Summary Henderson Land Development Co Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Henderson Land Development Co Ltd (Henderson) is a real estate, and property developer. It carries out property development, and property investment. Its portfolio of propert...
CapitaLand Integrated Commercial Trust (CICT) aims to raise around US$150m to partly fund the recently announced acquisition of two Australian assets. Although, at the time of the acquisition the company had stated that it aims to finance the acquisition using debt and divestment proceeds. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
From 1 Sep 21, Sea Limited’s weighting within the MSCI Singapore index will increase from 2.5% to 11.0% which we believe will see more ETF-related buying of the stock. The unfortunate ramification is that funds will sell out of the largest constituents which include DBS, OCBC, UOB, and Singtel. We also highlight that Yangzijiang’s share price strength (+68% ytd) may potentially see its re-inclusion in the near to medium term.
KEY HIGHLIGHTS Strategy Imminent Changes To MSCI Singapore Weightings: The potential inclusion of Sea Limited into the MSCI Singapore index, among others, will negatively impact a number of key Singapore stocks. TRADERS’ CORNER Riverstone Holdings (RSTON SP): Trading Buy Frencken Group (FRKN SP): Trading Buy
CAPL reported strong 1H21 revenue and operating PATMI numbers that were in line with our expectations. While the retail and lodging businesses have yet to return to pre-COVID-19 levels, they were the key segments underpinning 1H21 growth with operating EBIT up 27% and 77% respectively. Over S$11b in divestments was recorded in 1H21 while S$3b was spent on investments, of which two-thirds was on New Economy assets. Maintain HOLD. Fair value: S$4.10
KEY HIGHLIGHTS Results CapitaLand (CAPL SP/HOLD/S$4.10/Target: S$4.10): 1H21: Continued recovery seen post COVID-19, especially in retail and lodging businesses. ComfortDelGro Corporation (CD SP/BUY/S$1.62/Target: S$1.90): 1H21: Results in line; looking forward to domestic reopening. First Resources (FR SP/HOLD/S$1.40/Target: S$1.40): 1H21: Results below our estimates on lower-than-expected ASP. 2H21 earnings likely to be significantly higher on the back of higher sales volume and ASP. Downgr...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
CAPITALAND (SG), a company active in the Real Estate Holding & Development industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date June 15, 2021, the closing price was SGD 3.78 and i...
CAPL presented a mixed 1Q21 business update with core Singapore and China residential markets showing significant improvement yoy in unit sales and revenue. Its funds management also continues to grow well. However, retail and lodging, despite the latter’s long-stay nature, continue to experience a bumpy recovery and an uncertain outlook in the near term given new waves of COVID-19. Maintain HOLD. Target price: S$3.81.
KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/BUY/S$1.63/Target: S$1.95): 1Q21: Seeking to unlock value in Australia. Food Empire (FEH SP/BUY/S$0.86/Target: S$1.30): 1Q21: Results in line; robust growth in Southeast Asia. Frencken Group (FRKN SP/BUY/S$1.42/Target: S$1.72)": 1Q21: Positive operating leverage from semiconductor segment to continue. Update CapitaLand (CAPL SP/HOLD/S$3.57/Target: S$3.81): 1Q21: Mixed quarter with mixed outlook ahead; maintain HOLD. ST Engineering (STE...
In Apr 21, institutional and retail investors remained divided on their views regarding the financial and aviation sectors. DBS, SGX and OCBC were net bought by institutional investors while the three stocks were net sold by retail investors. The four notable stocks with institutional and retail investors taking opposing views were DBS, SGX, OCBC, SIA and CapitaLand.
The strength in the Singapore property market, evidenced by strong sets of data in the past two weeks, has manifestly increased the chances that the government will implement cooling measures in the near term, in our view. Importantly, delays in BTO flats as well as improving market sentiment led to a 9.5% yoy increase in HDB prices in March. In our view, price increases of this magnitude may be politically unpalatable and reinforces our expectation for cooling measures. Maintain MARKET WEIGHT.
KEY HIGHLIGHTS Strategy Singapore Fund Flows: In Mar 21, the banking and shipbuilding sectors saw the most fund inflows by institutional investors; however retail investors were net sellers. DBS, OCBC and Yangzijiang remain heavily traded. TRADERS’ CORNER Frasers Logistics & Commercial Trust (FLT SP): Trading Buy Hutchison Port Holdings Trust (HPHT SP): Trading Buy
In March, the banking and shipbuilding sectors saw the most fund inflows by institutional investors; however retail investors were net sellers. In particular, DBS remained a heavily-traded stock for both groups of investors. Five notable stocks with institutional and retail investors taking opposing views were DBS, SIA, OCBC, YZJ and Ascendas REIT.
REGIONAL Sector Plantation: Palm oil is pricing itself out of the Indian market as its selling price is now very close to those of mustard oil and rice bran oil. Demand is switching to the latter. GREATER CHINA Results A-Living Smart City Services (3319 HK/BUY/HK$31.40/Target: HK$44.41): 2020: In line with expectations; management guides 3-year CAGR of 40%. China Merchants Bank (3968 HK/BUY/HK$63.20/Target: HK$71.00): 2020: Results in line; sluggish profit growth due to rising operating costs. ...
KEY HIGHLIGHTS Sector Plantation – Regional: Palm oil is pricing itself out of the Indian market as its selling price is now very close to those of mustard oil and rice bran oil. Demand is switching to the latter. Update CapitaLand (CAPL SP/BUY/S$3.31/Target: S$3.81): The end of an era and the start of a new one. Upgrade to BUY with a target price of S$3.81. TRADERS’ CORNER Singapore Press Holdings (SPH SP): Trading Buy Wilmar International (WIL SP): Trading Buy
CAPL has proposed the privatisation of its capital-intensive property development business while retaining its listed REITs and business trusts, investment management and lodging businesses in a separate listed vehicle, CLIM. We view the development positively as the discount applied to CLIM should narrow given its exposure to stable and growth-oriented property and investment businesses. Upgrade to BUY. New target price: S$3.81.
KEY HIGHLIGHTS Results CapitaLand (CAPL SP/HOLD/S$3.15/Target: S$3.10): 2020: A brighter outlook in 2021 despite recording a historic loss. CSE Global (CSE SP/HOLD/S$0.49/Target: S$0.53): 2020: Ahead of expectations; downgrade to HOLD on valuation grounds. Fu Yu Corp (FUYU SP/BUY/S$0.28/Target: S$0.32): 2020: Above expectations; operations streamlining paid off. Koufu Group (KOUFU SP/BUY/S$0.665/Target: S$0.770): 2020: Earnings missed due to impairments but recovery trend intact; maintain BUY. ...
GREATER CHINA Sector Beer: Key takeaways from conference call with beer expert. Results Hong Kong Exchanges and Clearing (388 HK/SELL/HK$509.00/Target: HK$422.00): 2020: Lifting stamp duty may put pressure on valuation. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,390/Target: Rp1,600): 68.6% yoy potential growth in 2021 net income. MALAYSIA Results Globetronics Technology (GTB MK/BUY/RM3.04/Target: RM3.40): 2020: Within expectations. Besides the commercialisation of new sensors, ...
GREATER CHINA Sector Consumer: Bi-weekly (17 October-5 November) updates. Metals: Copper: Potential ban on Australia copper imports will support China copper miners. Results Brilliance China Automotive Holdings (1114 HK/BUY/HK$6.96/Target: HK$14.00): 3Q20: BBA’s net profit grows 51% yoy, beating estimates. China Shineway Pharmaceutical (2877 HK/BUY/HK$4.99/Target: HK$6.52): 3Q20: Revenue increased by 1.1% yoy, TCM formula granules business leads the recovery. INDONESIA Results Indosat (ISAT IJ/...
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