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UAA - Ascendas REIT: U.S. Expansion Is Key Growth Driver
Under Armour Inc. Class A
Ascendas REIT (SG: A17U) or (OTCPK: ACDSF), has entered last year the U.S. commercial real estate market by acquiring 28 properties in tech cities with very strong underlying market fundamentals. In our view, the stock price currently seems slightly undervalued, given that market participants are still waiting for what will be the operational result of the recently acquired US properties in the long run. Nonetheless, we anticipate the following bullish catalysts in the near term (1) robust market fundamentals of the U.S. secondary and tertiary tech cities in Bay Area, (2) robust rental rate growth