Soilbuild REIT still gets an upgrade

SINGAPORE (July 14): Lim & Tan Securities has upgraded Soilbuild Business Space REIT to “buy” from “hold” on the back of attractive dividend yield and a discount to book value.

Soilbuild REIT on Wednesday declared a distribution per unit (DPU) of 1.565 cents for the second quarter of 2016, down 3.1% y-o-y. This was mainly due to a higher number of units issued.

The company said gross revenue is stable at $19.6 million while net property income (NPI) grew 3.7% to $17.3 million on the back of lower property tax expenses.

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