OUE REIT - Maybank Research 2024-07-15: Relative Value; Too Cheap To Ignore

• We initiate coverage of OUE REIT (SGX:TS0U) with BUY and DDM-based target price of S$0.30. It is the most inexpensive Singapore-centric commercial S-REIT. With 7.5% yield and priced at half the book, ample value beckons.
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• Over the past couple of years, the manager has optimised the capital structure and enhanced financial flexibility, resulting in an investment-grade credit rating.

Inexpensive on all metrics

• OUE REIT share price trades at a 7.5% yield, close to +1 standard deviation away from its historical mean of 6.9%. On price-to-book metric, it offers a 57% discount vs 35% discount historically.
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Resilient portfolio, improved financial metrics

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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:
2025-01-24 OUE REIT - Resilient Operations, Keeping Distribution Growing.

Previous report by Maybank:
2024-10-24 OUE REIT - Commercial Segment Offsets Weakness In Hotels.

Price targets by 4 other brokers at OUE REIT Target Prices.

Listing of research reports at OUE REIT Analyst Reports.

Relevant links:
OUE REIT Share Price History,
OUE REIT Announcements,
OUE REIT Dividend Payout Dates & Corporate Actions,
OUE REIT News