We remain positive on SREITs given their robust fundamentals and growth outlook and see any weakness as an opportunity to accumulate SREITs at attractive prices. We expect SREITs’ share price performance to be underpinned by DPU growth in FY21F and inorganic growth potential via strong balance sheets. While near-term performance of re-opening plays could be dampened, we continue to like the selective industrial sub-sectors. Reiterate Overweight; our top picks are AREIT, FLCT and FCT. Key risks include sharper-than-projected interest rate hikes and slower-than-expected global economic recovery.
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