Frasers Logistics & Commercial (FLT SP) is raising US$231m to partially fund its acquisition of logistics and industrial properties in Germany, the Netherlands and, UK. This is the first placement that the REIT is conducting since its merger with FCOT. We have covered the REIT's previous placement and IPO in: Frasers Logistics Placement - Acquisition Executed As Guided with Good Track Record Frasers Logistics Placement - Well Flagged, Accretive Acquisition that Diversifies Portfolio Frasers ...
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.
S-REITs gained 1.4% during 16-31 Dec 20. The slew of acquisitions and divestments continued unabated as we approached the year-end. Switch to recovery plays and laggards. BUY AREIT (Target: S$3.68), FCT (Target: S$3.15), LREIT (Target: S$0.97), FEHT (Target: S$0.74) and SUN (Target: S$1.75), which provide distribution yields of 5.1%, 5.6%, 6.6%, 4.5% and 6.4% respectively. Maintain OVERWEIGHT.
S-REITs gained 3.0% during 1-15 Dec 20. The slew of M&A activities highlights investors’ avid interest in S-REITs. Recovery is on track with approval for emergency usage of COVID-19 vaccines from Pfizer, Moderna and AstraZeneca in sight. Switch to recovery plays and laggards. BUY AREIT (Target: S$3.68), FCT (Target: S$3.15), LREIT (Target: S$0.97), FEHT (Target: S$0.74) and SUN (Target: S$1.75), which provide distribution yields of 5.2%, 5.6%, 6.4%, 4.5% and 6.2% respectively. Maintain OVERWEIGH...
S-REITs eased 0.9% during 16-30 November, with large cap blue chip S-REITs encountering resistance and light profit-taking. Recovery is on track, with approval for emergency usage of COVID-19 vaccines from Pfizer, Moderna and AstraZeneca in sight. Switch to recovery plays and laggards. Maintain OVERWEIGHT. BUY AREIT (Target: S$3.68), FCT (Target: S$3.15), LREIT (Target: S$0.97), FEHT (Target: S$0.74) and SUN (Target: S$1.75), which provides distribution yields of 5.2%, 5.9%, 7.1%, 4.5% and 6.3% ...
S-REITs gained 9.0% during 1-13 Nov 20. The stock market gyrated from gloom before the US Presidential Election to euphoria after Pfizer announced that its BNT162b2 COVID-19 vaccine demonstrated 90% efficacy. Recovery is on track with the gradual easing of safe distancing measures. Maintain OVERWEIGHT. BUY AREIT (Target: S$3.68), FCT (Target: S$3.15), FEHT (Target: S$0.74) and SUN (Target: S$1.75).
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 marginally by 0.3% during 16-31 Aug 20. We saw many recovery plays, such as retail REITs (FCT, LREIT, MAGIC and CT) and hospitality REITs (FEHT and ARAUS), among the top gainers. Conversely, industrial REITs (FLT, MINT and AREIT) have lost some momentum. Maintain OVERWEIGHT on S-REITs. BUY retail REITs CT (Target: S$2.55) and FCT (Target: S$2.90), hospitality REIT FEHT (Target: S$0.58) and office REIT KREIT (Target: S$1.30).
Since our tactical recommendation on 6 Jun 19 to switch into banks and Venture Corp in response to Trump’s tariff threat, the FSSTI has rallied by 5.8%. Banks and Venture Corp were outperformers as we anticipated, while O&M stocks, CapitaLand and CityDev also had extended gains. From a technical perspective, Bumitama and Ho Bee appear the most attractive. Our tactical recommendation suggests a switch out from the top 6 outperformers to Bumitama, Ho Bee, CD REIT and FHT.
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