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Starhill Global REIT

Weaker performance


■ 1HFY6/19 DPU of 2.28 Scts was in line at 49% of our full-year forecast.

■ Singapore office segment saw recovery while retail segment remained weak.

■ Maintain Add, with a slightly higher TP of S$0.75.


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Aviation – Singapore

Earnings Preview: SIA And STE Could Surprise On The Downside; The Latter Due To One-off Impairment Charges


We expect SIA to report S$227m in net profit for 3QFY19, a 21% yoy decline on preSFRS 1-based numbers, and expect SIA to be more cautious in its forward guidance. For STE, we expect 4Q18 earnings to be hit by an impairment loss from the divestment of VT Leeboy India. For SATS, we expect flat headline net profit but midto single-digit growth in underlying 3QFY19 net profit. SIAEC could be a wild card, with potential upside surprise from its engine JV. Top picks are SATS and STE.


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OUE Hospitality Trust: 2019 is the year!


OUE Hospitality Trust’s (OUEHT) 4Q18 results were within expectations, with DPU up 0.8% YoY to 1.28 S cents. FY18 DPU came to 100% of our full-year forecast. We are optimistic about OUEHT’s prospects in 2019, given its current positioning as a Singapore-only hospitality REIT, the benign supply situation, as well as the anticipated opening of Jewel Changi Airport. In addition, Mandarin Orchard Singapore looks to benefit from the proposed plans to rejuvenate Orchard Road, which were announced yesterday. As part of a year-long trial by the Orchard Road Business Association (expected to start in Apr), Orchard Road will see more activities such as retail and food and beverage pop-ups, and arts and entertainment events. OUEHT’s valuations remain very compelling as at 30 Jan 2019. After incorporating the latest set of results, our fair value has increased from S$0.79 to S$0.82. As at 30 Jan’s close, OUEHT is trading at a 7.2% FY19F yield, ~70 bps and ~150 bps above FEHT’s and CDLHT’s respectively. We previously upgraded OUEHT from Hold to BUY on 20 Sept 2018, on the back of OUEHT’s dramatic share price decline. Since then till 30 Jan’s close, it has posted total returns of 7.0%, outperforming the Straits Times Index by 6.7 ppt and the FTSE Straits Times REIT Index by 1.6 ppt. We continue to find the REIT’s unit price very attractive as at 30 Jan. Maintain BUY on OUEHT with a S$0.82 fair value.



Ascendas REIT

Grabbing a new tenant


 Gross revenue and DPU in line with expectation

 Almost full quarter contribution from Second UK portfolio of 26 logistics assets

 Build-to-suit development for Grab’s new headquarters at one-north

 Maintain ACCUMULATE. Raised target price to $2.88 (previously $2.78) due to higher DPU estimate


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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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