DBS Group Research’s Derek Tan and Woo Bing Yong have maintained their “buy” call on Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (Sabana REIT) with a raised target price of 45 cents, up from 40 cents previously.

In a Jan 25 note, the analysts estimate that the completion of Sabana’s New Tech Park+ (NTP+) in Lorong Chuan will deliver a boost to the REIT’s FY2021 and FY2022F earnings. 

The completion of asset enhancement works at NTP+ could add about $3.5 million to Sabana REIT’s revenue and boost occupancies at the REIT’s “crown jewel”.

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