1Q23: Within Expectations RESULTS Within expectations. CapitaLand Malaysia Trust (CLMT) reported 1Q23 revenue of RM61.7m (+13.0% qoq, +12.2% yoy) and core net profit of RM20.0m (-18.9% qoq, -2.6% yoy). Core net profit accounted for 19.4% and 17.8% of our and consensus’ full-year estimates respectively. Despite the increase in top-line, PAT for the quarter declined due to higher expenses incurred (utilities and finance cost). We deem results to be within expectations as we expect the coming qua...
CAPITALAND INTEG.COML. (SG), a company active in the Real Estate Investment Trusts 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 February 11, 2022, the closing price was SG...
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....
INDONESIA Sector Banking: Domestic consumption is the focus; prioritising cooperation with government in implementing fiscal stimulus. Results Matahari Department Store (LPPF IJ/BUY/Rp985/Target: Rp1,260): 3Q20: Below expectations; no signs of recovery until 2021. Unilever Indonesia (UNVR IJ/BUY/Rp7,925/Target: Rp8,900): 9M20: In line with consensus’ but below our expectations; trading at -2SD PE. MALAYSIA Results Maxis (MAXIS MK/HOLD/RM4.98/Target: RM5.50): 3Q20: Within expectations; the focus...
CMT granted rental waiver of S$29.5m in 3Q20, which was offset by a release of S$36.4m of taxable income retained in 1H20. Negative rental reversion intensified to an estimated 13% in 3Q20, aggravated by the absence of tourist spending and the lack of office crowd for downtown malls. We expect downtown malls to continue to drag its financial performance in 2021. Our BUY call is under review as we reassess the combined aggregate impact of the merger with CCT.
KEY HIGHLIGHTS Sector Banking: The EU and the UK are executing their vaccination strategies. Results CapitaLand Mall Trust (CT SP/BUY/S$1.88/Target: S$2.35): 3Q20: Re-evaluating impact of merger; our BUY call under review. iFAST Corporation (IFAST SP/HOLD/S$3.23/Target: S$3.34): 3Q20: Results in line; solid AUA growth; downgrade to HOLD. Mapletree Commercial Trust (MCT SP/BUY/S$1.90/Target: S$2.35): 1HFY21: MBC I and MBC II provide bastion of stability. Update Riverstone Holdings (RSTON SP/BU...
Our portfolio fell 1.7% mom in Sep 20, but outperformed the FSSTI’s decline of 2.6% mom. Outperformers include our recent additions, Yangzijiang and Frencken. Top decliners were Singtel and Food Empire. For Oct 20, we add in Wilmar as we believe it is a much cheaper entry into YKA, which we expect would have a strong listing debut given the overwhelming response.
KEY HIGHLIGHTS Strategy Alpha Picks: Adding in Wilmar: Our portfolio fell 1.7% mom in Sep 20, but outperformed the FSSTI’s decline of 2.6% mom. Outperformers include our recent additions, Yangzijiang and Frencken. TRADERS’ CORNER Far East Hospitality Trust (FEHT SP): Trading Buy Ascendas India Trust (AIT SP): Trading Buy
S-REITs corrected 3% across 16-30 Sep 20. S-REITs continued to announce yield-accretive acquisitions with MINT following in the footsteps of FCT and KREIT. The BOE confirmed that negative interest rates are under “active review” and could be deployed to support the British economy should the unwelcome scenario of a no-deal Brexit materialise. Key beneficiary: ELITE. Maintain OVERWEIGHT. BUY CT (Target: S$2.55), FCT (Target: S$3.10), FEHT (Target: S$0.72) and KREIT (Target: S$1.40).
S-REITs gained 0.8% during 1-15 Sep 20. S-REITs embarking on yield-accretive acquisitions, such as CERT, FCT, KREIT and MINT, led the gainers. The COVID-19 pandemic has helped these S-REITs acquire properties at lower prices and higher NPI yields. Lower interest rates have also reduced their cost of debt. Maintain OVERWEIGHT on S-REITs. BUY retail REITs CT (Target: S$2.55) and FCT (Target: S$3.10), hospitality REIT FEHT (Target: S$0.58) and office REIT KREIT (Target: S$1.40).
KEY HIGHLIGHTS Sector REITs: S-REITs Bi-weekly (1-15 Sep 20). AT A GLANCE Corporate Wilmar International (WIL SP/BUY/Target: S$5.35): YKA receives final registration approval for listing on the SZSE ChiNext board. TRADERS’ CORNER Far East Hospitality Trust (FEHT SP): Trading Buy ComfortDelGro Corp (CD SP): Trading Buy
The strong 19.5% mom rebound in retail sales (seasonally adjusted) brings renewed optimism of recovery for retail REITs. Online penetration for retail sales peaked in May and has been on a downward trend. The sustained drop in community transmission of COVID-19 infection could also lead to further easing of safe distancing measures. Maintain OVERWEIGHT. BUY for CMT (Target: S$2.55), FCT (Target: S$3.10) and MCT (Target: S$2.35).
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.