- Like its S-REIT peers, ESR-LOGOS REIT (SGX:J91U) was under pressure in 2022 due to rising interest costs and inflation. Nonetheless, we continue to like ESR-LOGOS REIT for its execution on growth, and potential rental upside in FY23E.
- - Read this at SGinvestors.io -
Active capital-recycling strategy
- Higher revenue in FY22 was underpinned by strong rental reversion of 11.4%, led by logistics and hi-spec sectors. ESR-LOGOS REIT's 3Q22 NPI margin edged up further to 72.7% (vs. 71.9% in 2Q22). Portfolio occupancy remained largely stable at 92.4% (vs. 94.1% in 2Q22).
- - Read this at SGinvestors.io -
- Following the S$183.5m Japan acquisition, ESR-LOGOS REIT will gain 81,507 sqm of NLA that is 75% leased (with rental support). 7002 AMK will add another 24,600 sqm to ESR-LOGOS REIT's GFA in FY23E after its completion in 3Q23.
Growth upon renewal
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Li Jialin Maybank Research | https://www.maybank-ke.com.sg/ 2023-02-10
Read also Maybank's most recent report:
2024-02-02 ESR-LOGOS REIT - Getting Future Ready.
Previous report by Maybank:
2023-10-30 ESR-LOGOS REIT - 3Q23 Reality Check; Moderating Momentum.
Price targets by 2 other brokers at ESR-LOGOS REIT Target Prices.
Listing of research reports at ESR-LOGOS REIT Analyst Reports.
Relevant links:
ESR-LOGOS REIT Share Price History,
ESR-LOGOS REIT Announcements,
ESR-LOGOS REIT Dividends & Corporate Actions,
ESR-LOGOS REIT News Articles