Ascendas REIT's property at 9 Changi South Street 3, Singapore. (Photo: REITsWeek)

Morgan Stanley is recommending investors to buy less Singapore REITs in 2019 as it expects weaker DPU growth, and fewer property acquisitions throughout the year.

Singapore-listed REITs are also relatively more expensive now, based on historical dividend yields and price-to-book (P/B) valuations, compared to five-year historical averages.

The pointers were released in a research report for the bank’s clients, titled ‘Singapore REITs 2019 Outlook: Sell More, Buy Less’.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.