While we like the defensive nature of its earnings, investors should consider buying at a lower price of around $2.40.
Downside risks are increased competition from ride-hailing players, and a sharp decline in margins for existing businesses.ESR-Reit has entered into a 49 per cent joint venture with privately held Poh Tiong Choon Logistics to acquire PTC Logistics Hub. ESR-Reit plans to tap unutilised plot ratio to redevelop the existing carpark space at 7000 Ang Mo Kio Avenue 5 into a new high-specification industrial space of around 270,000 sq ft.UE Bizhub East will also undergo an asset enhancements initiative where the drop-off areas, office lobbies and facade will be upgraded. The transactions will be funded with an equity fund raising of up to $150 million, part of which will also be used to repay debt.