KGI Securities' Joel Ng is maintaining his ‘neutral’ stance and target price of 48 cents on SoilBuild Business Space REIT (SBREIT).

“Since our last report in May 2020, SBREIT’s unit price has recovered to its pre-Covid levels of 50 cents, and we think that upside potential is limited from here onwards as it has likely priced in a potential M&A,” explains Ng in his Oct 20 note.

In its recent results for 3QFY2020 ended Sep 30, SBREIT demonstrated – what Ng calls – a “commendable performance”.

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