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Ascendas REIT (AREIT SP)

Rising Resiliency


Still our Top Pick AREIT’s 2H20 DPU fell 0.9% YoY, as its units rose 10.7% YoY following the Nov 2019 rights issue, and placement and preferential offering in NovDec 2020. Its SGD1.0b of portfolio deals in FY20 helped deliver stable portfolio occupancy of 91.7%, and cushion revenue and NPI growth against rent-relief support, mostly in Singapore. Management has stayed with the rental reversion guidance into FY21. Fundamentals remain strong, backed by its scale, rising DPU visibility, growth levers from a strong balance sheet, and further overseas diversification. Maintain BUY, with DDM-based SGD4.00 TP (COE: 5.8%, LTG: 2.0%).


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India raises effective import duties for CPO


■ India has raised the effective import duty on CPO by 5.5% pts to 35.75%, effective 2 Feb 2021, after revising the import duties and imposing new cess.

■ This is negative as it will reduce CPO price competitiveness against other edible oils in India and higher duties will result in higher cooking oil price.

■ We expect the change to be slightly negative for CPO demand in the nearterm (negative for upstream palm oil producers) and Indian palm oil refiners


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Bursa Malaysia (BURSA MK)

FY20: A record year


Results in-line; special dividend declared Bursa’s FY20 net profit is within our expectation, and so is a final DPS of 26sen. A special DPS of 8sen brings the near-term payout to 34sen (to be paid on 3 Mar). Our FY21-22E earnings are marginally tweaked post house-keeping, and we introduce FY23E. Our revised TP is MYR10.00 (- 5sen). Maintain BUY with 11% potential total return (including yield).


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Westports Holdings (WPRTS MK)

2020: Strong Volume On Continued Effects Of Supply Chain Crisis


WPRTS continued to record decent volumes and profit despite port congestions. The port has cleared the critical congestion issues in Jan 21. WPRTS is still expecting <5% volume growth for 2021, and commented that the empties repositioning has eased. However, we are more bullish on volumes, assuming the effects of the supply chain crisis will recur in 1H21. We adjust forecasts to reflect higher volume and costs. Maintain BUY, and DCF-based target price of RM4.90.


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LionelLim8.16Check out our compilation of Target Prices

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