Singapore REITs - Maybank Kim Eng 2015-11-30: Industrials ~ Cleanest Dirty Shirt
AREIT ASCENDAS REAL ESTATE INV TRUST A17U.SI MAPLETREE INDUSTRIAL TRUST ME8U.SI Industrials: Cleanest Dirty Shirt
- SREITs have declined 16% off their Apr15 peaks and are 11% down YTD. Over the same periods, the STI is down 19% and 15%. We maintain that SREITs are in a de-rating phase, more sensitive to growth risks than interest rates.
- Compounding weak demand, 2016-18 supply is front loaded but averaging 2.0x historical demand for retail, 1.4x for office and 1.2x for industrial.
- Industrial REIT valuations seem to have priced in the negatives. Not so for retail. For office, to a certain extent. Areit & MINT are our recommended picks. Top SELLs: FCT, MCT, CT.
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AREIT ASCENDAS REAL ESTATE INV TRUST A17U.SI MAPLETREE INDUSTRIAL TRUST ME8U.SI 
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