SINGAPORE (Nov 6): RHB is maintaining Manulife US REIT at “buy” with 98 US cents target price as overall office market dynamics remain positive in the near-term.
DPU growth ahead would be driven by contributions from recent acquisitions and positive rent growth, says RHB. Rent reversions are also expected to stay firm as portfolio rents are still below current market rents.
“Maintain ‘buy’. Manulife US REIT remains one of our Preferred Picks among mid-cap REITs. We have adjusted our DPU figures to fully reflect the effects of a rights issue,” says analyst Vijay Natarajan.