 14.8% y-o-y to 0.8 cents. Gross revenue grew 4.4% y-o-y to $60.3 million, causing net property income (NPI) to also increase by 7.6% y-o-y to $44.1 million.

See: ESR-REIT reports 14.8% y-o-y growth in DPU to 0.8 cents for 1QFY21

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