DBS Group Research has initiated coverage on Elite Commercial REIT with a “buy” call and a target price of 80 British pence ($1.49), implying an upside of some 21%.

The target price also implies a yield of 7.6% and 8.2% for FY2021 and FY2022 ending December respectively.

DBS analyst Dale Lai and the Singapore research team highlight that the REIT is the only UK-focused listed REIT in Singapore and holds a “unique position”, given that more than 99% of its portfolio gross floor area (GFA) is leased out to the UK government. 

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