RHB Group Research analyst Vijay Natarajan has maintained his ‘buy’ call on Suntec REIT with a lower target price of $1.72 from $1.79, representing a 18% upside on the counter’s last closed share price. 

While the REIT’s share price has corrected some 5% over the last month since the announcement of the tightened restrictions in Singapore as well as its removal from the MSCI Singapore Index, Natarajan deems the REIT’s valuation as “still attractive” at 0.7 times price-to-book ratio (P/B).

In his report dated June 3, Natarajan states that he expects the REIT’s share price to “recover, barring a prolonged lockdown”.

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