SEE:Ascendas REIT to acquire 11 data centres in Europe for $904.6 mil
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Overall, while positive on A-REIT’s larger data centre portfolio, Natajaran is retaining his ‘neutral’ rating for A-REIT. “We maintain our call on valuation grounds (current P/BV is 1.4 times), with near-term investors preferring to shift their attention towards undervalued cyclical sectors – office, hospitality and retail – on the back of an economic recovery,” he says. Meanwhile, Phillip Securities analyst Natalie Ong is retaining her 'buy' rating but with a lower target price of $3.64 from $3.73 previously.