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UOB KAYHIAN

OCBC 

Sembcorp Industries (SCI SP)

The Curious Case Of India’s High Spot Prices

 

Spot electricity prices continue to climb on undersupply of thermal coal for power generation. CIL is raising production but current efforts appear to be hindered by weather. Current dynamics may see high spot prices persist longer than expected. Even assuming coal supply reverts to normal (and spot prices fall), India remains on track to break even or return a profit for 2018. No change to earnings forecasts for now. Maintain BUY with an unchanged target price of S$3.41.

 

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Mapletree Logistics Trust:

Consolidating its stronghold in Singapore

 

Mapletree Logistics Trust (MLT) recently completed the acquisition of a portfolio of five modern ramp-up logistics properties in Singapore from CWT Pte Ltd. The total acquisition cost was ~S$804.2m, which was partially funded by a private placement exercise. The acquisition of this portfolio is expected to contribute an initial NPI yield of 6.2%. CWT will become MLT’s top tenant, providing ~9.5% of its gross revenue. To address concerns of potential concentration risk, we note that ~30% of CWT’s gross revenue to MLT will be contributed by third party end-users under sub-leases. Meanwhile, MLT’s sponsor, Mapletree Investments, has been active in expanding its global logistics footprint. While this provides MLT with a potential acquisition pipeline, we believe its focus over the near-term will remain on the APAC region. Thereafter, management would likely be open to exploring opportunities in new markets, in our view. Factoring the recent acquisition in our model, we raise our fair value estimate from S$1.34 to S$1.37. Maintain BUY.

 

 


LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings3.060-0.050
AusGroup0.0250.001
Avi-Tech Electronics0.3850.005
Best World Int.1.360-
CEI0.8750.015
China Sunsine0.365-0.015
CNMC GoldMine0.2100.005
CSE Global0.4400.010
Food Empire0.500-0.005
Golden Energy0.174-
GSS Energy0.0680.003
ISDN Holdings0.2350.015
ISOTeam0.1330.008
IX Biopharma0.2550.005
JB Foods0.490-
KSH Holdings0.3200.015
Medtecs Intl0.2550.005
Moya Asia0.063-
Nordic Group0.225-
Oxley Holdings0.2400.005
Procurri0.265-
REX International0.1550.015
Riverstone2.2300.040
Roxy-Pacific0.3550.010
Sing Holdings0.3300.010
SingMedical0.240-0.005
Straco Corp.0.505-
Sunningdale Tech0.9850.040
Sunpower Group0.445-0.010
The Trendlines0.109-
Tiong Seng0.150-0.002
Uni-Asia Group0.5550.085
Yangzijiang Shipbldg0.9400.005

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