ESR-Reit

Buy

Target price: $0.63

Jan 18 close: $0.58

Broker: DBS Group Research, Jan 18

We are optimistic that investors will over time appreciate the Reit's strategy to reconstitute its portfolio, which would enhance returns. While fourth-quarter results for 2017 were weak, we believe that earnings have bottomed.

The trust manager has been acquired by a new sponsor, e-Shang Redwood, with an 80 per cent indirect interest. Given the sponsor's large portfolio and leading position in North Asia, exciting synergies could be created with the Reit.

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