Welcome to the Let the Money Talk podcast.
In this episode, Phillip Securities Research's analyst, Natalie Ong, reports on Ascendas REIT – Leveraging scale for growth.
We reiterate our BUY recommendation, lowering our DDM-TP slightly from $3.65 to S$3.52. FY22-25e DPUs have dipped 2.1-4.9% after factoring in higher OPEX. Our DDM-based TP is lowered by 3.6% to S$3.52 due to lower DPUs and higher COE, which was raised from 6% to 6.12% after factoring in a higher risk-free rate. AREIT remains our top pick for the sector in view of its scale and diversification.
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