Keppel REIT

  • TickerKREIT
Jonathan Koh ... (+12)
  • Jonathan Koh
  • Adrian Loh Tzum Yung
  • John Cheong Ming Chern
  • Desmond Chong Chee Wai
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen
  • Stevanus Juanda
  • K Ajith
  • Eric Wang Zhen
  • Ziv Ang Sze Champ
  • Tham Mun Hon
  • Carolyn Ching
GGRM GUDANG GARAM (Personal & Household Goods)
F34 Wilmar Internat... (Food & Beverage) ... (+7)

Regional Morning Notes - Thursday, August 12, 2021

GREATER CHINA Economics Money Supply: New bank loans fall to a nine-month low; further policy easing expected. Strategy Strategy: While corporate bond defaults have hit a record high, our analysis shows that a market contagion is unlikely. Selected developers are trading at attractive valuations. Results Cathay Pacific Airways (293 HK/SELL/HK$6.42/Target: HK$5.83): 1H21: Losses narrow but recovery likely to be slow. INDONESIA Update Gudang Garam (GGRM IJ/BUY/Rp32,575/Target: Rp36,200): GGRM’s price increases are trailing that of its competitors. Maintain BUY. MALAYSIA Sector Plantation: Mala...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - Potential enlargement of scope and scale thro...

Keppel Corp’s proposed privatisation of SPH could lead to KREIT’s potential acquisition/merger with SPH REIT. SPH’s Seletar Mall and The Woodleigh Mall could form part of KREIT’s future sponsor pipeline. A thorough review of feasibility is underway. KREIT has broadened its footprint to CBD fringe and is open to acquiring business park properties, including those at one-north in Singapore and Parramatta in Sydney, Australia. Maintain BUY. Target price: S$1.49.

Jonathan Koh ... (+5)
  • Jonathan Koh
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen
  • Adrian Loh Tzum Yung
  • John Cheong Ming Chern
F34 Wilmar Internat... (Food & Beverage)
KREIT KEPPEL REIT ... (+4)

Singapore Daily - Thursday, August 12, 2021

KEY HIGHLIGHTS Results Koufu Group (KOUFU SP/BUY/S$0.67/Target: S$0.77): 1H21: Earnings beat expectations, better outlook as recovery continues; maintain BUY. Propnex (PROP SP/HOLD/S$1.96/Target: S$2.09): 1H21: Blockbuster results, but may be tough to repeat. Downgrade to HOLD. Wilmar International (WIL SP/BUY/S$4.49/Target: S$6.40): 1H21: Results came in slightly above our expectations with better performance from the sugar, oilseeds and grains segments. S-REITs Virtual Corporate Day Keppel REIT (KREIT SP/BUY/S$1.13/Target: S$1.49): Potential enlargement of scope and scale through consoli...

Jonathan Koh ... (+15)
  • Jonathan Koh
  • Lucas Teng Yao Yang
  • Jie Ying Chloe Tan
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Philip Wong
  • Benyamin Mikael
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • K Ajith
  • Sunny Chen
  • Carol Dou Xiao Qin
  • Ziv Ang Sze Champ
BSDE Bumi Serpong Da... (Real Estate)
KREIT KEPPEL REIT ... (+9)

Regional Morning Notes - Wednesday, July 28, 2021

GREATER CHINA Sector Coal: Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare: Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55): Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15): Key takeaways from site visit. Meituan (3690 HK/BUY/HK$194.00/Target: HK$209.00): Guidelines on protecting the rights and interests of food delivery riders. INDONESIA Update Bumi Serpong Damai (BSDE...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - 1H21: Resurgence of growth from newly complet...

We see resurgence of growth with KREIT’s distributable income expanding 24.7% yoy in 1H21 if we exclude capital gains distribution. KREIT benefitted from contributions from Victoria Police Centre in Melbourne, Pinnacle Office Park in Sydney and newly acquired Keppel Bay Tower. It achieved positive rental reversion of 4.1% in 2Q21. KREIT provides 2022 distribution yield of 5.1%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.

Jonathan Koh ... (+12)
  • Jonathan Koh
  • Adrian Loh Tzum Yung
  • John Cheong Ming Chern
  • Desmond Chong Chee Wai
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen
  • Stevanus Juanda
  • K Ajith
  • Eric Wang Zhen
  • Ziv Ang Sze Champ
  • Tham Mun Hon
  • Carolyn Ching
GGRM GUDANG GARAM (Personal & Household Goods)
F34 Wilmar Internat... (Food & Beverage) ... (+7)

Regional Morning Notes - Thursday, August 12, 2021

GREATER CHINA Economics Money Supply: New bank loans fall to a nine-month low; further policy easing expected. Strategy Strategy: While corporate bond defaults have hit a record high, our analysis shows that a market contagion is unlikely. Selected developers are trading at attractive valuations. Results Cathay Pacific Airways (293 HK/SELL/HK$6.42/Target: HK$5.83): 1H21: Losses narrow but recovery likely to be slow. INDONESIA Update Gudang Garam (GGRM IJ/BUY/Rp32,575/Target: Rp36,200): GGRM’s price increases are trailing that of its competitors. Maintain BUY. MALAYSIA Sector Plantation: Mala...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - Potential enlargement of scope and scale thro...

Keppel Corp’s proposed privatisation of SPH could lead to KREIT’s potential acquisition/merger with SPH REIT. SPH’s Seletar Mall and The Woodleigh Mall could form part of KREIT’s future sponsor pipeline. A thorough review of feasibility is underway. KREIT has broadened its footprint to CBD fringe and is open to acquiring business park properties, including those at one-north in Singapore and Parramatta in Sydney, Australia. Maintain BUY. Target price: S$1.49.

Jonathan Koh ... (+5)
  • Jonathan Koh
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen
  • Adrian Loh Tzum Yung
  • John Cheong Ming Chern
F34 Wilmar Internat... (Food & Beverage)
KREIT KEPPEL REIT ... (+4)

Singapore Daily - Thursday, August 12, 2021

KEY HIGHLIGHTS Results Koufu Group (KOUFU SP/BUY/S$0.67/Target: S$0.77): 1H21: Earnings beat expectations, better outlook as recovery continues; maintain BUY. Propnex (PROP SP/HOLD/S$1.96/Target: S$2.09): 1H21: Blockbuster results, but may be tough to repeat. Downgrade to HOLD. Wilmar International (WIL SP/BUY/S$4.49/Target: S$6.40): 1H21: Results came in slightly above our expectations with better performance from the sugar, oilseeds and grains segments. S-REITs Virtual Corporate Day Keppel REIT (KREIT SP/BUY/S$1.13/Target: S$1.49): Potential enlargement of scope and scale through consoli...

Jonathan Koh ... (+15)
  • Jonathan Koh
  • Lucas Teng Yao Yang
  • Jie Ying Chloe Tan
  • Chong Lee Len
  • Desmond Chong Chee Wai
  • Philip Wong
  • Benyamin Mikael
  • Chun Sung Oong
  • Julia Pan Mengyao
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • K Ajith
  • Sunny Chen
  • Carol Dou Xiao Qin
  • Ziv Ang Sze Champ
BSDE Bumi Serpong Da... (Real Estate)
KREIT KEPPEL REIT ... (+9)

Regional Morning Notes - Wednesday, July 28, 2021

GREATER CHINA Sector Coal: Prices expected to cool down in 2H21 with more policies to be rolled out. Healthcare: Limited risk of policy crackdown, temporary sell-off offers buying opportunities. Update China Eastern Airlines (670 HK/BUY/HK$2.88/Target: HK$3.55): Upward revision in air cargo agreement allows for greater operating leverage. Da Ming International Holdings (1090 HK/Not Rated/HK$3.15): Key takeaways from site visit. Meituan (3690 HK/BUY/HK$194.00/Target: HK$209.00): Guidelines on protecting the rights and interests of food delivery riders. INDONESIA Update Bumi Serpong Damai (BSDE...

Jonathan Koh
  • Jonathan Koh

Keppel REIT (KREIT SP) - 1H21: Resurgence of growth from newly complet...

We see resurgence of growth with KREIT’s distributable income expanding 24.7% yoy in 1H21 if we exclude capital gains distribution. KREIT benefitted from contributions from Victoria Police Centre in Melbourne, Pinnacle Office Park in Sydney and newly acquired Keppel Bay Tower. It achieved positive rental reversion of 4.1% in 2Q21. KREIT provides 2022 distribution yield of 5.1%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.

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