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Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

REITs – Singapore: S-REITs Monthly Update (Mar 23)

We are cautiously optimistic that inflation would ease gradually in 1H23. The external environment remains uncertain with geopolitical rivalries persisting. We focus on defensive S-REITs with resilient balance sheets. S-REITs would benefit from the easing of interest rates in 2024 in the event economic growth slows down or falters. Maintain OVERWEIGHT. BUY CLAS (Target: S$1.39), CLAR (Target: S$3.30), FLT (Target: S$1.56) and MLT (Target: S$1.99).

FCT FRASERS CENTREPOINT TRUST
A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
ART ASCOTT RESIDENCE TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
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

04/04/23 April 4, 2023 1 EN

Singapore Research Team

Singapore Research Team

D05 DBS Group Holdi...
U96 Sembcorp Indust... ... (+16)

Strategy - Alpha Picks: Adding OCBC, LREIT, AZTECH and SMM While Takin...

Our Alpha Picks portfolio easily surpassed the STI by 8.0ppt on an equal-weighted basis in Mar 23. For 1Q23, our portfolio rose 9.1%, materially outpacing the STI’s 0.2% gain. For Apr 23, we add OCBC, LREIT, AZTECH and SMM. We have also taken profit on GENS as it has done well since its inclusion and is close to our target price. Our Alpha Picks portfolio has beaten the STI in 12 out of the past 13 months.

D05 DBS GROUP HOLDINGS LTD
U96 SEMBCORP INDUSTRIES LTD.
A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
MLT MAPLETREE LOGISTICS TRUST
SIE SIA ENGINEERING CO LTD
SMM SEMBCORP MARINE LTD
UMSH UMS HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
AZTECH AZTECH GLOBAL LTD
CLI CAPITALAND INVESTMENT LTD
CLAS CAPITALAND ASCOTT TRUST

04/03/23 April 3, 2023 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

REITs - S-REITs Monthly Update (Feb 23)

We are cautiously optimistic that inflation would ease albeit gradually. The external environment remains uncertain with geopolitical rivalry persisting. Thus, we advocate focusing on S-REITs with resilient balance sheets that can weather a protracted period of elevated interest rates. Maintain OVERWEIGHT. BUY CLAS (Target: S$1.39), CLAR (Target: S$3.30), FLT (Target: S$1.56) and MLT (Target: S$1.99).

03/02/23 March 2, 2023 1 EN

Greater China Research Team ... (+6)

Greater China Research Team
Johnny Yum
Malaysia Research Team
Singapore Research Team
Thailand Research Team
Vincent Khoo Boo Aik

MAJOR Major Cineplex ...
G13 Genting Singapo... ... (+42)

REG: Strategy: Alpha Picks - February 2023

GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We expect consolidation in February, as investors await management guidance for 2023 in the upcoming earnings season. INDONESIA Strategy Alpha Picks: Outperformance In Jan 23, Add HMSP: Our picks: HMSP, ROTI, BBRI, BBNI, SMGR, EXCL, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Off To A Strong Start In January: Our Alpha Picks outperformed the FBMKLCI in January. Feb 23 picks: BAT, Genting Malaysia, Hap Seng Plantations, Malaysia A...

MAJOR MAJOR CINEPLEX GROUP PCL
G13 GENTING SINGAPORE
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U96 SEMBCORP INDUSTRIES LTD.
KLBF PT KALBE FARMA TBK
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SPRC STAR PETROLEUM REFINING
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
YNS YINSON HOLDINGS BHD
MLT MAPLETREE LOGISTICS TRUST
SIE SIA ENGINEERING CO LTD
MYEG MY EG SERVICES BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
2747 ESTUN AUTOMATION
UMSH UMS HOLDINGS LTD
WHA TB WHA CORP PCL
SCGP SCG PACKAGING PCL
2269 WUXI BIOLOGICS CAYMAN INC
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
CLI CAPITALAND INVESTMENT LTD
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK

02/06/23 February 6, 2023 1 EN

Greater China Research Team ... (+6)

Greater China Research Team
Johnny Yum
Malaysia Research Team
Singapore Research Team
Thailand Research Team
Vincent Khoo Boo Aik

MAJOR Major Cineplex ...
G13 Genting Singapo... ... (+42)

REG: Strategy: Alpha Picks - January 2023

GREATER CHINA Strategy Alpha Picks: January Conviction Calls: Expect equities to take a breather on delays in growth normalisation. INDONESIA Strategy Alpha Picks: Outperformed The JCI In 4Q22 And 2022: Our picks: ROTI, BBRI, BBNI, SMGR, EXCL, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Mostly China Reopening Beneficiaries: Our Alpha Picks underperformed the FBMKLCI in Dec 22 but outperformed in 2022. Jan 23 picks: Genting Malaysia, Malaysia Airports, MyEG Services, Press Metal and Yinson. ...

01/05/23 January 5, 2023 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

REITs - S-REITs Monthly Update (Dec 22)

Sentiment has improved with the favourable readings for US CPI in Oct and Nov 22 suggesting that inflation has peaked. The sector bottomed in Oct 22. We focus on S-REITs with resilient balance sheets to weather the protracted period of elevated interest rates. BUY CLAS (Target: S$1.27), CLAR (Target: S$3.21), FLT (Target: S$1.48), MINT (Target: S$3.12) and MLT (Target: S$1.87). Maintain OVERWEIGHT.

01/05/23 January 5, 2023 1 EN

Adrian Loh Tzum Yung ... (+2)

Adrian Loh Tzum Yung
Singapore Research Team

G13 Genting Singapo...
D05 DBS Group Holdi... ... (+16)

Strategy - 1H23 Market Strategy: A Safe Harbour In A Stormy Sea

While the China reopening story may see a short-term bullish reaction in the market, we believe that recessionary risks persist nonetheless. For 2023, we forecast 6% EPS growth for the large-cap stocks under our coverage, and from a top-down basis, our 2023 year-end target of 3,520 for the STI implies 8% upside from current levels. Importantly, the index’s valuations are not stretched at present, trading at 2023F PE and P/B of 10.7x and 1.0x respectively, and paying a yield of 4.5%.

G13 GENTING SINGAPORE
D05 DBS GROUP HOLDINGS LTD
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
MLT MAPLETREE LOGISTICS TRUST
SIE SIA ENGINEERING CO LTD
UMSH UMS HOLDINGS LTD
CLI CAPITALAND INVESTMENT LTD
CLAS CAPITALAND ASCOTT TRUST

01/04/23 January 4, 2023 1 EN

Adrian Loh Tzum Yung ... (+2)

Adrian Loh Tzum Yung
Singapore Research Team

G13 Genting Singapo...
D05 DBS Group Holdi... ... (+13)

Strategy - Market Strategy: A Safe Harbour In A Stormy Sea

While the China reopening story may see a short-term bullish reaction in the market, we believe that recessionary risks persist nonetheless. For 2023, we foreacast 6% EPS growth for large-cap stocks under our coverage, and from a top-down basis, our 2023 year-end target of 3,520 for the STI implies 8% upside from current levels. Importantly, the index’s valuations are not stretched at present, trading at 2023F PE and P/B of 10.7x and 1.0x respectively, and paying a yield of 4.5%.

G13 GENTING SINGAPORE
D05 DBS GROUP HOLDINGS LTD
U96 SEMBCORP INDUSTRIES LTD.
A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
MLT MAPLETREE LOGISTICS TRUST
SIE SIA ENGINEERING CO LTD
UMSH UMS HOLDINGS LTD
CLI CAPITALAND INVESTMENT LTD
CLAS CAPITALAND ASCOTT TRUST

01/03/23 January 3, 2023 1 EN

Singapore Research Team

Singapore Research Team

G13 Genting Singapo...
D05 DBS Group Holdi... ... (+13)

Strategy - Alpha Picks: Adding MLT, Removing LREIT

Our Alpha Picks’ 5.5% and 8.1% returns for 4Q22 and 2022 respectively easily beat the STI by 1.6ppt and 4.0ppt respectively on a market-cap weighted basis. For Jan 23, we rejig our REIT preference by adding Mapletree Logistics Trust (MLT) and cutting losses on Lendlease REIT (LREIT). We like MLT’s exposure to the China reopening story as its China and Hong Kong portfolio constituted 21% and 23% of its portfolio valuation respectively as at end-3Q22.

01/03/23 January 3, 2023 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

REITs - S-REITs Monthly Update (Nov 22)

Sentiment has improved with the favourable reading for US CPI in October suggesting that inflation has peaked. S-REITs are likely to have bottomed in late-October. Maintain OVERWEIGHT. Our bottom-up and diversified BUY picks for blue chips are CLAS (Target: S$1.27), FCT (Target: S$2.46), LREIT (Target: S$0.82), MINT (Target: S$3.12) and MLT (Target: S$1.87).

12/01/22 December 1, 2022 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

REITs - S-REITs Bi-Weekly Updates (1-14 Oct 22)

S-REITs are under pressure due to elevated inflation and rising government bond yields. The latest US CPI reading of 8.2% for Sep 22 adds to the pessimism. The nasty correction has brought valuations to attractive levels, and bargains have emerged. Our bottom-up and diversified BUY picks for blue chips are CLAS (Target: S$1.27), FCT (Target: S$2.56), LREIT (Target: S$0.91), MINT (Target: S$3.12) and MLT (Target: S$1.94). Maintain OVERWEIGHT.

10/18/22 October 18, 2022 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+19)

Singapore Daily - Tuesday, October 18, 2022

KEY HIGHLIGHTS Sector REITs: S-REITs bi-weekly updates (1-14 Oct 22). TRADERS’ CORNER CapitaLand Ascendas REIT (CAREIT SP): Trading BUY Sembcorp Industries (SCI SP): Trading BUY

FCT FRASERS CENTREPOINT TRUST
A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
FEHT FAR EAST HOSPITALITY TRUST
PREIT PARKWAYLIFE REAL ESTATE
ART ASCOTT RESIDENCE TRUST
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
MUST MANULIFE US REAL ESTATE INV
ELITE ELITE COMMERCIAL REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST
KORE KEPPEL PACIFIC OAK US REIT
DCREIT DIGITAL CORE REIT

10/18/22 October 18, 2022 1 EN

Jonathan Koh

Jonathan Koh

A17U Ascendas Real E...
UD1U IREIT GLOBAL ... (+8)

REITs - Europe Almost Overcoming Its Energy Crisis

Europe has almost resolved its energy crisis brought about by the Russia-Ukraine war, judging by the steep fall in electricity prices. The UK has made a policy U-turn and relented on tax cuts for top earners. Recent panic selling has brought valuations for S-REITs to attractive levels and bargains have emerged. Our bottom-up and diversified BUY picks are CLAS (Target: S$1.29), FCT (Target: S$2.56), LREIT (Target: S$0.91), MINT (Target: S$3.12) and MLT (Target: S$1.94). Maintain OVERWEIGHT.

A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
UD1U IREIT GLOBAL
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
ART ASCOTT RESIDENCE TRUST
ELITE ELITE COMMERCIAL REIT
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST

10/10/22 October 10, 2022 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

REITs - S-REITs Bi-Weekly Updates (16-30 Sep 22)

A disciplined and hawkish Fed and the UK’s fiscal policy mishap sent S-REITs reeling by 7.8%. We see sanity gradually being restored as nerves are calmed. S-REITs are resilient due to their stable cash flows. The panic selling has brought valuations to attractive levels and bargains have emerged. Our bottom-up and diversified BUY picks are CAT (Target: S$1.29), FCT (Target: S$2.56), LREIT (Target: S$0.91), MINT (Target: S$3.12) and MLT (Target: S$1.94). Maintain OVERWEIGHT.

10/03/22 October 3, 2022 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

Singapore Daily - Friday, September 16, 2022

KEY HIGHLIGHTS Sector REITs: S-REITs bi-weekly updates (1-15 Sep 22). TRADERS’ CORNER Sembcorp Marine (SMM SP): Trading Buy Aztech Global (AZTECH SP): Trading Buy

09/16/22 September 16, 2022 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

REITs - S-REITs Bi-Weekly Updates (1-15 Sep 22)

It is a tumultuous time for S-REITs with elevated inflation dominating headlines. The sector has nevertheless eked out a small gain of 0.5%. S-REITs are resilient due to their stable cash flows. Investors are likely to turn their attention to S-REITs when economic growth and inflation start to moderate more meaningfully. Our bottom-up and diversified BUY picks are FCT (Target: S$2.74), LREIT (Target: S$0.99), MINT (Target: S$3.36) and MLT (Target: S$2.08). Maintain OVERWEIGHT.

09/16/22 September 16, 2022 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+21)

Singapore Daily - Friday, September 02, 2022

KEY HIGHLIGHTS Sector REITs: S-REITs bi-weekly updates (16-31 Aug 22). TRADERS’ CORNER iFAST Corp (IFAST SP): Trading Buy City Developments (CIT SP): Trading Buy

09/02/22 September 2, 2022 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+13)

REITs - S-REITs Bi-Weekly Updates (16-31 Aug 22)

S-REITs declined 4.3% as the Fed maintained a hawkish stance during the Jackson Hole Economic Symposium. Outlook is also clouded by a protracted Russia-Ukraine War. S-REITs are resilient due to their stable cash flows. Investors are likely to turn their attention to S-REITs when economic growth and inflation start to moderate. Our bottom-up and diversified BUY picks are FCT (Target: S$2.74), LREIT (Target: S$0.99), MINT (Target: S$3.36) and MLT (Target: S$2.08). Maintain OVERWEIGHT.

FCT FRASERS CENTREPOINT TRUST
A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MCT MAPLETREE COMMERCIAL TRUST
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
ART ASCOTT RESIDENCE TRUST
MINT MAPLETREE INDUSTRIAL TRUST
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
FLT FRASERS LOGISTICS & COMMERCIAL TRUST

09/02/22 September 2, 2022 1 EN

Jonathan Koh

Jonathan Koh

FCT Frasers Centrep...
A17U Ascendas Real E... ... (+13)

REITs - S-REITs Bi-Weekly Updates (1-15 Aug 22)

S-REITs suffered a mild decline but underperformed the STI by 1.8% in the first two weeks of August. Inflation has moderated with US CPI easing 0.6ppt mom to 8.5% in Jul 22. S-REITs are resilient due to their defensive characteristics and stable cash flows despite the outlook being clouded by the Russia-Ukraine war and potential economic slowdown. Focus on reopening plays. BUY FCT (Target: S$2.74), FEHT (Target: S$0.83) and LREIT (Target: S$0.96). Maintain OVERWEIGHT.

08/18/22 August 18, 2022 1 EN

Jonathan Koh

Jonathan Koh

A17U Ascendas Real E...

Singapore Daily - Wednesday, August 3, 2022

KEY HIGHLIGHTS Results Ascendas REIT (AREIT SP/BUY/S$2.96/Target: S$3.45): 1H22: Higher rental reversion, occupancy and expenses. TRADERS’ CORNER Thai Beverage (THBEV SP): Trading BUY Japfa (JAP SP): Trading BUY

A17U ASCENDAS REAL ESTATE INVESTMENT TRUST

08/03/22 August 3, 2022 1 EN

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