Ascendas Reit

Ascendas Reit | Buy

Target price: $3.05

April 2 close: $2.66

Broker: Maybank Kim Eng, March 29

Singapore's industrial sector has bottomed out and supply will take a year to get absorbed.

There is demand softness for older business park buildings, but newer assets and one-north cluster properties are fully occupied.

Demand is supported by growth in technology companies, but oil and gas sector activity is still very quiet.

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