Stock Name: Ascendasreit
Company Name: ASCENDAS REAL ESTATE INV TRUST
The broking firm also said A-REIT’s risk profile has improved due to the strong outlook for industrial rents in Singapore.
Company Name: ASCENDAS REAL ESTATE INV TRUST
| Research House: DMG | Price Call: BUY | Target Price: 2.42 |
DMG & Partners has upgraded Singapore’s Ascendas Real Estate Investment Trust (A-REIT) (AEMN.SI), which owns industrial properties in the city-state, to buy from neutral and raised its target price to $2.42 from $2.09.
DMG upgraded A-REIT to account for future earnings contributions from its $32.3 million project to build a training facility for Unilever Asia.
DMG upgraded A-REIT to account for future earnings contributions from its $32.3 million project to build a training facility for Unilever Asia.
The broking firm also said A-REIT’s risk profile has improved due to the strong outlook for industrial rents in Singapore.
“The latest project strengthens A-REIT’s credential as a premium-grade industrial REIT, as the global development centre for Unilever Asia will be the second of its kind globally,” DMG said in a report.
The brokerage also said it expects A-REIT to renew its leases at higher rents in 2012-2013, as average spot rent for business parks, warehouses and factories have shown strong increases.
At 9:36 a.m., shares of A-REIT were flat at $2.14. They have gained 4% since the start of the year.
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