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Ascendas REIT (AREIT SP)

Enlarging Scale In Fast-growing Co-location Markets In Europe

 

The acquisition of 11 data centres in Europe has injected new dimension for growth with exposure to data centres expanding from 4% to 10% of AUM. London, Amsterdam and Paris are key co-location markets in Europe with vacancy rates projected to fall due to strong take-up for co-location data centres. The expansion increases tenant base, asset type and geographical diversification. AREIT provides a resilient distribution yield of 5.4% for FY22. Maintain BUY with target price at S$3.82.

 

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Gaming – Malaysia

Casino: Upping The Ante

 

Coming off from a battered-down year in 2020, the casino subsector has predictably charged ahead in tandem with global peers with the global COVID-19 vaccination rollout which will eventually allow Malaysia to reopen its borders. We foresee further share price outperformance, particularly for GENM, with the emergence of multiple catalysts including the launch of SkyWorlds. Maintain OVERWEIGHT. Top pick: GENM.

 

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UOB KAYHIAN

CGS CIMB

WCT Holdings (WCTHG MK)

4Q20: Fell short of our and consensus’ expectations

 

WCT’s 2020 results were below expectations after reporting a core net loss of RM16m. The negative deviation was mainly attributed to the underperformance of its construction and property divisions. However, a negative overreaction to the results could provide a trading opportunity for investors. The company’s prospects are likely to improve starting 2Q21/3Q21, underpinned by the mass rollout of vaccines. Upgrade to HOLD (from Sell). Target price: RM0.52. Entry price: RM0.45.

 

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Boustead Singapore Ltd

Set for another good year

 

■ Completion of Boustead Project’s (52.8%-owned subsidiary) value unlocking exercise could translate into special dividend being declared, in our view.

■ Strong earnings momentum to continue in 2HFY3/21F. Excluding disposal gains, we forecast FY21F core net profit of S$49.4m (+35% yoy).

■ Reiterate Add with higher TP of S$1.40.

 

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Counter NameLastChange
AEM Holdings2.290-0.070
Best World2.4600.020
Boustead Singapore0.945-0.015
Broadway Ind0.125-0.003
China Aviation Oil (S)0.905-0.005
China Sunsine0.400-0.010
ComfortDelGro1.450-0.010
Delfi Limited0.895-0.005
Food Empire1.280-0.040
Fortress Minerals0.305-0.015
Geo Energy Res0.300-0.005
Hong Leong Finance2.480-0.010
Hongkong Land (USD)2.830-0.020
InnoTek0.520-0.015
ISDN Holdings0.3000.005
ISOTeam0.042-0.001
IX Biopharma0.040-0.005
KSH Holdings0.2550.005
Leader Env0.050-
Ley Choon0.0440.001
Marco Polo Marine0.067-0.002
Mermaid Maritime0.136-0.003
Nordic Group0.310-0.005
Oxley Holdings0.089-
REX International0.1380.003
Riverstone0.790-0.005
Southern Alliance Mining0.445-
Straco Corp.0.4950.010
Sunpower Group0.205-0.005
The Trendlines0.069-
Totm Technologies0.022-
Uni-Asia Group0.825-
Wilmar Intl3.4000.020
Yangzijiang Shipbldg1.740-0.030
 

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