| PHILLIP SECURITIES | CGS CIMB |
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CapitaLand Limited Pick-up in all businesses SINGAPORE | REAL ESTATE | 3Q20 UPDATE
Sustained recovery in all business segments in 3Q20. Remains committed to S$3bn divestment target and digitalisation to build stickiness and future-proof its portfolio, as well as cash conservation. Reiterate BUY and TP of S$3.82, at a 20% discount to RNAV. CAPL is our top pick in the sector.
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Singapore Airlines SIA’s worst quarter may be behind it
■ 1HFY21 core net loss made up 71% of our forecast (61% of consensus); we consider this as broadly in line as 2HFY21F losses may be lower, in our view. ■ Reiterate Hold, with a lower target price of S$3.46 based on P/BV of 0.75x (- 1 s.d. from the mean) on the end-FY23F BVPS. ■ We think investors should stay on the sidelines until Covid-19 vaccines are widely available, possibly from mid-CY21 onwards.
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CGS CIMB |
UOB KAYHIAN |
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Sunningdale Tech Ltd Privatisation offer overshadows results
■ 9M20 core net profit was above expectations, at 133%/119% of our and consensus full-year forecasts. ■ Sunningdale Tech received a privitisation offer of either S$1.55 in cash or unlisted shares of the holding company of the offeror. ■ We expect the share price (S$1.68 CP) to fall when trading resumes tomorrow.
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ARA US Hospitality Trust (ARAUS SP) 3Q20: Respites Amid Harsh Realities
ARAUS has recovered qoq, returning to profitability at the gross operating profit level. Drive-to-leisure demand has underpinned the early days of a US hospitality sector recovery, while air travel showed only mild improvements. The outlook remains challenged, given the magnitude of the demand fall-off, and the next wave of recovery will be contingent on corporate travel returning. Maintain HOLD with unchanged target price of US$0.34. Entry price: US$0.30.
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