SPH Reit | Neutral July 13 close: S$0.995 Target price: S$1.01 Credit Suisse Research, July 13

MAINTAIN "neutral". We revise our target price to S$1.01 (from S$1.04). Paragon accounted for 83 per cent of net property income for Q3 FY2017 and is one of the most popular malls on Orchard, while Clementi Mall's low occupancy cost provides support for positive reversions. However, at 5.6 per cent yield, we believe upside is limited.

SPH Reit | Buy Target price: S$1.04 DBS Group Research, July 13