buy sell hold 



Telco - Overall

Back online in 2021F


■ Steady 2021F mobile revenue with less drag from lower excess data usage, and ARPU support from 5G service. TPG’s subs traction may stay modest.

■ We expect demand recovery from the private sector and 30% jump in the government’s FY3/21 ICT spend to drive healthy enterprise revenue growth.

■ Stay sector Overweight, with Singtel (Add, TP: S$3.10) as our top pick.


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Raffles Medical Group (RFMD SP)

Taking A Health Check And A Vaccine


We expect RMG’s local patient load to reach normalised levels that are on a par with pre-COVID-19 admissions. COVID-19 tests and vaccine administration would provide marginal support if private GP clinics are utilised for such purposes. The group is also preparing to complete the launch of the Shanghai hospital in the months ahead. Maintain BUY with an unchanged DCF-based target price of S$1.07, as a laggard on the recovery theme.


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CapitaLand Integrated Commercial Trust (CICT SP)

Future Proofing Its Assets


Keep Neutral with Unchanged TP of SGD 2.03 (8% upside). CMT’s 3Q numbers were broadly in line. Tenant sales has shown good recovery since opening up of economy in June but the recovery has been uneven across various tenant sectors and malls suggesting pain points ahead. Management’s focus will be on maintaining occupancy in malls while rents are expected to remain under pressures. Valuations are not compelling in our view with stock trading at 1x PB 


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LionelLim8.16Check out our compilation of Target Prices

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