SINGAPORE (April 13): Maybank Kim Eng is maintaining its “sell” call on Capitaland Mall Trust and Frasers Centrepoint Trust and recommending investors “buy” Ascendas REIT and Mapletree Industrial Trust.

In a Wednesday note, lead analyst Joshua Tan says retail and office are coming off the back of negative demand in 2015, in contrast to positive demand for industrial REITs.

“Three-year vacancy trends are more alarming for Retail and Office than for industrials and this could continue as labour markets and business expectations imply further weak demand for retail and office space,” says Tan, “But we see green shoots in the industrial space from the recovering electronics NODX.”

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