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Mapletree Commercial Trust

Growth with downside protection


■ MBC II is ripe for acquisition. On a base-case scenario, the acquisition would raise FY20-21F DPU by about 4.8-4.9% and total return to a strong 17%.

■ We expect stronger reversion for VivoCity and MBC I. Lower supply and AEI benefits VivoCity; MBC I to see stronger demand from decentralisation.

■ MCT is now our preferred retail REIT, given its growth potential and consistent DPU growth. Maintain Add with a higher target price of S$1.94.


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Wilmar International (WIL SP)
Back to Basics
Over 28 years, Wilmar has grown from just a palm oil refiner and trader to one of the global leaders in the processing and merchandising of agricultural products with a strong presence across 33 countries (mainly emerging markets such as China, India, Indonesia, Indochina and Africa). Soon, its China operation will be listed on the Shanghai Stock Exchange and is potentially the largest vegetable oil and food ingredient producer with a market cap of US$12b-13b. Maintain BUY. Target price: S$3.90.

Singapore Exchange Limited

Derivatives growth the slowest in almost two years



 HKEX announced the launch of futures contracts on MSCI China A Index.

 SGX’s February Derivatives Daily Average Volume (DDAV) growth was flat at 1.4% YoY, the lowest in almost two years.  SGX’s derivatives business accounts for c.49% of total revenue in 6M19.

 We downgrade to Accumulate at a lower TP of S$8.17 (previously S$8.36) and lowered our FY19e earnings by 2%. We peg our TP to 23.2x P/E, at SGX’s 5-year mean.


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Dairy Farm (DFI SP)

Accumulate For Longer Term; Upgrade To BUY


 Upgrade to BUY from Neutral with new USD8.25 TP, from SGD8.64, 11% upside plus 3% yield. It has been challenging for the supermarket/hypermarket division over the past four years. Share price saw a sell-down after the group made major write-downs and provisions to this division in 4Q18. YTD, share price has plunged 19%, underperforming the STI considerably. We believe share price is at its trough, and long-term investors may look to accumulate the stock at its low.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.050-0.010
Alliance Mineral0.151-0.004
Anchor Resources0.013-0.001
Avi-Tech Electronics0.265-0.005
Best World Int.1.360-
China Sunsine1.120-
CSE Global0.490-0.005
Food Empire0.500-
Geo Energy0.1510.001
Golden Energy0.2250.020
GSS Energy0.088-
ISDN Holdings0.2300.005
KSH Holdings0.4200.025
Moya Asia0.078-0.001
Nordic Group0.300-
Oxley Holdings0.330-
REX International0.0740.002
Sing Holdings0.385-0.010
Sino Grandness0.044-0.001
Straco Corp.0.750-
Sunningdale Tech1.3400.010
Sunpower Group0.475-0.015
The Trendlines0.077-0.001
Tiong Seng0.225-0.005
Uni-Asia Group0.760-0.010
XMH Holdings0.153-
Yangzijiang Shipbldg1.5200.020

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