- OVERWEIGHT on industrial REITs, office REITs, hospitality REITs, overseas REITs while NEUTRAL on retail REITs.
Industrial REITs – OVERWEIGHT.
- Broadly, most of the industrial S-REITs saw a continued strengthening in operational metrics so far this year, with stable occupancy levels and healthy positive rental reversions. The logistics sector in Singapore and overseas markets (except China) continues to be the bright spot, with healthy rental rate growth and continued demand for high-specification logistics facilities. Overall guidance remains positive, with demand continuing to outpace supply for most of the sectors.
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- Industrial sector remains a defensive safe haven, and one that offers earnings stability and stable asset values amidst the ongoing interest rate hikes. Among the sub-sectors, we like logistics, hi-tech, and good-quality business parks, as these sectors continue to benefit from the shift in market dynamics brought about by supply chain shifts and the Government’s longer-term push to transform Singapore into a smart nation.
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- AIMS APAC REIT (SGX:O5RU) (BUY, Target price: S$1.47) and
- ESR-LOGOS REIT (SGX:J91U) (BUY, Target price:S$0.38).
Office REITs – OVERWEIGHT.
- Read more at SGinvestors.io.
Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2023-11-19
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