not vested
Moving Into The Next League; Top BUY Target Price (Return) USD1.10 (+10%)
Price: USD(+xx%) 1.00
Market Cap: USD1,561m
Avg Daily Turnover (SGD/USD) 13.6m/10.1m
Keep BUY with new TP of USD1.10 from USD1.00, 10% upside plus c.6% yield.
MUST, one of our Top Picks, has outperformed YTD +30%, vs S-REITs
Index +17%. Key reasons: continued momentum in US office demand, lower interest rates, strong earnings track record and better investor education.
With the recent index inclusion increasing stock liquidity and visibility, we expect trading yield discount (c.150bps higher than office S-REIT peers) to narrow further.
Post rally, valuations remain reasonably attractive at 1.2x P/BV
Source: RHB
https://research.rhbtradesmart.com/atta ... 16d128.pdf