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MAYBANK KIM ENG |
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Manulife US REIT (MUST SP)
More Goodies To Come; Maintain BUY
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Netlink NBN Trust (NETLINK SP) Message delivered
Capability & intention for higher DPUs confirmed 1HFY20 performance was in line, at 52% of MKE/consensus FY20E profit forecasts. Interim DPU was 3% higher and affirms our thesis that its healthy balance sheet can continue to support DPU growth despite higher capex. No change to operational forecasts though we raise FY20-22E DPUs by 3%. This lifts our DDM (COE 6%, LTG 0%) TP to SGD1.06 from SGD1.03. Maintain BUY where risks to our outlook include any negative revisions to its regulatory regime.
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UOB KAYHIAN |
UOB KAYHIAN |
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Singapore Post (SPOST SP) 2QFY20: In Line; Still Not In The Clear
SPOST reported 2QFY20 net profit of S$26.8m (-4.6% yoy), in line with expectations. The domestic mail segment saw an accelerated decline in business letter volumes and remains a key area of concern, even though international revenue posted agood growth in the quarter. There are some bright spots in postal packages initiatives although they remain longer-term positives. Maintain HOLD and target price of S$1.04. Entry price: S$0.88.
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SIA Engineering (SIE SP) 2QFY20: Impressive Turnaround, Margins Likely To Improve Further
SIAEC’s revenue rose for two consecutive quarters. We are also impressed by transformational plans which led to operating profit rising 74% yoy on just 1.3% yoy increase in top-line. We expect margins to improve further in 2HFY20 as improvement in efficiency gathers momentum. On top of that, we expect SIAEC to raise its final dividend. Upgrade to BUY. Target price: S$3.13.
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Check out our compilation of Target Prices
