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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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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.


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 Holdings1.1300.010
Alliance Mineral0.078-
Anchor Resources0.013-
Avi-Tech Electronics0.2800.020
Best World Int.1.360-
China Sunsine1.0600.010
CSE Global0.4500.010
Food Empire0.5300.020
Geo Energy0.149-
Golden Energy0.190-0.004
GSS Energy0.0700.001
ISDN Holdings0.192-
KSH Holdings0.4250.005
Moya Asia0.066-0.002
Nordic Group0.270-
Oxley Holdings0.310-
REX International0.0680.001
Sing Holdings0.395-
Sino Grandness0.045-0.001
Straco Corp.0.730-
Sunningdale Tech1.280-0.020
Sunpower Group0.440-
The Trendlines0.079-
Tiong Seng0.220-
Uni-Asia Group0.7350.010
XMH Holdings0.153-
Yangzijiang Shipbldg0.9900.130

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