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REITs – Singapore

S-REITs Bi-Weekly Updates (1-15 Apr 21)


S-REITs gained 1.7% during 1-15 April. We recommend a diversified portfolio of S-REITs that benefit from recovery and re-opening. BUY office REITs KREIT (Target: S$1.49) and SUN (Target: S$1.72) as they will benefit from employees returning to work from office. AREIT (Target: S$3.82) and MINT (Target: S$3.50) offer exposures to decentralised offices. LREIT (Target: S$0.97) benefits from a recovery in shopper traffic and tenant sales at downtown malls. Maintain OVERWEIGHT.


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Dairy Farm International Holdings (DFI SP)

On Track For A Slow And Steady Recovery Despite Market Volatility


DFI is a play on Asia’s developed and emerging markets with upside from the rising consumer spending power of its middle class. Its multi-year strategic transformation starting in 2018 has led to higher EBITDA margins which we expect the company to maintain. Via its 50% interest in Maxim’s which has key franchises such as Shake Shack and Starbucks, it has products that appeal to all ages. We initiate coverage with a BUY and PE-based target price of US$5.19 implying 23% upside with a 5% yield.


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InnoTek (INNOT SP)

Beneficiary Of Strong Growth In China’s Auto Sales And The EV Industry


InnoTek is set to benefit from the strong growth in China’s auto sales in 2021 and the high-growth EV industry as it has started serving EV manufacturers. The China Association of Automobile Manufacturers (CAAM) estimates that passenger vehicle sales grew by 74% yoy in 1Q21 due to a strong recovery in demand. We expect Innotek’s EPS to grow by 39% yoy in 2021. We raise our target price by 46% to S$1.20 (12x 2022 EPS). Innotek currently trades at only 5x ex-cash 2022 PE.


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Nanofilm Technologies Int'l Ltd

Outlook still robust


■ Customer Z’s upcoming product launch could introduce a new line of tablets that may further catalyse NANO’s earnings growth in FY21F.

■ We continue to expect the 3C markets to drive earnings growth in FY21F.

■ We reiterate our Add call with an unchanged TP of S$5.52.


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LionelLim8.16Check out our compilation of Target Prices

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