GREATER CHINA Initiate Coverage Joyson Electronics Corp (600699 CH/BUY/Rmb16.71/Target: Rmb26.00) Riding on the vehicle electrification and intelligentisation trends. Initiate coverage with BUY. Target price: Rmb26.00. Results Li Auto (2015 HK/SELL/HK$99.90/Target: HK$70.00) 1Q24: Results miss estimates with unexpected operating loss. Cut target price from HK$85.00 to HK$70.00. Maintain SELL. INDONESIA Update United Tractors (UNTR IJ/SELL/Rp22,850/Target: Rp20,...
Results from the 20 S-REITs under our coverage were mostly in line with forecasts. The hospitality sub-sector registered the strongest NPI growth averaging 26% yoy. We saw resiliency from Singapore with positive rental reversions across retail, office and industrial properties despite external uncertainties. We focus on S-REITs with resilient balance sheets that could weather a protracted period of elevated interest rates. Maintain OVERWEIGHT. BUY FCT, FEHT, KREIT, LREIT and MINT.
Retailers and F&B operators are back operating at full capacity after the economy reopened in Apr 22. Penetration for e-commerce has receded. Pick-up in visitor arrivals is an added catalyst for downtown malls in 2H22. Downtown malls offer better upside from reopening, while suburban malls are more defensive. Maintain OVERWEIGHT. BUY for FCT (Target: S$2.74), LREIT (Target: S$0.96) and MPACT (Target: S$2.22).
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....
S-REITs corrected 2.4% during 16-26 Feb. We expect the rise in the bond yield to persist in the near term, which puts pressure on blue chip S-REITs which are well owned by institutional investors. Switch to laggard S-REITs sheltered from the higher bond yield with their much higher yields. BUY ALLT (Target: S$0.89), LREIT (Target: S$0.97), SUN (Target: S$1.72) and UHU (Target: US$0.95), which provide distribution yields of 7%, 6.2%, 6.5% and 9.4% respectively. Maintain OVERWEIGHT.
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).
KEY HIGHLIGHTS Sector Retail REITs: Recovery becoming entrenched. Update Sembcorp Industries (SCI SP/BUY/S$1.92/Target: S$2.20): A deep-value utilities company that trades at 40-50% discount to regional peers. TRADERS’ CORNER UG Healthcare Corp (UGHC SP): Trading Buy Ascott Residence Trust (ART SP): Trading Buy
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.