Singapore

CGS-CIMB has downgraded its call on SPH Reit to "hold" from "add" as it expects the real estate investment trust's (Reit) recovery is already priced in, the brokerage said on Friday (Apr 1).

The research team maintained its target price of S$0.95 on the counter. It noted that the market has likely priced in a recovery as SPH Reit currently trades with a distribution per unit (DPU) yield of around 5.4 per cent, which is near its 5-year average of 5.3 per cent.