บทวิเคราะห์ (Research)

(EN) PROSPECT : Dividend-accretive with upside risk PROSPECT plans to acquire 221,678 sq.m. of freehold and leasehold space at BFTZ1-3 from its sponsor at a cost of up to Bt3.35b. This is a good deal as the investment cost is 6% below the lowest appraisal value. It will diversify risk further, have more assets in popular free trade zones, expand its customer base, increase market cap, and improve trading liquidity. We expect the transaction to be DPU-accretive. There is further upside if it acquires more assets and finance that with bank loans only. At last close, the counter offers attractive 5.8% real yield and is trading at undemanding 0.9x P/NAV multiple