reports
- Adrian Loh Tzum Yung
- Heidi Mo Jinghui
- Llelleythan Tan Tan
- Singapore Research Team
Singapore Daily: Monday, April 15, 2024
KEY HIGHLIGHTS Strategy The Impact Of Escalating Middle East Tensions A fluid situation with oil prices the key worry. Small/Mid Cap Highlights BRC Asia (BRC SP/BUY/S$1.94/Target: S$2.42) 1QFY24: Strong results as construction demand recovers. TRADERS’ CORNER Aztech Global (AZTECH SP): Trading BUY Isdn Holdings (ISDN SP): Trading BUY
G13 GENTING SINGAPORE
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
1820 ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT CO CJSC
AJBU KEPPEL DC REIT
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SE SEA ADS
SATS SP SATS LTD.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
BRC BRC ASIA LTD
TXG 10X GENOMICS INC CLASS A
FEH FOOD EMPIRE HOLDINGS LTD
UHU UNITED HAMPSHIRE US REIT
FRKN FRENCKEN GROUP LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
ADSE ADS TEC ENERGY PLC
CLI CAPITALAND INVESTMENT LTD
MPACT MAPLETREE PAN ASIA COMMERCIAL TRUST
BCOW 1895 BANCORP OF WISCONSIN INC
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
STM SEATRIUM LTD
Z29 029 GROUP SE
ACG ACG ACQUISITION COMPANY LIMITED
- Jonathan Koh
REITs – Singapore: The Uneven Pace Of Monetary Easing
Interest rates have peaked but the pace of monetary easing is uneven. The ECB is likely to cut interest rates ahead of the FED. Maintain OVERWEIGHT. Our top picks are hospitality and retail plays, which benefit from a continued recovery in visitor arrivals and resilient consumer spending: BUY CLAS (Target: S$1.45), FEHT (Target: S$0.82), FCT (Target: S$2.73) and LREIT (Target: S$0.93). BUY FLT (Target: S$1.52) and KDCREIT (Target: S$2.10) due to a high proportion of Euro-denominated borrowings.
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Jonathan Koh
Singapore REITs monthly update (Mar 24).
nterest rates in OECD countries have already peaked. Based on the latest summary of economic projections, FOMC participants expect three rate cuts of 25bp in 2024 and the Fed Funds Rate to ease to 4.5% by end-24. Maintain OVERWEIGHT. Our top picks are hospitality and retail plays, which benefit from continued recovery in visitor arrivals and resilient consumer spending. BUY CLAS (Target: S$1.45), FCT (Target: S$2.73), FEHT (Target: S$0.82) and LREIT (Target: S$0.93).
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
Digital Realty Trust Inc: 1 director
A director at Digital Realty Trust Inc sold 3,400 shares at 145.500USD and the significance rating of the trade was 66/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
- Jonathan Koh
Singapore REITs – 4Q23 Round-up: The Quarter Of Hard Knocks
For the 21 S-REITs under our coverage, five were above expectations with eight below expectations. The hospitality sub-sector registered the strongest NPI growth, averaging 13% yoy. We saw positive rental reversions across retail, office and logistics properties. Maintain OVERWEIGHT. Focus on blue chip S-REITs with resilient balance sheets. BUY CLAS (Target: S$1.45), FCT (Target: S$2.73), FEHT (Target: S$0.82), FLT (Target: S$1.65) and LREIT (Target: S$0.93).
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Jonathan Koh
Singapore REITs – S-REITs Monthly Update (Feb 24)
Inflationary pressure continues to ease, albeit at a more gradual pace. Rate cuts are on the horizon, although not as early as March. S¬-REITs have strong defensive qualities and benefit from lower interest rates. Maintain OVERWEIGHT. Our top picks are hospitality and retail plays, which benefit from continued recovery in visitor arrivals and resilient domestic consumer spending. BUY CLAS (Target: S$1.45), FCT (Target: S$2.73), FEHT (Target: S$0.82) and LREIT (Target: S$0.93).
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Adrian Loh Tzum Yung
- Chong Lee Len
- Damon Shen
- Desmond Chong Chee Wai
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Jun Sian Tan
- Kampon Akaravarinchai
- Kasemsun Koonnara
- Leow Huey Chuen
- Ming San Soong
- Posmarito Pakpahan
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Wednesday, February 21, 2024
GREATER CHINA Sector Property: A closer look at China’s property market: Takeaways from project visits in Shenzhen/Guangzhou/Shanghai/Suzhou. Update Meituan (3690 HK/HOLD/HK$72.75/Target: HK$70.00): 4Q23 results preview: Pressured margins given persisting headwinds and competition. Downgrade to HOLD. INDONESIA Sector Banking: Loan growth to support earnings growth in 2024. MALAYSIA Results CelcomDigi (CDB MK/HOLD/RM4.37/Target: RM4.50): 2023: Above our expectations but in line with street est...
- Adrian Loh Tzum Yung
- Jonathan Koh
Singapore Daily - Wednesday, February 21, 2024
KEY HIGHLIGHTS Results Sembcorp Industries (SCI SP/BUY/S$5.81/Target: S$7.49): 2023: Strong results with more capacity growth in renewables to come. Maintain BUY with a higher target price of S$7.49 (S$7.20 previously). Update Digital Core REIT (DCREIT SP/BUY/US$0.57/Target: US$0.79): Scaling up presence overseas while lowering leverage. TRADERS’ CORNER Olam Group (OLG SP): Trading BUY Aztech Global (AZTECH SP): Trading BUY
- Jonathan Koh
Digital Core REIT (DCREIT SP) - Scaling Up Presence Overseas While Low...
DCREIT continues to expand overseas by acquiring an additional 4.9% stake in a Frankfurt data centre and a 10% stake in Osaka data centres. The acquisitions funded by private placement are accretive to pro forma 2023 DPU by 1.8%. This reduces aggregate leverage by 6.7ppt to 33.8% after factoring in the divestments of two Silicon Valley data centres. DCREIT provides 2025 distribution yield of 5.8% (KDCREIT: 5.3% and MINT: 5.7%). Maintain BUY. Target price: US$0.79.
- Jonathan Koh
Singapore REITs – S-REITs Monthly Update (Jan 24)
There are healthy signs that inflationary pressure has abated. Rate cuts are on the horizon but will not come as early as March. Maintain OVERWEIGHT. Our top picks are CDREIT (Target: S$1.48), CLAS (Target: S$1.45), KORE (Target: US$0.59), KREIT (Target: S$1.24), LREIT (Target: S$0.87) and MINT (Target: S$2.98).
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Jonathan Koh
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Jonathan Koh
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Bella Lu Yifei
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jo Yee Ng
- Johnny Yum
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Llelleythan Tan Tan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Notes - Friday, November 03, 2023
GREATER CHINA Sector Automobile: Weekly: 3Q23 results wrap-up; analysis of BYD’s channel inventory level. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Update Li Ning (2331 HK/BUY/HK$25.85/Target: HK$48.80): Aiming to penetrate lower-tier cities; time needed to balance quality and growth. INDONESIA Strategy Alpha Picks: Outperformance Despite Negative Returns: Our picks: TLKM, BBNI, SMGR, NCKL, CTRA, MYOR, AKRA and CMRY. MALAYSIA Results Pentamaster Corporation (PENT MK/BUY/RM4.89/Tar...
- Jonathan Koh
- Llelleythan Tan Tan
Singapore Daily - Friday, November 03, 2023
KEY HIGHLIGHTS Results Singapore Post (SPOST SP/BUY/S$0.46/Target: S$0.61): 1HFY24: Soft results; upcoming inflection point. Upgrade to BUY. Update Digital Core REIT (DCREIT SP/BUY/US$0.55/Target: US$0.69): Rising from the ashes. TRADERS’ CORNER Yangzijiang Shipbuilding (YZJSGD SP): Trading BUY Propnex (PROP SP): Trading BUY
- Jonathan Koh
Digital Core REIT (DCREIT SP) - Rising From The Ashes
DCREIT’s second-largest tenant Cyxtera is on the cusp of emerging from chapter 11 bankruptcy restructuring. The series of six agreements reduces exposure to Cyxtera/Brookfield from 22% to 5% while enhancing exposure to investment-grade tenants from 77% to 85%. Management expects the agreements to be neutral on pro forma 2022 DPU. A major risk factor was removed. DCREIT provides a distribution yield of 6.4% for 2024 (KDCREIT: 5.7% and MINT: 6.4%). Maintain BUY. Target price: US$0.69.
- Jonathan Koh
REITs – Singapore: S-REITs Monthly Update (Sep 23)
S-REITs have to weather headwinds as interest rates are expected to stay higher for longer. We focus on blue-chip S-REITs with resilient balance sheets as they are better able to cope with higher interest rates. Maintain OVERWEIGHT. BUY a diversified portfolio of blue-chip S-REITs: CICT (Target: S$2.20), CLAR (Target: S$3.30), CLAS (Target: S$1.35), FLT (Target: S$1.56) and MINT (Target: S$2.89).
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
- Jonathan Koh
Digital Core REIT (DCREIT SP) - Overcoming Resistance As Cyxtera Is Re...
DCREIT’s second-largest tenant Cyxtera has resumed payment of rents since July and is on track to emerge from the court-supervised chapter 11 bankruptcy restructuring by fall of this year (4Q23). Cyxtera reported growth in EBITDA of 10.7% yoy in 2Q23. DCREIT’s inclusion in FTSE EPRA Nareit Global Developed Index will enhance trading liquidity. DCREIT provides a distribution yield of 6.5% for 2023 (KDCREIT: 4.8%, MINT: 6.1%). Maintain BUY. Target price: US$0.73.
- Jonathan Koh
- Chong Lee Len
- Greater China Research Team
- Jack Goh Tooan Orng
- Jonathan Koh
- Kochakorn Sutaruksanon
- Posmarito Pakpahan
- Vincent Khoo Boo Aik
Regional Morning Notes - Thursday, September 07, 2023
GREATER CHINA Sector Banking: Not all bad for banks after several rate cuts. INDONESIA Update AKR Corporindo (AKRA IJ/BUY/Rp1,495/Target: Rp1,840): 77ha land sales to drive strong earnings in 2H23. MALAYSIA Sector Gaming: 1H23 results showed a resilient recovery. The sector remains attractive with a sequential earnings recovery, lush dividend yields and bargain valuations. Maintain OVERWEIGHT. Telecommunications: 2Q23 results review: Broadly within expectations. Top picks are TIME and TM. SIN...
- Jonathan Koh
REITs – Singapore: S-REITs Monthly Update (Aug 23)
S-REITs have to weather headwinds as interest rates are expected to stay higher for longer. We focus on blue-chip S-REITs with resilient balance sheets as they are better able to cope with higher interest rates. Maintain OVERWEIGHT. BUY a diversified portfolio of blue-chip S-REITs: CICT (Target: S$2.20), CLAR (Target: S$3.30), CLAS (Target: S$1.35), FLT (Target: S$1.56) and MINT (Target: S$2.89).
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
CLCT CAPITALAND CHINA TRUST
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT
CLAS CAPITALAND ASCOTT TRUST
CLAR CAPITALAND ASCENDAS REIT
PRIME PRIME ROAD POWER PUBLIC CO LTD
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