ESR-LOGOS REIT - Maybank Research 2023-02-10: Recycling & Growth

• 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 an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-02-02 ESR-REIT - Distribution, NAV Slips But Earnings Quality Improves.

Previous report by Maybank:
2024-11-07 ESR-LOGOS REIT - Stable Operations; Maintain BUY.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
ESR-LOGOS REIT News