Excerpts from RHB report Ascendas Reit (SGX: A17U) Ascendas Reit (AREIT), Singapore’s largest and well-diversified industrial REIT, offers a good mix of defensiveness and growth potential amid a volatile macroeconomic environment. Recent refined fee structures will save costs and alleviate some of the pressures from rising utility charges. The REIT has also been boosting its logistics exposure, by acquiring seven logistics assets in the US. BUY, SGD3.60 TP, 25% upside. Its valuation is attractive – at 1.2x FY22F P/BV, offering a 5.5% dividend yield. Ascendas Reit Management fee savings a positive, will mitigate rising utility charges AREIT has inked new management agreements that will take effect from Oct 2022 for the next 10 years. As a part of its new Singapore property management agreement, it will be responsible for all car park management site staff costs, opex and capex. Previously, when it paid carpark management fees of SGD2.16m...