Brokers' take

Ascendas Reit | Accumulate Oct 4 close: S$2.57 Target price: S$2.82 Phillip Securities Research, Oct 4

Ascendas Reit (A-Reit) had an active quarter of acquisitions and fund raising, including an aggregate of S$425.8 million of acquisitions in Australia and Britain. The outlook is stable.

Post-acquisition weighted average lease expiry of 4

1/2 years offers income visibility. The tenancy risk profile has 8.8 per cent of leases by gross rental income expiring in the remainder of FY2018/19.

The leases are substantially in Singapore, and the asset types that are most exposed to renewal risk are logistics and distribution centres, business and science parks, and high-specification industrial and d…