Stock Name: Ascendasreit
Company Name: ASCENDAS REAL ESTATE INV TRUST
DMG & Partners Securities in a June 9 research report says: "Ascendas REIT (A-REIT) has been awarded the business park site at Fusionopolis for $110 million by Jurong Town Corporation (JTC).
"Given that A-REIT's bid was top of the list at $4.4k psf ppr, a 29% premium to the closest bid, it came as no surprise that A-REIT has won the bid. We view A-REIT's latest award positively as this will strengthen A-REIT's leadership position in the Business & Science Parks segment.
"In addition, we believe the close proximity of the business park site at Fusionopolis with other A-REIT's properties within the one-north region and Science Parks I & II will allow A-REIT to reap cost synergies. However, given the lack of immediate catalysts in the next 12 months, we believe A-REIT is currently fairly valued. Unchanged target price of $2. MAINTAIN NEUTRAL."
Company Name: ASCENDAS REAL ESTATE INV TRUST
| Research House: DMG | Price Call: HOLD | Target Price: 2.00 |
DMG & Partners Securities in a June 9 research report says: "Ascendas REIT (A-REIT) has been awarded the business park site at Fusionopolis for $110 million by Jurong Town Corporation (JTC).
"Given that A-REIT's bid was top of the list at $4.4k psf ppr, a 29% premium to the closest bid, it came as no surprise that A-REIT has won the bid. We view A-REIT's latest award positively as this will strengthen A-REIT's leadership position in the Business & Science Parks segment.
"In addition, we believe the close proximity of the business park site at Fusionopolis with other A-REIT's properties within the one-north region and Science Parks I & II will allow A-REIT to reap cost synergies. However, given the lack of immediate catalysts in the next 12 months, we believe A-REIT is currently fairly valued. Unchanged target price of $2. MAINTAIN NEUTRAL."
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