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RHB lowers TP for EC World REIT in light of banks' concerns over China assets

Chloe Lim
Chloe Lim6/28/2022 10:39 AM GMT+08  • 3 min read
RHB lowers TP for EC World REIT in light of banks' concerns over China assets
The Stage 1 Properties of Bei Gang Logistics. Photo: EC World REIT
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RHB Group Research analyst Vijay Natarajan has kept a “neutral” rating on EC World REIT with a lowered target price of 55 cents from 65 cents.

EC World REIT has currently secured onshore borrowing facilities of $300 million and US$87 million ($121 million) due this June. It has entered into an amendment & restatement agreement to extend the maturity date of the offshore facilities to Apr 30, 2023, but this comes with a condition– 25% or approximately $100 million of loans to be repaid by end 2022.

EC World REIT also has onshore borrowings of RMB907 million ($188 million) that are due for refinancing this month – except a RMB64 million portion of debt that expires in July 2029 – and is currently in talks to extend the maturity till April 2023.

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