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RHB |
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Boustead Projects Limited Earnings visibility with S$660m order book
■ BP is an industrial real estate design and build solutions provider. ■ Its order book, which stood at S$660m at end-Mar 2019, is likely to keep the group busy. ■ The company stated that it would consider a REIT listing of its portfolio to unlock value.
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Jumbo Group (JUMBO SP) The Hottest Chilli Crab In Town; Initiate BUY
Initiate coverage on Jumbo with BUY and SGD0.47 TP, 24% upside plus 4% yield. Jumbo is one of the leading consumer foodservice retailers in Singapore. Today, the group has five brands across 32 F&B outlets in Asia. With new store openings and expansion of its franchisee network, we project earnings to grow at 15% CAGR over FY18-21F. We expect its share price to rerate upwards as it continues to deliver earnings.
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UOB KAYHIAN |
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Retail REITs – Singapore Turning Around; Benefitting From Regional Economic Gateways
Retail REITs were largely ignored in the past. However, new data shows that penetration for online shopping at 5.4% is not as pervasive as feared. Increasing contribution from tourists has also taken up the slack. BUY FCT (Target: S$2.72) and MCT (Target: S$2.22). FCT focuses on suburban retail malls and benefits from the development of Northern Gateway. MCT is a play on the development of new tourism attractions at Sentosa and Pulau Brani. Maintain OVERWEIGHT.
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Check out our compilation of Target Prices
