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CGS CIMB

MAYBANK KIM ENG

Keppel REIT

Business as usual

 

■ 4Q/FY18 DPU of 1.36/5.56 Scts was slightly below our projections.

■ Slight dip in committed portfolio occupancy; positive rental reversion.

■ Maintain Add with an unchanged TP of S$1.34.

 

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Frasers Centrepoint Trust (FCT SP)

From Strength To Strength

A solid start; our preferred retail play

 

FCT’s 1Q19 DPU of SGD3.02cts, up 0.7% YoY, was led by improved occupancies across all assets and a +6.9% rental reversion, driven by strong leasing momentum at Causeway Point and further entrenchment of Changi City Point as an outlet mall. Following in-line results with our estimates, our forecasts and DDM-based TP of SGD2.55 (WACC: 6.9%, LTG: 2.0%) are unchanged. FCT’s 5.7% DPU yield is compelling and it remains our preferred retail REIT given its strengthening suburban mall footprint, visible growth drivers, strong balance sheet and potential acquisition catalysts. BUY

 

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OCBC RHB

M1 Ltd: Extension of closing date

 

Konnectivity Pte. Ltd. (Offeror) has just announced that it does not intend to increase the current offer price of S$2.06/share under any circumstances. Importantly, this means that the Offeror will not be allowed to subsequently increase the offer price. As of 5pm on 21 Jan 19, the Offeror has received valid acceptances of ~1.05% of total number of M1 shares, bringing its stake (together with those of concert parties and valid acceptances) to 34.35%. The Offeror has also extended the closing date of the offer from 4 Feb to 18 Feb (5.30pm). This announcement comes on the heels of the advice of the Independent Financial Adviser to the recommending directors to recommend that shareholders accept the offer, unless a higher price can be obtained on the open market (taking into account commissions and transaction costs). Recommending directors have also stated that they are of the same opinion. We continue to maintain our ACCEPT THE OFFER rating on M1.

DBS (DBS SP)

Still More Upside From Wider NIM Trend

 

 Maintain BUY with SGD29.80 TP – pegged to 1.54x 2019F BV – granting 19% upside plus 5% FY19F yield. This is premised on our long-term ROE assumption of 13.8%, close to management guidance of 13% by 2019 (from 9M18’s 12.4%).

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.020-0.020
Alliance Mineral0.184-0.007
Anchor Resources0.026-
AusGroup0.034-0.001
Avi-Tech Electronics0.295-0.005
Best World Int.3.250-0.020
China Sunsine1.300-0.010
CSE Global0.460-0.010
Food Empire0.5350.005
Geo Energy0.194-0.001
Golden Energy0.245-0.005
GSS Energy0.121-0.002
HMI0.570-0.005
ISDN Holdings0.210-
KSH Holdings0.5300.010
Miyoshi0.0470.002
Moya Asia0.081-0.003
Nordic Group0.380-0.010
Oxley Holdings0.3200.010
REX International0.090-0.003
Riverstone1.1300.010
Roxy-Pacific0.395-0.020
Sing Holdings0.390-
SingMedical0.445-0.010
Sino Grandness0.062-0.001
Straco Corp.0.7750.035
Sunningdale Tech1.560-0.010
Sunpower Group0.525-0.005
The Trendlines0.101-0.001
Tiong Seng0.280-0.005
Uni-Asia Group1.190-
XMH Holdings0.170-0.020
Yangzijiang Shipbldg1.400-0.020

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