In a Tuesday report, analyst Vijay Natarajan highlights the REIT as one of RHB’s top “buy” picks due to its position as a prime beneficiary of strong US economic fundamentals, based on its exposure to good-quality office assets across gateway cities.
SINGAPORE (Feb 12): RHB Research is maintaining its “buy” call on Manulife US REIT with a higher target price of 94 US cents compared to 92 US cents previously, upon lowering COE assumptions to 8.3% from 8.4% in its dividend discount model (DDM) to reflect a slightly subdued interest rate outlook.
This comes after Manulife US REIT’s latest set of quarterly results came in line with the research house’s expectations, with 4Q adjusted DPU rising 1.3% y-o-y on higher revenue from acquisition contributions and rental growth at its initial public offering (IPO) properties.
