SINGAPORE (June 9): Maybank Kim Eng is maintaining its “buy” call on Ascendas REIT, saying the latter commands the best asset mix among the industrial S-REITs.
Maybank also expects NPI contributions from its business parks and hi-specification properties – at 59% of AUM – to outpace its portfolio growth, given these properties’ stronger supply-demand visibility.
Meanwhile, asset-conversion pressures have weakened substantially, with just 0.8-1.8% of leases expiring in Singapore till FY19, due to single-tenanted buildings (STBs).
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