Soilbuild Reit

Hold

Target price: $0.68

Jan 18 close: $0.70

Broker: OCBC Investment Research, Jan 18

When we published our last report, we noted Soilbuild Reit had $2.7 million in receivables. Since then, it has entered into an option agreement to divest the KTL Offshore property for $55 million in cash.

We believe the divestment will help Soilbuild Reit to better allocate capital and minimise its exposure to credit risk from KTL Offshore.

After incorporating 2017 financial figures, our fair value increases from $0.66 to $0.68. Maintain "hold".

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