To that end, Lock and Eing, along with analysts from Maybank Kim Eng, PhillipCapital and RHB Group Research, have kept their respective ‘add’ and ‘buy’ ratings on the REIT, with target prices unchanged. CGS-CIMB and RHB’s target price stands at US$1 ($1.33), while Maybank Kim Eng’s target price stands at 87 US cents. OCBC Investment Research indicates a fair value of 82 US cents while PhilipCapital's target price is 84 US cents.
In a sign that US economic recovery is well underway, Manulife US REIT (MUST) saw 270,000 square feet of leases since in the 1QFY2021 ended March, equalling that of its entire FY2020.
“The bulk of leasing demand came from renewals, mainly from the finance and insurance, administrative, advertising, and legal sectors. MUST has 4.4% of its gross rental income to be renewed in the remainder of FY2021F and another 13% in FY2022F,” report Lock Mun Yee and Eing Kar Mei, analysts at CGS-CIMB.
