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PHILLIP SECURITIES

MAYBANK KIM ENG 

CapitaLand Commercial Trust

Forging ahead with AEIs and acquisition in Germany

SINGAPORE | REAL ESTATE (REIT) | 2Q19 RESULTS

 

 2Q19 NPI and DPU in line with our estimates.

 Positive rental reversions ranging 4.4% to 27.5% above the average expiring rent. Outlook positive as leases expiring in 2019/20 are below current market rents.

 2 AEIs, seven-year lease of 21 Collyer Quay to We Work and acquisition of Main Airport Centre in Frankfurt, Germany announced.

 Maintain NEUTRAL, higher TP of S$2.18 reflects our downward revision of COE from 6.76% to 6.34% due to the lower interest rate environment, and incorporates higher revenues from AEIs, new shares from placement, and the proposed acquisition of MAC.

 

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Venture (VMS SP)

Silver Linings Playbook

 

2Q19 may miss; but maintain BUY Looking past 2019E, multiple levers of growth appear intact and VMS is a beneficiary of the US-China trade war, as around 85% of production is outside China. However, 2Q19 may miss amid customers’ product transitions, and a potential share price fall may provide an even more attractive entry. History suggests the stock is well supported at longterm mean dividend yield of 5.3%, which implies SGD13.20 on FY19E basis. We await 2Q19 results to reassess our forecasts. Maintain BUY and ROE-g/COE-g TP of SGD19.74 (based on 2.2x FY19E P/B).

 

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CGS CIMB

RHB 

Banks

2Q19F preview: NIM growth at their peaks

 

■ A normalisation in trading and wealth management income is likely to weigh on 2Q19F earnings but repricing efforts should raise NIMs 1-2bp qoq. ■ Forward guidance on NIMs (pending Fed rate cut), growth (-ve trade noise), wealth strategy (HK unrest) and capital management will drive share prices. ■ Maintain Neutral. Bank valuations are supported by benign credit conditions but catalysts are limited. Our preference is for UOB, OCBC, then DBS.

 

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ComfortDelGro (CD SP)

Positive On Long-Term Outlook

 

 Maintain NEUTRAL and DCF-based SGD2.65 TP, 5% downside. We remain confident of CD’s earnings growth, aided by contributions from recent acquisitions, and its public transport unit’s growth. Any reduction in Singapore rail losses amidst higher transport fares or government grants received could lift earnings and our TP. We leave our estimates unchanged as details have been sparse. We like the defensive nature of CD’s earnings. Still, the stock looks fairly priced – trading at 18.3x 2019F P/E (5-year average: 15 x).

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.170-0.020
AusGroup0.022-
Avi-Tech Electronics0.340-0.005
Best World Int.1.360-
CEI0.935-0.010
China Sunsine1.1000.010
CNMC GoldMine0.2850.005
CSE Global0.4700.005
Eagle HTrust USD0.655-
Food Empire0.500-0.005
Golden Energy0.168-0.005
GSS Energy0.069-
ISDN Holdings0.220-0.005
ISOTeam0.225-
JB Foods0.645-0.010
KSH Holdings0.4650.005
Miyoshi0.036-
Moya Asia0.063-
Nordic Group0.265-
Oxley Holdings0.305-0.005
Procurri0.305-
REX International0.084-0.001
Riverstone0.930-0.035
Roxy-Pacific0.380-0.010
Sing Holdings0.390-
SingMedical0.325-
Straco Corp.0.755-
Sunningdale Tech1.230-
Sunpower Group0.4500.015
The Trendlines0.078-
Tiong Seng0.215-
Uni-Asia Group0.710-0.005
Yangzijiang Shipbldg1.000-0.050

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