not vested
Defensive But Unattractive ValuationNeutral (Maintained)
Target Price (Return): SGD3.00 (3.8%)
Price: SGD2.89
Market Cap: USD7,354m
Avg Daily Turnover (SGD/USD) 64.8m/46.1m
Maintain NEUTRAL with a lower TP of SGD3.00 from SGD 3.10, 4% upside with c.6% yield.
AREIT’s diversified portfolio of 200 industrial assets across three different geographies is expected to stay resilient despite recessionary outlook posed by the COVID-19 pandemic.
Its key strengths are an experienced management team, a strong sponsor and good operational track record.
While we like AREIT’s asset quality and management strategy, the current valuation of 1.3x 2020F P/BV is not attractive enough.
Source: RHB
https://research.rhbtradesmart.com/atta ... 552b44.pdf