buy sell hold  

UOB KAYHIAN UOB KAYHIAN

Lendlease Global Commercial REIT (LREIT SP)

1HFY21: Benefitting From Recovery In Domestic Consumption

 

Contribution from 313@Somerset has normalised with occupancy improving 3.1ppt qoq to 98.7% in 2QFY21. 313@Somerset will benefit from increased shopper traffic from the redevelopment of the Grange Road car park site, while Sky Complex will benefit from the redevelopment of MSG into a major decentralised office district in Milan. LREIT provides an attractive distribution yield of 6.0% for FY21 and trades at a 7% discount below NAV/unit of S$0.85. Maintain BUY. Target Price: S$0.97.

 

Read More ...

 

 

 

 

Thai Beverage (THBEV SP)

1QFY21: Solid Earnings; Awaiting A Potential Listing

 

THBEV announced net profit of Bt8.5b, up 0.5% yoy, above expectations. The spirits volume remained resilient while cost control measures continue to improve margins. A potential spin-off listing of the group’s beer business, ASEAN’s leading brewery by volume, looms on the horizon. It could help unlock value for THBEV. Maintain BUY with a 12% higher target price of S$0.95.

 

Read More ...

MAYBANK KIM ENG

PHILLIP SECURITIES

Far East Hospitality Trust (FEHT SP)

Master Lease Cushion

 

Recovery slow, undemanding valuations FEHT’s operations in 2H20 continued to be cushioned by isolation demand and accommodation originating from border restrictions. Occupancies for its Singapore hotels and serviced residences (SRs) were high at 92.5% and 84.9%. RevPARs/ RevPAUs were soft but declined less than peers, while a reduction in management fees (by 23%) after a review at end-2019 saw FY20 DPU at -37% YoY (versus -60% YoY for ART and -45% YoY for CDLHT). A high proportion of minimum fixed rent from its master lease offers downside support amid a slow 2021 recovery, whilst valuation is undemanding at 0.7x P/B to our SGD0.70 DDM-based TP (COE: 5.4%, LTG: 2.0%).

 

Read More ...

 

 

 

DBS Group Holdings Ltd

Tenacity in adversity

 

SINGAPORE | BANKING | FY20 RESULTS

 FY20 earnings in line as lower credit costs compensated for weaker-than-expected income.

 NIM fell 27bps to 1.62% YoY but loan growth of 4% YoY cushioned NII. NIM further contracted 4bps to 1.49% QoQ.

 Fees and commissions grew 1% YoY, recovering to pre-COVID levels.

 Allowances matched 3Q20 levels despite the consolidation of troubled Lakshmi Vilas Bank (LVB).

 Upgrade to ACCUMULATE from NEUTRAL with higher GGM TP of S$29.50, from S$22.60. We increase earnings by 6% for lower allowances following a better credit outlook. We now assume 1.31x FY21e P/BV in our GGM valuation, up from 1.26x

 

Read More ...

 



LionelLim8.16Check out our compilation of Target Prices



You may also be interested in:


You have no rights to post comments

Counter NameLastChange
AEM Holdings2.650-0.080
Avi-Tech Electronics0.265-
Best World1.700-0.120
Broadway Ind0.087-0.002
China Sunsine0.385-
ComfortDelGro1.370-
Delfi Limited0.955-0.075
Food Empire1.430-0.020
Fortress Minerals0.2700.005
Geo Energy Res0.335-0.055
GSS Energy0.027-0.002
Hong Leong Finance2.480-0.010
Hongkong Land (USD)3.2800.020
InnoTek0.4400.005
ISDN Holdings0.330-0.010
ISOTeam0.035-
IX Biopharma0.041-
Jiutian Chemical0.025-
KSH Holdings0.250-
Leader Env0.052-
Medtecs Intl0.133-0.001
Nordic Group0.340-0.010
Oxley Holdings0.0910.001
REX International0.1230.002
Riverstone0.725-0.015
Sinostar PEC0.1420.004
Southern Alliance Mining0.600-
Straco Corp.0.515-
Sunpower Group0.2250.005
The Trendlines0.083-0.001
Totm Technologies0.024-0.001
Uni-Asia Group0.8500.010
Wilmar Intl3.340-0.020
Yangzijiang Shipbldg1.7400.070
 

We have 1441 guests and no members online

rss_2 NextInsight - Latest News