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CGS CIMB

UOB KAYHIAN 

REIT

Hospitality: Tourist arrivals to drop in 2020F

 

■ STB projects a 25-30% drop in visitor arrivals this year, steeper than the 19% drop during the SARS outbreak.

■ We project a 15-20% decline in industry RevPAR in 2020F.

■ Hospitality REITs’ FY20-22F DPU cut by 2-17%. Downgrade CDLHT from Hold to Add; maintain Hold on FEHT and OUECT.

 

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Koufu Group (KOUFU SP)

Novel Coronavirus To Weigh On Earnings

 

Koufu faces a challenging business environment amid the growing number of confirmed novel coronavirus cases. This comes as its Macau operations at Cotai Central and Macau University are impacted by the temporary shutdown of casino operations and higher education institutes. We are also cautious on its Singapore operations due to lower tourist arrivals. Maintain BUY at a 13% lower PE-based target price of S$0.83 as we cut our FY20-21 EPS forecasts by 14% and 9%.

 

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DBS VICKERS   DBS VICKERS

 LendLease Global Commercial REIT

313@somerset in a landlords’ market

 

BUY, TP of S$1.05.

Lendlease Global Commercial REIT (LLCGR)’s first set of results exceeded IPO forecasts. We remain positive on the dominant characteristics of both 313@somerset and Sky Complex. While Orchard retail malls had been in troubled waters recently given the coronavirus outbreak, 313@somerset remains resilient as it diversified away from the reliance on tourist receipts. With just 25 leases remaining across the portfolio, representing 3% of portfolio NLA and a high retention ratio, we remain confident of its ability to churn resilient cashflows in the medium term.

 

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NetLink NBN Trust 

5% yield still attractive

 

5% yield still attractive amid weaker market sentiment.

NetLink NBN Trust (NLT) is trading at c.5.0% FY20F yield, versus an average yield of 4.8 % offered by large-cap industrial S-REITs. We argue that NLT should trade at a lower yield than S-REITs as (1) NLT’s asset life is much longer than S-REITS as it incurs annual capex of >S$55m-60m to replenish its regulated asset base (RAB); (2) NLT’s gearing is less than half of S-REITs’ with an ample debt headroom to fund future growth; and (3) NLT’s distributions are largely independent of the economic cycle due to the regulated nature of its business.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings2.260-0.010
AusGroup0.048-0.004
Avi-Tech Electronics0.440-
Best World Int.1.360-
CEI1.010-
China Sunsine0.455-
CNMC GoldMine0.250-0.010
CSE Global0.5700.005
Eagle HTrust USD0.520-0.005
Food Empire0.7700.020
Golden Energy0.170-
GSS Energy0.098-
ISDN Holdings0.199-
ISOTeam0.215-
JB Foods0.625-
KSH Holdings0.400-
Miyoshi0.031-
Moya Asia0.079-0.001
Nordic Group0.295-0.005
Oxley Holdings0.345-
Procurri0.3300.005
REX International0.197-0.003
Riverstone1.0700.020
Roxy-Pacific0.3750.005
Sing Holdings0.405-0.005
SingMedical0.3400.020
Straco Corp.0.570-
Sunningdale Tech1.290-
Sunpower Group0.555-0.005
The Trendlines0.131-
Tiong Seng0.200-
Uni-Asia Group0.690-
Yangzijiang Shipbldg1.0500.010

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