SINGAPORE (Apr 20): RHB Group Research is keeping its “neutral” call on Ascendas REIT (AREIT) with a target price of $3.00 from $3.10 previously.

In a Monday report, analyst Vijay Natarajan says, “AREIT’s diversified portfolio of 200 industrial assets across three different geographies is expected to stay resilient despite recessionary outlook posed by the Covid-19 pandemic.”

While the REIT’s strengths lie in its experienced management team, strong sponsor, and good operational track record, Natarajan feels “the stock’s current valuation of 1.3 times FY20 price-to-book ratio, is not attractive enough”.

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