AIMS AMP - Maybank Kim Eng 2015-11-30: Floor Area to Unearth
AIMS AMP CAP INDUSTRIAL REIT O5RU.SI AIMS AMP (AAREIT) - Floor Area to Unearth
- Fourth-largest industrial SREIT with 60% rental exposure to warehouses, 20% to factories & 20% to business parks.
- Forecast FY3/16-18 DPU growth of 1.4%/1.4%/5% on rent escalations & redevelopment project. Potential to increase NLA by 11% from unlocked plot ratios.
- Initiate with HOLD, as no immediate catalysts. TP of SGD1.47 based on 7.75% yield target applied to FY3/17 DPU. Risks include 22% exposure to single tenant, CWT.
:.
No comments:
Post a Comment