| CGS CIMB | UOB KAYHIAN |
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CapitaLand Mall Trust Welcoming the merged entity
■ 9MFY20 DPU of 6.06 Scts was below expectations at 67% of our full-year forecast due to higher-than-expected expenses incurred. ■ Tenant sales are improving but we see near-term rental pressure. ■ Reiterate Add. Looking towards to the merged CMT-CCT entity, CICT.
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Suntec REIT (SUN SP) 3Q20: Overhang From Equity Fundraising Removed
Suntec benefitted from a sequential rebound at Suntec City Office and Suntec City Mall, organic growth at ORQ and maiden contribution from the newly-completed 477 Collins Street in Melbourne, Australia. Management intends to finance the acquisition of Nova Properties through perpetual securities (S$200m) and bank loans (£200m loans denominated in GBP and S$217.9m loans denominated in S$). The overhang from equity fundraising has been removed. Maintain BUY. Target price: S$1.78.
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DBS VICKERS |
DBS VICKERS |
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CSE Global Interrupted, but not out
Investment Thesis: Undemanding valuation; improving outlook. CSE is currently trading at 8.2x FY21F PE, which is -0.8 SD below its 4-year historical mean. We believe its outlook is improving with oil prices stabilising at US$40/bbl and economies gradually reopening.
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Bukit Sembawang Estates The Singaporean Dream
• Large land bank slated for landed property homes sufficient to last a decade • Normalisation of dividends in FY21 to drive yield to c.4%; potential c.70% return on capital as land bank utilised • Business model to pivot towards recurring income to boost dividends; debt headroom of S$360m-S$750m for acquisitions, assuming 0.3x-0.6x net debt to equity • TP of S$5.44 is based on 55% discount to RNAV of S$12.10
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Check out our compilation of Target Prices
