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REITs – Singapore

S-REITs Weekly


S-REITs retraced marginally by 0.6% wow. Hospitality REITs FHT, CDREIT and ART increased 2.1%, 1.9% and 1% respectively as hotels could start receiving guests on staycations. We turn our spotlight on FCT, a pure play on suburban retail malls in Singapore that provides a distribution yield of 4.8%. Maintain OVERWEIGHT on SREITs. BUY retail REITs CMT (Target: S$2.60) and FCT (Target: S$2.85), hospitality REIT FEHT (Target: S$0.62) and office REIT KREIT (Target: S$1.30).


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Real Estate

Showing Resilience; Maintain OVERWEIGHT


 Stay OVERWEIGHT – CapitaLand is our Top Pick. Despite a sharp deterioration in economic outlook, the property sector has largely remained resilient, as anticipated. Key reasons are ultra-low interest rates, government economic stimulus, predominant local buying and healthy household balance sheets pre-crisis. Developers’ low margins have also limited price wars. We stay OVERWEIGHT on the sector mainly on valuation grounds, with developer stocks trading at attractive 40-60% discounts to book value.


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Frasers Logistics & Commercial Trust

On a stronger growth trajectory


■ FLCT offers stronger acquisition growth prospects post-merger, in our view.

■ Stable and resilient portfolio due to long WALE and inbuilt rental escalations.

■ We reiterate our Add rating with a higher DDM-based TP of S$1.43.


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Ascott Residence Trust (ART SP) : BUY

Profit warning but negatives priced in


• Profit warning: DPU for 1H20 to be reduced by 65- 75% from 3.43 Scts in 1H19

• Worst is likely over with phased-in reopening; six out of 88 assets are still not scheduled for reopening

• We estimate that ART will be able to deliver at least 1.9-2.0 Scts of DPU purely based on its master lease contributions

• ART currently trades at 0.80x P/NAV; negatives priced in at -1 SD P/NAV


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.1900.530
Avi-Tech Electronics0.4550.010
Best World Int.1.360-
China Sunsine0.315-0.005
CNMC GoldMine0.310-0.010
CSE Global0.5300.020
Food Empire0.5200.010
Golden Energy0.155-
GSS Energy0.0620.001
ISDN Holdings0.3000.010
IX Biopharma0.2950.015
JB Foods0.595-
KSH Holdings0.330-
Medtecs Intl0.985-0.025
Moya Asia0.069-0.003
Nordic Group0.210-
Oxley Holdings0.210-
REX International0.1830.002
Sing Holdings0.370-
Straco Corp.0.470-
Sunningdale Tech1.1400.100
Sunpower Group0.5100.050
The Trendlines0.1060.001
Tiong Seng0.160-
Uni-Asia Group0.470-
Yangzijiang Shipbldg0.9100.015

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