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Mapletree Industrial Trust

Growing momentum in hi-tech buildings


■ We have done a comprehensive review of MINT and its forecasts. We raise our FY17F DPU by 1.7% but cut our FY18-19F by 3.7-6.4%.

■ Underpinned by the two development projects, MINT offers one of the highest DPU growth rates in our S-REIT coverage.

■ In the medium term, MINT could expand overseas or make bolt-on data centre acquisitions in the US or European markets.

■ We expect flatted factories’ rents to hold up and hi-tech buildings’ occupancy to rise sharply. Fiercest near-term pressures will be on business parks.

■ Attractive entry point emerging; reiterate Add with MINT still one of our top picks.


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Raffles Medical Group: Upgrade after price correction

 Slow but steady earnings growth

 Expansion plans on track

 Current price point attractive

>Earnings growth slow and steady

We note that Raffles Medical Group (RMG)’s share price has corrected by another ~8% since the release of its 3Q16 results in late Oct. Given the on-going expansion plans, expenses may inevitably run ahead of topline contribution, thus a slower earnings growth trajectory vs. earlier years. Nonetheless in the longer run, growth remains intact in our view. In addition to a steady long term growth story, RMG also has a healthy balance sheet with net cash of S$78.0m as of 30 Sep-16. At current price point, we are upgrading RMG from hold to BUY, with an unchanged fair value estimate of S$1.61, offering a potential total return of ~17%.


Centurion Corporation Limited

Oversold and underrated


 Singapore’s 2 nd largest Purpose-Built Workers’ Accommodation operator by number of beds and the only Purpose-Built Workers’ Accommodation provider in Malaysia

 Exposure to rising demand of mobile student population in UK and Australia

 Initiate with “Buy” rating with S$0.42 TP, implying an upside 37.53% (including dividends).


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Genting Singapore

Double up

Potential doubling of dividend to trigger further re-rating.

We maintain our BUY call on Genting Singapore (GENS) with a revised TP of S$1.15. Based on our analysis of GENS's cashflow generation and net cash of c.S$3.7bn, balanced against the redemption of its perpetual securities and potential bid for a Japanese casino, we estimate that GENS has the ability to increase its dividend to 6 Scts per annum up (translating to a 6.3% yield) from our FY15F DPS 3 Scts. We believe the positive market response following the declaration of a 1.5-Sct interim dividend will encourage GENS’s management to return more cash back to its shareholders. This in turn should continue the rerating post the 3Q16 results.


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ComfortDelGro Corporation (CD SP)

Strengths On Many Fronts Except Share Price

Despite resilient 3Q16 results, CD trades at an undemanding 15x 2017F PE, 9% below its 10-year historical PE average. We believe the discount is not justified, given CD’s strong fundamentals and cash generation capability. There is dividend payout upside on its transition to an asset-light model as well as M&A opportunities, which are potential share price catalysts. Maintain BUY and PE-based target price of S$2.90 (unchanged).


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LionelLim8.16Check out our compilation of Target Prices

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