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RHB

CGS CIMB

ESR REIT (EREIT SP)
BUY This Pure-Play Singapore Industrial REIT

 

 BUY, unchanged TP SGD0.60 offers 11% upside plus c.8% FY20F yield. With the industrial sector showing signs of bottoming out, we believe ESR REIT’s well-diversified and sizeable industrial portfolio is better-positioned to tap into any demand growth. Asset enhancements and streamlining operating costs should be near-term catalysts, along with potential acquisitions. Valuations are reasonably attractive, at 1.1x FY20F P/BV.

 

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Tiong Woon Corporation Holdings Ltd

Heavy lifting specialist

 

■ Listed in 1999, Tiong Woon Corporation (TWC SP, Not Rated) is a one-stop integrated heavy lift specialist and service provider.

■ The group returned to profitability in 2Q18.

■ Currently trades at a historical FY19 P/BV of 0.50x.

 

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