DBS Group Research has started BHG Retail REIT at “buy” with a target price of 60 cents representing a 10% upside to the REIT’s last-closed price of 55 cents as at June 30.

To analysts Woon Bing Yong and Derek Tan, the worst is over for the REIT as it is expected to recover from its three-year declining trend in the FY2021.

The REIT’s distribution per unit (DPU) has been on the decline since FY2018 as units that were previously waived from distributions have regained their entitlement to distributions.

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