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CGS CIMB |
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REITs – Singapore 2Q18: Suntec (In Line), 1QFY19: MINT (In Line)
Suntec REIT’s and MINT’s results were in line with expectations. Suntec REIT’s 2Q18 income was driven by higher contributions from the convention and retail segments. Maintain HOLD with a lower target price of S$2.01. Entry price: S$1.83. MINT’s portfolio saw higher contributions, driven by Phase 2 of the BTS project for HP Singapore and its 40% stake in the portfolio of 14 data centres in the US. Maintain HOLD with a lower target price of S$1.94. Entry price: S$1.76. Maintain OVERWEIGHT on the sector.
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Convention and retail continue to shine
■ 2Q/1HFY18 DPU of 2.47/4.91 Scts, in line our projections, at 25%/49% of our full-year forecast. ■ Improved demand for office space, in tandem with office market recovery. ■ Improved retail leasing activities on better shopper footfall and tenant sales. ■ Maintain Add, TP lowered slightly to S$2.08.
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| MAYBANK KIM ENG | DBS VICKERS |
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Mapletree Industrial Trust (MINT SP) Higher On Hi-Tech
1Q19 in line; DPU growth visibility; BUY 1Q DPU of S3.00cts, up 2.7% YoY, was in line with our estimates though ahead of the Street’s. This was driven by its rising hi-tech segment contribution even as Singapore occupancies dipped slightly on earlier supply pressures. Leasing demand remains strong, with growth visibility from completed Kallang AEI, and backed by a more resilient portfolio following hi-tech asset investments and US diversification in 4Q17. Low gearing, SGD700m of debt headroom and clear acquisition potential should provide upside to our 3-year 6.3% DPU CAGR forecast. We keep DPU and DDM-based SGD2.25 TP (WACC 7.2%, LTG 1.5%) unchanged. BUY.
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Ascendas India Trust (AIT SP) : BUY Another stellar quarter
• 1Q19 DPU of 1.60 Scts (+23% y-o-y) in line with our expectations • Boost from continued increase in rents and recent acquisitions/developments • A 653,000 sqft building to be built in Bangalore, further strengthening the already healthy development pipeline • Maintain BUY, TP of S$1.25
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DBS VICKERS |
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Genting Singapore Prospects still intact; the final countdown in Japan
■ 2Q is typically sequentially weaker but market share gains will still be the main focus, in our view. GENS is expected to announce its results on 3 Aug evening. ■ We estimate 2Q18F/1H18F adjusted EBITDA was S$280.8m/S$639.8m, which forms 23.2%/52.9% of our full-year estimate (S$1.21bn) and consensus (S$1.25bn). ■ Japan finally passed the Integrated Resorts (IR) bill last week. ■ It is no secret that GENS is set on bidding for a Japan integrated resort and its prime balance sheet avails it to large meaningful undertakings, in our view. ■ Maintain Add with a slightly higher TP of S$1.44.
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Check out our compilation of Target Prices
