| MAYBANK KIM ENG | UOB KAYHIAN |
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Sentral REIT (SENTRAL MK) Solid FY20 DPU
Maintain BUY Formerly known as MRCB-Quill REIT (prev: MQREIT MK), Sentral REIT’s FY20 core earnings came in within our expectations, at 98%/93% of our/consensus’ FY20 estimates. A final gross DPU of 3.65sen (FY20: 7.08sen) was also declared and in-line – translating into a strong FY20 net DPU yield of 7.0%. We tweak our earnings estimates by <+1% p.a. and nudge up our DDM-TP by 3sen to MYR1.23 (Ke: 7.2%). Maintain BUY. We like Sentral for their stable long-term office tenants and strong FY21-23E net DPU yield of c.8%.
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G.H.Y Culture & Media Holding (GHY SP) A Content Champion In The Making
GHY is a media company which focuses on the production of dramas, films and concerts. The company, led by notable China producer, director and scriptwriter Guo Jingyu, has a strong pipeline of up to 23 film and drama projects. GHY has a formidable platform for growth as it is poised to benefit from the resumption of concerts helmed by popular singer-songwriter Jay Chou. Initiate with BUY and target price of S$1.08, 38% upside, given high earnings growth of 72% CAGR from 2019-22F.
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UOB KAYHIAN |
RHB |
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iFAST Corporation (IFAST SP) Strong Growth In Core Business Remains Intact
AUA for fintech firm iFAST reached another record-high level of S$14.45b (+44.5% yoy) as at end-20, as funds administered grew across all core markets. This is expected to lift overall recurring revenue going forward. Earnings are anticipated to benefit from improved operating leverage as expenses grow at a slower pace. We have a 3-year AUA CAGR estimate of 21.7% over 2019-22F. Maintain HOLD with higher target price of S$5.12. Entry price: S$4.65.
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RHB Bank (RHBBANK MK) Management remains optimistic of its near- to medium-term growth trends. Maintain Buy.
Management remains cautiously optimistic on the group’s near- to medium-term growth, underpinned by stronger-than-expected loan growth and non-interest income trends. This has prompted management to potentially step up pre-emptive provisions, especially in light of the recent MCO reimposition. Maintain BUY and target price of RM6.13 (8.6% ROE, 0.89x 2021F P/B). We continue to like RHB for its high CET1 ratio and hence, the ability to sustain above-peer dividends.
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Check out our compilation of Target Prices
