With a recent 10-to-1 share consolidation exercise and expectations of a sharp turnaround in core distribution per unit (DPU), ESR-REIT is “turning around”, says RHB Bank Singapore analyst Vijay Natarajan.

He keeps his “buy” call on the REIT in a July 11 note, with a higher target price of $3.25 from $3.15 previously.

Natarajan notes that there has been “muted” tariff impact so far across the industrial REIT’s portfolio in Singapore, Australia and Japan; and management is eyeing more divestments on the cards.