AIMS APAC REIT - RHB Invest 2023-01-26: Good Quarter With Positive Outlook; Stay BUY

AIMS APAC REIT - Good Quarter With Positive Outlook; Stay BUY

  • AIMS APAC REIT posted good set of 3QFY23 (Oct to Dec 2022) numbers that slightly exceeded our expectations. More importantly, portfolio occupancy continues to trend higher with strong double-digit rent reversions highlighting continued strong underlying demand, particularly for the logistics sector.
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  • AIMS APAC REIT's valuation remains attractive at slightly below book, and it offers 7% dividend yields. Stay BUY, higher S$1.50 target price from S$1.48, 11% upside.

AIMS APAC REIT reported a strong quarter.

  • AIMS APAC REIT (SGX:O5RU)'s 3QFY23 and 9MFY23 DPU rose 10% and 3% y-o-y, aided by organic income growth and income distributions from AIMS APAC REIT’s Australia portfolio that were held back in 1HFY23. NPI margins were also maintained at ~73.5% as the utility charges were mostly passed through – hence, AIMS APAC REIT remains insulated from utility cost increases. 88% of its debt are hedged – higher than peers’ ~75% average – with hedges mostly tied to loan expiries.
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Double-digit rent growth is likely to continue.

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Vijay Natarajan RHB Securities Research | 2023-01-26

Previous report by RHB:
2022-10-28 AIMS APAC REIT - Key Takeaways From Post-Results NDR.

Price targets by other brokers at AIMS APAC REIT Target Prices.
Listing of research reports at AIMS APAC REIT Analyst Reports.

Relevant links:
AIMS APAC REIT Share Price History,
AIMS APAC REIT Announcements,
AIMS APAC REIT Dividends & Corporate Actions,
AIMS APAC REIT News Articles

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