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Keppel Corp (KEP SP) 2020: A New Dawn And A New Day
KEP reported a full-year loss of S$506m as it was impacted by large impairments that were made in 1H20. The company disclosed that it will be exiting the rig-building industry in a phased manner, which we view positively, and it has also put its logistics business up for sale as it remains sub-scale. KEP remains inexpensive, trading at 1SD below its 5-year mean P/B of 1.0x. Maintain BUY. Target price: S$6.10.
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Genting Singapore (GENS SP) Really good vibes from Marina Bay Sands 4Q20 results
Maintain BUY call and SGD0.95 DCF-based TP Marina Bay Sands (MBS) 4Q20 EBITDA doubled QoQ on recovering mass market table and slot gross gaming revenue (GGR) QoQ. We gather that GENS’ Resorts World Sentosa (RWS) will exhibit similar trends when it releases its 4Q20 results on 9 Feb 2021. We also do not discount the possibility that GENS will announce a final DPS then as we expect the ‘RWS2.0’ capex plan to be largely deferred. Maintain earnings estimates, BUY call and SGD0.95 DCF-based TP for now.
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DBS VICKERS |
DBS VICKERS |
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iFAST Corporation Strong growth momentum Investment Thesis:
Maintain BUY with higher TP of S$6.40. We maintain our positive view on iFAST despite the recent stellar share price performance, which we believe, was mainly driven by the anticipation of the contract win for the Hong Kong pension fund project; 2) the solid Assets Under Administration (AUA) growth for FY2020, and 3) the digitalisation trend accelerated by COVID-19.
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Ascendas India Trust Emerging “digital real estate” play
Investment Thesis Sprinting ahead of its S-REIT peers. We maintain our BUY call on Ascendas India Trust (AIT) with TP unchanged at S$1.85, implying 1.25x P/adjusted NAV. Despite the COVID-19 outbreak, AIT continued to deliver resilient results and we anticipate DPU CAGR to accelerate to 8% in FY21-22F, driven by acquisitions.
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