ANALYSTS SAY: Buy, Sell, Hold (20 Feb '19)

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MAYBANK KIM ENG	UOB KAYHIAN
Sasseur REIT (SASSR SP) Strong Finish, With Momentum FY18 DPU 12.6% above IPO projection Sasseur REIT achieved a strong close for FY18 (from 28 Mar to 31 Dec 2018). 4Q18 DPU of SGD1.999 cts brings its FY18 DPU to SGD5.128cts, or 12.6% ahead of its IPO projection, driven by better-than-expected results and lower operating expenses. It remains the best play on China’s retail ‘premiumisation’ theme, as its outlet malls look set to capture a larger wallet share of China’s brand-conscious, yet price-sensitive ‘aspirational consumers’. Our forecasts and DDM-based SGD0.90 TP (COE: 10.2%, LTG: 3.0%) are unchanged. With downside protection from its risk-absorbing EMA structures (ie minimum rental guarantees), the risk to DPU lies to the upside given stronger-than-expected sales performance so far (it has sales-based leases). BUY. Read More ...	Consumer And Healthcare – Marginal Drag From Tightening Of Foreign Manpower Policy Budget 2019’s reduction of the Dependency Ratio Ceiling (DRC) will particularly affect the labour-intensive consumer and healthcare sectors. While the companies under our coverage will be impacted, we think the drag on bottom-line may be marginal at less than 4% for FY20. Maintain HOLD on Jumbo (Target: S$0.41) and Sheng Siong (Target: S$1.15). Maintain BUY on Raffles Medical (Target: S$1.30). Read More ...
DBS VICKERS
Frasers Property Ltd (FPL SP) : BUY A bigger pipeline for FCT? • Frasers Property Ltd (FPL) is acquiring a 17.8% stake in the largest non-listed retail mall fund in Singapore for S$356m • Implied price at 1x P/BV; annualised dividend yield of c.3.7% • Albeit small, the strategic investment is interesting as it gives FPL access to some of the prized unlisted suburban malls in in Singapore • While details are unclear, these properties may form an attractive future acquisition pipeline for Frasers Centrepoint Trust (FCT) Read More ...

Check out our compilation of Target Prices

Counter Name	Last	Change
AEM Holdings	2.340	-0.020
Best World	2.480	-
Boustead Singapore	0.940	-0.005
Broadway Ind	0.133	-
China Aviation Oil (S)	0.920	-
China Sunsine	0.415	-0.005
ComfortDelGro	1.440	-0.040
Delfi Limited	0.880	-0.005
Food Empire	1.120	-0.050
Fortress Minerals	0.310	-
Geo Energy Res	0.295	0.005
Hong Leong Finance	2.530	-
Hongkong Land (USD)	3.300	0.050
InnoTek	0.535	-0.005
ISDN Holdings	0.300	-
ISOTeam	0.043	-
IX Biopharma	0.041	-0.006
KSH Holdings	0.250	-
Leader Env	0.052	-
Ley Choon	0.052	0.003
Marco Polo Marine	0.068	-0.001
Mermaid Maritime	0.135	-0.004
Nordic Group	0.315	-
Oxley Holdings	0.090	0.002
REX International	0.126	0.001
Riverstone	0.790	0.015
Southern Alliance Mining	0.455	-0.030
Straco Corp.	0.500	0.015
Sunpower Group	0.210	-0.005
The Trendlines	0.065	0.003
Totm Technologies	0.021	-0.001
Uni-Asia Group	0.830	-0.010
Wilmar Intl	3.220	-0.010
Yangzijiang Shipbldg	1.710	-

Counter Name

Last

Change

AEM Holdings

2.340

-0.020

Best World

2.480

Boustead Singapore

0.940

-0.005

Broadway Ind