ACDSF - Ascendas REIT: All Eyes On H1 Results And Planned Redevelopment

• Ascendas REIT's 1H 2021 financial performance was good which validates its defensive characteristics, but the extent of positive rental reversions are expected to be much more moderate in 2H 2021.
• Redevelopment could be a new inorganic growth driver for Ascendas REIT, as plans for the development of the TÜV SÜD PSB Building are underway.
• Ascendas REIT is currently valued by the market at 1.37 times trailing P/B multiple and it offers a 5.4% consensus forward FY 2022 dividend yield.

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