Broker: Maybank Research Pte Ltd
Date of Report: July 30, 2026
Excerpt from Maybank Research Pte Ltd report
Report Summary
Stock: AIMS APAC REIT (AAREIT SP)
Action: BUY
Target Price: SGD 1.68
Current Price (at report): SGD 1.65
- Key Idea: Maybank maintains a BUY call on AIMS APAC REIT with a DDM-based target price of SGD 1.68, representing a potential upside of 9% from the current price.
- Highlights:
- 1QFY27 distribution per unit (DPU) increased 2.5% year-on-year to 2.337 cents.
- FY27-28E DPU forecasts were trimmed by 3.4%/0.7% due to temporary loss of income from Optus’ handover of Building A, lowering pro-forma portfolio occupancy to 95.2%.
- The proposed Hazelmere acquisition in Australia is expected to complete in 2QFY27 and deliver 0.3% pro-forma DPU accretion.
- AEI-driven growth with 1QFY27 revenue and net property income up 6.6% and 12.5% YoY, respectively.
- Portfolio benefits from resilient Singapore industrial demand, especially in precision engineering and AI-related sectors.
- Aggregate leverage remains low at 24.9%, with stable funding cost at 4.1%.
- Management is actively marketing the vacant space and sees longer-term data-centre redevelopment potential.
- Implications: Despite near-term occupancy pressure, the impact is viewed as temporary, and positive catalysts include accretive acquisitions, strong rental reversions, and redevelopment optionality. The REIT’s strong balance sheet and disciplined capital management underpin the BUY call and target price.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can access the full research report from the broker’s website.
