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RHB |
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UnUsUaL (UNU SP) 3QFY20 Off To A Good Start
Having recently organised a sold-out JJ Lin concert at the 80,000-seat Bukit Jalil National Stadium in Kuala Lumpur, UnUsUaL’s robust pipeline is starting to contribute strongly in 3QFY20. With two more upcoming nights from popular Mandopop artiste Eric Chou and two sold-out nights of JJ Lin concerts slated for end-December, we reckon that UnUsUaL will experience strong profit growth for 3QFY20. Maintain BUY with a PE-based target price of S$0.44, implying a 54.4% upside.
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Manulife US REIT (MUST SP) Moving Into The Next League; Top BUY
Keep BUY with new TP of USD1.10 from USD1.00, 10% upside plus c.6% yield. MUST, one of our Top Picks, has outperformed YTD +30%, vs S-REITs Index +17%. Key reasons: continued momentum in US office demand, lower interest rates, strong earnings track record and better investor education. With the recent index inclusion increasing stock liquidity and visibility, we expect trading yield discount (c.150bps higher than office S-REIT peers) to narrow further. Post rally, valuations remain reasonably attractive at 1.2x P/BV.
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DBS VICKERS |
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Road to recovery
• Bottoming signals in exports fuel recovery optimism • Broader-based earnings growth from cyclicals and staples • Volatility beats to drum of trade war, bar bell investment preferred with focus on recovery + yield plays • M&A deals on a roll
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Check out our compilation of Target Prices
