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RHB

PHILLIP SECURITIES

OUE Hospitality Trust(OUEHT SP)

Proposed Merger; Accept Offer

 

 TAKE PROFIT (previously Buy) and accept offer. OUE Commercial REIT’s proposed merger offer is fair, in our view, as the effective offer price is close to our adjusted fair value. With room for upside from a larger diversified asset base, cost savings and inorganic growth potential, we recommend investors to accept offer. Investors seeking a pure-play on hospitality should TAKE PROFIT and switch to CDL Hospitality Trusts (CDREIT SP, BUY, TP: SGD 1.80).

 

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Ascott Residence Trust

Best of both worlds - stability and growth

SINGAPORE | REAL ESTATE (HOSPITALITY) | INITIATION

 

 Income stability through geographic diversification and lease structure

 Inorganic growth from S$880mn debt headroom, ROFR pipeline of 20 properties and tapping on sponsor’s growth trajectory

 Less Capex and Opex intensive requirements for Serviced Residences

 Initiate coverage with BUY rating and S$1.36 target price, implying a 21.5% upside

 

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OCBC UOB KAYHIAN

Soft commodities: CPO recovery

 

After a 35% fall from early 2017 to end 2018, crude palm oil prices are up about 6% this year. Related stocks have also seen more interest and better price performance in the past few trading sessions. On 27 Mar, Reuters reported that a senior Indonesia minister had warned that the country could consider exiting the Paris climate deal if the EU goes ahead with its plan to phase out palm oil in renewable transportation fuel. Following this and coupled with a likely decline in Malaysian CPO inventories in Mar, CPO prices have risen steadily MTD. Looking ahead, OCBC Treasury Research and Strategy are forecasting CPO to average RM2,400/MT in 4Q19. This would mean a ~13% upside from current levels, and are likely to support CPO related stocks as well. Though Golden-Agri [HOLD, FV: S$0.29] which is more exposed to the CPO sector may move more in tandem with CPO prices, its stock is currently trading at 0.72x forward P/B, close to the +1 s.d level over the past five years. In comparison, Wilmar [HOLD, FV: S$3.44] is trading at 0.93x P/B, close to its five-year historical mean. A proposed spin-off of its China business operations would also unlock value and inject more transparency to valuations.

 

 

Koufu Group (KOUFU SP)

Beneficiary Of MBS Expansion Plans

 

LVS announced a S$4.5b commitment to expand MBS by adding a 1,000-suite hotel tower, a 15,000-seat entertainment arena and additional MICE space. LVS expects a lift in visitor volume and spending once the expansion is completed. With its existing food court within MBS, Koufu will be a potential beneficiary. Reiterate BUY and PE-based target price of S$0.95.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.1600.030
Alliance Mineral0.123-
Anchor Resources0.0140.001
AusGroup0.0280.002
Avi-Tech Electronics0.2900.005
Best World Int.1.360-
China Sunsine1.1300.010
CSE Global0.480-
Food Empire0.500-
Geo Energy0.1570.002
Golden Energy0.200-
GSS Energy0.084-
HMI0.7200.005
ISDN Holdings0.230-0.005
KSH Holdings0.415-0.010
Miyoshi0.0450.002
Moya Asia0.0770.002
Nordic Group0.2850.005
Oxley Holdings0.330-
REX International0.068-0.001
Riverstone0.915-0.005
Roxy-Pacific0.385-0.015
Sing Holdings0.405-
SingMedical0.380-
Sino Grandness0.0510.001
Straco Corp.0.750-0.010
Sunningdale Tech1.4100.010
Sunpower Group0.5250.010
The Trendlines0.0910.013
Tiong Seng0.220-
Uni-Asia Group0.750-
XMH Holdings0.154-
Yangzijiang Shipbldg1.520-

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