Implications Of Yield Curve Inversion On S-REITs
Risk of the US economy slipping into a recession has increased with an inversion of the
US yield curve since 1 Apr 22. S-REITs underperformed after the inversion in Nov 06 but
performed in line with the broader market after the inversion in Aug 19. The RussiaUkraine war creates heightened uncertainties and has pushed bond yields higher. BUY
ART (Target: S$1.29), FCT (Target: S$2.98), MCT (Target: S$2.48) and MINT (Target:
S$3.72). Maintain OVERWEIGHT.