UOB Kay Hian analysts Nicole Ho and Jonathan Koh are maintaining their “buy” recommendation for Elite Commercial REIT, a Singaporean company with commercial and real-estate assets in the UK, with a target price of £0.88 ($1.57), in a report released on July 30. 

Elite Commercial REIT on July 23 posted 1H20 DPU at 1.95 pence, which exceeded its IPO forecast by 1%. Similarly, Elite’s profit after tax at £3.88 million was 7% greater than predicted despite COVID-19. 

Despite the pandemic-induced lockdown, Elite’s JobCentre Plus Centres remained completely operational during lockdown in England. Its services actually rose in importance as a result of COVID-19 due to the UK government’s efforts to curb unemployment, which they are doing so by using Elite’s JobCentre Plus to recruit job coaches. 

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