- 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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