SOILBUILD BUSINESS SPACE REIT

SOILBUILD BUSINESS SPACE REIT | BUY

FAIR VALUE: $0.70

APRIL 4 CLOSE: $0.665

OCBC Investment, March 29

With the greater certainty we now have on the NK Ingredients issue and the divestment of KTL Offshore last month, we are more confident of Soilbuild Reit's prospects than we were before. Our cost of equity decreases from 8.7 per cent to 8.5 per cent . After adjustments, our fair value increases from $0.68 to $0.70.

We do expect the operating environment in the industrial space to remain challenging for much of this year, but even with this in mind, we find Soilbuild Reit's unit price ($0.645) attractive. We upgrade Soilbuild Reit from hold to buy.

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