With the exception of RHB Group Research who has maintained its “neutral” recommendation on Ascendas REIT (A-REIT), CGS-CIMB Research, DBS Group Research, Maybank Kim Eng, OCBC Investment Research (OIR) and PhillipCapital have maintained their “add” or “buy” calls on the REIT following its FY2020 results released on Feb 2.

Despite his “neutral” call, RHB analyst Vijay Natarajan has upped A-REIT’s target price to $3.15 from $3 as he believes it remains one of the “most defensive industrial REITs” with a well-diversified portfolio across mainly business parks and logistics.

“Share price has underperformed over the last three months mainly due to an overhang from large equity fund raising and pending acquisition,” he says.

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