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UOB Kay Hian sees 50.4% upside to United Hampshire US REIT after Upland Square acquisition

Felicia Tan
Felicia Tan6/24/2022 04:58 PM GMT+08  • 2 min read
UOB Kay Hian sees 50.4% upside to United Hampshire US REIT after Upland Square acquisition
Upland Square Shopping Center. Photo: United Hampshire US REIT
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UOB Kay Hian analyst Jonathan Koh is keeping his “buy” recommendation on United Hampshire US REIT (UHREIT) after the REIT announced the acquisition of Upland Square Shopping Center on June 9.

Koh has also raised his target price on the REIT to 91 US cents ($1.26) from 88 US cents previously. The new target price represents an upside of 50.4% to the REIT’s current unit price of 60.5 US cents. It is also based on a cost of equity of 8.0% and terminal growth of 1.3%.

Further to his report, Koh has upped his distribution per unit (DPU) forecast for the FY2023 by 3% to include full-year contributions from the REIT’s new asset.

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