RHB Group Research analyst Vijay Natarajan has initiated coverage on AIMS APAC REIT (AA REIT) with a “buy” recommendation and a target price of $1.55, the highest among all the other estimates put forth by other brokerages.

AA REIT’s price-to-book value (P/BV) at 0.95 times below its five-year mean is “highly unjustified” at a 50% discount to its industrial REIT peers, he writes in an April 8 report.

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