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PHILLIP SECURITIES |
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Keppel REIT Benefiting from acquisitions and positive reversions
■ 3Q/9M DPU of 1.40/4.18 Scts was within market expectations but slightly below our projections. ■ KREIT has and expects to continue to benefit from positive rental reversion. ■ Maintain Add with a lower DDM-based TP of S$1.35.
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Keppel DC REIT Delivering, as expected SINGAPORE|REAL ESsTATE(REIT)|UPDATE
3Q19 NPI and DPU were in line with our estimates. 9M DPU formed 74.2% of our FY19 estimates Portfolio metrics healthy; occupancy crept up 0.7% ppts and while post-acquisition gearing will settle at 30.3% (historical average 30.7%) Maintain ACCUMULATE with a higher target price of $2.06 (previously $2.00). We raise our estimates by 2% to reflect the tightening DC market which will help provide support for rents
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MAYBANK KIM ENG |
UOB KAYHIAN |
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Netlink NBN Trust (NETLINK SP) Room to grow
Raising DPU forecasts and TP; maintain BUY With Netlink’s healthy balance sheet providing leverage flexibility to finance capex, we believe DPU is not only sustainable but also more likely to be linked to operating cash flows rather than FCF growth. As such, although we make no changes to operational assumptions, we raise our DPU forecasts and DDM-based (COE 6%, LTG 0%) TP by 9% to SGD1.03. Maintain BUY where risks to our outlook include any negative revisions to its regulatory regime.
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Oversea-Chinese Banking Corporation (OCBC SP) 3Q19 Results Preview: Moderation In Loan Growth. Uptick In Credit Cost
We expect loan growth to moderate to 3.2% yoy and credit cost to rise to 22bp (due to higher general provisions) in 3Q19 in light of the clouded and uncertain outlook for Singapore and regional economies. We forecast net profit of S$1,132m for 3Q19, down 9.1% yoy and 7.5% qoq. Valuation is attractive at 1.0x 2019F P/B and dividend yield at 4.6%. Maintain BUY. Target price: S$14.45.
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Check out our compilation of Target Prices
