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Property Devt & Invt

Better Sep sales


■ Primary home sales were higher in Sep, underpinned by two new launches.

■ YTD overall transaction volumes are down yoy, while price momentum has slowed.

■ Maintain sector Neutral. We prefer diversified developers such as City Dev, UOL and HoBee.


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Singapore Press Holdings: Cut in income is the outcome


SPH’s FY18 operating revenue dipped 4.8% YoY to S$982.6m, with the group’s media segment being (unsurprisingly) the main drag, as the latter fell 9.6% YoY. Notably, DPS was cut from 15 S-cents in FY17 to 13 S-cents in FY18; this represents the sixth consecutive year of cuts, and came in below ours and the median consensus expectation of 15 S-cents. With newsprint charge-out prices expected to increase, and the narrowing of the YoY % decline in media operating revenue seemingly lacking, margins moving forward could face some headwinds. Apart from the generic Brexit worries, we remain concerned about what we believe to be elevated supply in Plymouth, which is a large constituent in the group’s recently acquired portfolio of student accommodation assets in the UK. We fine-tune our assumptions and roll-forward our valuations, thus increasing our fair value marginally from S$2.52 to S$2.55. Maintain HOLD.



3Q18: Steady Momentum In Singapore Office Segment


Results came in broadly in line, with 9M18 DPU of 4.20 S cents/share at 72% of our full-year estimate. KREIT continues to achieve high overall occupancy (98.0%) on the back of rising office rents and firm leasing momentum. During the quarter, KREIT secured HSBC’s HQ relocation to MBFC Tower 2 on a 10-year lease. Maintain BUY and target price of S$1.35.


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Hi-P International (HIP SP) : BUY


Lowers guidance for 3Q18

• Expects lower revenue and profit for 3Q18 compared to 3Q17, vs previous guidance of higher revenue and similar profit

• Revised guidance mainly due to project delays, lower manufacturing yields

• To book in about S$7.4m in FY18 from partial sale of subsidiary

• Maintain BUY call and TP of S$1.30; current valuations attractive


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Still a Better Place Amidst Uncertainties

Maintain OVERWEIGHT. We believe selective SREITs still offer value for investors despite lingering concerns over rising interest rates. While we do not expect a broad-based sector outperformance, we believe SREITs with stock-specific catalysts continue to find favour. Key reasons supporting SREITs: a favourable demand-supply outlook, inorganic growth potential from recent acquisitions, and well-equipped balance sheets to mitigate rising borrowing costs. While valuations are closer to mean, we do not think they are stretched. Among the sub-sectors, our preference is for industrial and hospitality REITs (Ascendas, CDL Hospitality Trust) – we believe they are well-poised to tap into demand growth.


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LionelLim8.16Check out our compilation of Target Prices

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