With a slight improvement in fiscal 3Q10 results and a cautious outlook, industrial landlord Ascendas REIT (A17U.SG) is not giving market confidence to stay invested, says Kim Eng Securities.
“We do not expect strong rental recovery due to the new industrial space coming on line and a still-weak office sector, which may draw tenants away from industrial space,” says the brokerage, which has ‘hold’ call with $2.02 target.
