The research house is keeping its “hold” call on AREIT, but raising its target price by 1.3% to $3.12.
SINGAPORE (Oct 11): CGS-CIMB Research believes investors should “look for a lower entry point” when buying into Ascendas REIT (AREIT), despite being bullish on its growth prospects.
“While we are positive on AREIT due to its dominant market position and visible growth profile, we think valuations are expensive at 5.3% yield and 1.4x P/BV,” says lead analyst Lock Mun Yee in a Thursday report.
