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REITs – Singapore

S-REITs Bi-Weekly Update (1-15 Jan 21)


S-REITs gained 3.4% during 1-15 January. The US could embark on a massive stimulus programme, which is positive for economic recovery. BUY laggard S-REITs ALLT (Target: S$0.85), FEHT (Target: S$0.74), LREIT (Target: S$0.97), SUN (Target: S$1.75) and UHU (Target: US$0.92), which provides distribution yields of 7.1%, 4.5%, 5.9%, 6.2% and 9.5% respectively. BUY recovery plays AREIT (Target: S$3.68) and FCT (Target: S$3.15) with distribution yields at 5.0% and 5.3% respectively. Maintain OVERWEIGHT.


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Opportunities In Reopening Laggards, Among Others


The year has started with a whimper for the broad market amid domestic political turmoil and the country’s return to a harder lockdown. However, we expect the market to trend higher as investors price in the economy’s reopening in 2H21. Thematic plays which appeal include reopening laggards, dividend catch-ups and relatively cheap stocks with strong earnings momentum. Top picks: Astro, GENM, Globetronics, Hap Seng Plantations, MYEG, Sunway Bhd.


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Singapore Telecommunications (ST SP)

Signalling higher


Fundamentals and technicals point higher. BUY Reiterate BUY on Singtel with SOTP-based TP of SGD2.88. The stock has rebounded 25% from its decade low but we see further upside as recovery is underway, driven by upswing from BHARTI in FY22E. We see deep value in the stock and it is backed by 5.1% yield. Technically, the weekly chart signals a major reversal trend. A breakout above SGD2.60 could validate a reversal and start a new uptrend towards SGD2.90-3.00. Positive reading in both the stochastic and MACD suggests a chance to trade higher. Support is at SGD2.27-2.37.


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HRnetGroup Limited

Optimism among employers for 1Q21


■ Singapore reported its strongest net employment outlook (+15%) in six years while China expects a moderate hiring climate (+5%) in 1Q21.

■ Our channel checks with recruiters/headhunters in Singapore and China found strong hiring prospects in technology, finance, healthcare and retail.

■ We continue to expect flexible staffing to drive revenue and gross profit margin for HRNET in FY21F. We reiterate our Add call with a TP of S$0.64.


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LionelLim8.16Check out our compilation of Target Prices

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