Prime US REIT's Recent Price Correction Appears Overdone -- Market Talk

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Prime US REIT's Recent Price Correction Appears Overdone -- Market Talk

Dow Jones2023-01-20

0152 GMT - Selling in Prime US REIT appears to be overdone, after it dropped 40% in 2H 2022, UOB Kay Hian analyst Jonathan Koh says in a research note. He reckons that the current weakness presents a good opportunity to accumulate and notes that the REIT could generate positive rental reversions, as it has done consecutively for the past 10 quarters. Further, the REIT has prudently fixed or hedged 83% of its borrowings to fixed rates and doesn't have any refinancing obligations at the moment, Koh says. UOB maintains a buy rating and a US$0.78 target price on its units, which are 1.1% lower at US$0.45. (justina.lee@wsj.com)

(END) Dow Jones Newswires

January 19, 2023 20:52 ET (01:52 GMT)

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RontheTrader
·2023-01-30
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