SINGAPORE (Mar 25): Manulife US REIT (MUST), with seven high-quality freehold US office assets, is proxy to favourable US macro-economic fundamentals, says Maybank KimEng.

DPU visibility is also supported by stable income growth and low leasing risks, says Maybank, with 94% of its leases having rental escalations; a long WALE and a diversified tenant base.

“We initiate coverage with ‘buy’ and a DDM-based target price of US$1.00,” says Maybank in a Monday report, adding that key risks include adverse changes to its US REIT status; changes to tax regimes; and a slower US office sector outlook.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook