buy sell hold  

CGS CIMB UOB KAYHIAN

Keppel DC REIT

Continued to deliver but priced in

 

■ 1QFY21 DPU of 2.46 Scts (+18.1% yoy) came in line with our full-year forecast.

■ The stronger revenue and NPI were driven by acquisitions and AEIs.

■ Demand for data centres continued to be strong, but we believe this has been priced in. The REIT is trading at <4% dividend yield. Reiterate Hold.

 

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Yangzijiang Shipbuilding (Holdings)

(YZJSGD SP) Another Month, Another US$1b In New Orders

 

With the ink barely dry on the US$1.7b worth of order wins in Mar 21, YZJ has announced another slate of orders for 15 vessels totalling US$0.97b. More than half of these are containerships, which is positive given that such vessels attract higher shipbuilding margins. As a result of the order wins, we have increased our EPS estimates for 2021-23 as well as raised our order-win expectation for 2021 to US$5.5b. Maintain BUY with a higher target price of S$1.76.

 

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CGS CIMB

DBS Group

Investing in Shenzhen

 

■ DBS has announced the acquisition of a 13% stake in Shenzhen Rural Commercial Bank for 1.01x P/BV.

■ The transaction is expected to be immediately accretive to earnings.

■ Reiterate Add. ROE of c.12% for DBS’s stake is in line with China banks. We anticipate positive share price movement on this announcement.

 

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