| UOB KAYHIAN |
OCBC |
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Thai Beverage (THBEV SP) Cheering On 2019
2019 looks set to be a big year for THBEV, with expectations of a domestic consumption recovery along with the Thai elections. Initial signs from various internal and external factors bode well in lifting THBEV’s prospects as seen in the recent price rally. THBEV remains attractive with value to be unlocked from Sabeco as well as a decent yield of 3.3%. Maintain BUY and SOTP-based target price of $0.80.
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Frasers Commercial Trust: Going gaga over Google!
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| CGS CIMB | PHILLIP SECURITIES |
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ESR-REIT Looking to be a bigger fish in a bigger pond
■ Expect a re-rating from a larger market capitalisation and trading liquidity. ■ Upside to yields from operational cost synergies and economies of scale via integration of enlarged portfolio. ■ Accretion from the acceleration of AEIs and inorganic growth from the large Sponsor’s pipeline could provide further upside to our TP of S$0.62.
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First REIT A cautionary tale SINGAPORE | REAL ESTATE (REIT) | FY18 RESULTS
FY18 Revenue and NPI were in line with our forecast. DPU outperformed our estimates by c.5% due to a S$15mn income tax benefit arising from a write-back of provision for deferred tax on fair value loss on investment properties, as a result of a reduced tax rate. 4.7% and 4.5% YoY boost in FY18 Gross Revenue and NPI, respectively, driven by two acquisitions made in 4Q17. Cost of debt relatively stable at c.3.84% despite rising interest rates. Receivables continue to mount, against backdrop of uncertainty over upcoming lease expires, though some S$8mn of rental payments has since been received on Jan 15, 2019. Ceasing coverage due to reallocation of internal resources.
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