SINGAPORE (May 30): UOB KayHian is maintaining its “buy” recommendation on Ascendas REIT (A-REIT) with a target price $2.64.

This comes after the proposed divestment of an asset in China which could free up funds to expand in Australia.

“We reckon that the REIT manager could likely continue to pursue scaling up its Australia operations, which made up 11% of portfolio value as of the last quarter,” says UOB.

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