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KTL Offshore could be next to default on Soilbuild Business REIT: Phillip Capital

Michelle Zhu
Michelle Zhu11/10/2017 01:01 PM GMT+08  • 2 min read
KTL Offshore could be next to default on Soilbuild Business REIT: Phillip Capital
SINGAPORE (Nov 10): Phillip Capital remains negative on the outlook of Soilbuild Business Space REIT as it maintains “reduce” on the REIT with a target price of 61 cents, which represents an implied FY17 P/NAV multiple of 0.86 times.
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SINGAPORE (Nov 10): Phillip Capital remains negative on the outlook of Soilbuild Business Space REIT as it maintains “reduce” on the REIT with a target price of 61 cents, which represents an implied FY17 P/NAV multiple of 0.86 times.

To recap, Soilbuild Business Space REIT is currently in the midst of a rental dispute with master lease tenant NK Ingredients, after it paid the REIT trustee $3.42 million arising from rental arrears but failed to to-up the insurance guarantee due on Oct 16.

In a Thursday report, analyst Richard Leow says it is likely for NK Ingredients’ lease to be terminated early given its inability to furnish an insurance guarantee.

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