ESR-REIT to undergo a soft 2H18, but valuations remain attractive: CIMB

SINGAPORE (Apr 24): CIMB is reiterating its “add” call on ESR-REIT while lowering its target price on the trust to 60 cents from 64 cents previously after cutting FY18F-20F DPU estimates by 8-9.7%.

This comes after the REIT manager last week declared an EPU of 0.847 cent for 1Q18, 15.6% down from a year ago and below CIMB’s expectations at 20% of the research house’s full-year expectations.