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Manulife US REIT (MUST SP)


More Goodies To Come; Maintain BUY

  Maintain BUY and USD1.00 TP, 10% upside plus c.7% yield. MUST, which remains one of our Top Picks, had 3Q/9M19 results that were in line. Key takeaways are the continued occupancy improvement and positive rent growth. Post recent acquisitions and placement, the REIT is likely to meet the criteria for the FTSE EPRA NAREIT Index inclusion, which should act as a near-term catalyst. Valuations are still attractive at 1.1x P/BV.


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Netlink NBN Trust (NETLINK SP)

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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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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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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.8700.030
Avi-Tech Electronics0.2800.005
Best World1.7900.030
Broadway Ind0.118-
China Sunsine0.405-
Food Empire0.635-0.015
Fortress Minerals0.330-
Geo Energy Res0.360-0.015
Golden Energy0.7850.005
GSS Energy0.0480.002
ISDN Holdings0.4150.010
IX Biopharma0.1270.001
Jiutian Chemical0.0820.004
KSH Holdings0.350-
Leader Env0.056-
Medtecs Intl0.139-0.001
Meta Health0.025-
Nordic Group0.475-0.005
Oxley Holdings0.1500.001
REX International0.2400.005
Sinostar PEC0.1850.015
Southern Alliance Mining0.380-
Straco Corp.0.400-0.005
Sunpower Group0.2850.025
The Trendlines0.0930.005
Totm Technologies0.103-0.002
UG Healthcare0.194-0.001
Uni-Asia Group0.8350.005
Wilmar Intl4.120-
Yangzijiang Shipbldg1.410-0.010

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