RHB Group Research’s Vijay Natarajan has upgraded his rating on Ascendas REIT (A-REIT) to “buy” from “neutral”. He has also raised his target price from $3.20 to $3.50. 

In an Aug 3 report, Natarajan says A-REIT’s operating metrics turned bullish “with occupancy improvements, strong positive rent reversion and a slightly more optimistic outlook.”

Furthermore, A-REIT’s 1HFY2021 distribution per unit (DPU) rose 5.4% y-o-y and 3.3% h-o-h, driven mainly by contributions from new acquisitions. 

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