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Mapletree Logistics Trust (MLT SP)

Another Steady Quarter


Results in line, further re-rating ahead MLT delivered a stable 3Q21 as DPU rose 1.0% YoY due to higher rental income and earlier acquisitions offsetting its divestments and provisions for rental relief. Our forecasts are unchanged and we expect its occupancies to remain resilient due to steady demand growth. MLT’s growing APAC-focused AUM is well-positioned to capture the sector’s multiple structural growth themes, ie, rising e-commerce demand and supply chain diversification, which have been accelerated by the pandemic. It remains among our top S-REIT picks. Our DDM-based TP (COE: 5.4%, LTG: 2.0%) stays at SGD2.40. BUY.


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Rent Moderation


Headwinds ahead, stay at SELL KREIT’s 2H20 DPU, up 4.6% YoY was ahead of our estimates and in-line with the street. This was due to stronger-than-expected Singapore occupancy and lower borrowing costs. Rents have moderated and its outlook remains challenging given uncertainties in office demand amid the macro downturn and WFH entrenchment. We continue to see headwinds for leasing out vacancies and at pressured rents. This is especially in the coming quarters as firms reassess options post-Covid. We anticipate further downsizing by financial institution tenants (c.33% of its NLA). KREIT’s DPU growth is unexciting versus peers, and we maintain SELL, at a SGD0.90 DDM-based TP (COE: 7.0%, LTG: 1.0%).


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Telecommunications – Singapore

Rational Competition As Earnings Are Expected To Recover In 2H21


We expect the competitive landscape to remain benign, even with TPG’s recent launch of S$18 for 80GB SIM-only plan. We believe the incumbents are on stronger footing, given their very own MVNO outfits to address SIM-only demand and importantly, the ability to differentiate premium offerings with nationwide 5G coverage. Maintain OVERWEIGHT. Top picks are NetLink and Singtel. We downgrade StarHub to HOLD as share price has recovered 10% in 4Q20.


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The Golden Age of RF & EVs


■ We upgrade the Malaysian semiconductor sector from Neutral to Overweight on 5G network proliferation and higher power management content in EVs.

■ We expect sector sales to rise 13% and net profit to climb 39% in 2021F.

■ We like Inari and MPI for exposure to the Malaysian semiconductor sector


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LionelLim8.16Check out our compilation of Target Prices

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