DBS Group Research has kept “buy” on Cromwell European REIT with an unchanged target price of EUR3.00 ($4.77) as it sees a 3.6% y-o-y growth in distributable income of EUR46.2 million for the 1HFY2021 ended June.

The target price implies a target yield of 5.8% and a price-to-net asset value (P/NAV) of 1.2 times,” say analysts Dale Lai and Derek Tan in an Aug 13 report.

Net property income (NPI) increased 11.4% y-o-y due mainly to the acquisitions made by the REIT in Italy, the Czech Republic and Slovakia.

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