| UOB KAYHIAN | PHILLIP SECURITIES |
|
STRATEGY – SINGAPORE The Rise Of ESG Investment
Fund flows into the ESG investment theme have built significant momentum in the past few years. With global AUM approaching US$2t, we look at companies in Singapore that ranked well on ESG scores. The companies that scored well across the four ESG ratings that we looked at were City Developments, DBS, Singtel and SGX.
|
Ascendas REIT Rebalancing continues SINGAPORE | REAL ESTATE (REIT) | UPDATE
Portfolio stable. Slight dip in occupancy from 91.7% to 90.6% due to non-renewals but reversions positive at 3.0%. Singapore assets improving. Demand remains muted as companies exercise caution but tenants also avoid relocation costs, leading to higher retention rates for AREIT. Electronics (29.3%) and Biomedical (34.0%) sectors main sources of demand in 1Q21. Reiterate BUY. DDM TP (COE 6%) raised from S$3.64 to S$3.65. We adjust FY21e/22e DPU by -0.5%/0.8% to reflect acquisition of remaining stake in Galaxis and divestment of three Australian logistics assets. Forecast FY21e DPU growth of 9.2% as acquisitions and redevelopment/AEI start contributing. AREIT remains our top pick in the sector for its scale and diversification.
|
|
UOB KAYHIAN |
MAYBANK KIM ENG |
|
Gabungan AQRS (AQRS MK) 1Q21: Reopening Delay Derails Recovery Timeline
GBGAQRS’ 1Q21 results were below our and consensus expectations with a core net profit of RM4.5m. The company’s expected earnings recovery is now delayed to 1Q22 due to the reimposition of the total lockdown. Progress billings and property sales are expected to continue to be affected until the economy fully reopens. The company’s RM1.3b (3x revenue cover) outstanding orderbook will help it to weather the challenging time. Downgrade to HOLD with a lower target price of RM0.650.
|
Bermaz Auto Berhad (BAUTO MK) FY21 results ahead of expectation
Maintain BUY and MYR2.25 TP FY21 core results were 30%/41% above of ours/consensus estimates, on higher: (i) volume sales & margins from MY ops and (ii) profits from 30% MMSB in 4Q21. We expect stronger performances ahead, aided by the positive impact from Peugeot/ Kia from FY23. BAuto is ready to ride on the electrification path, once the pro-EV policy rolls out. BAuto offers focused management acumen, strong growth prospects, attractive div. yields & inexpensive valuations. Our TP is pegged to 16x FY22 PER.
|
Check out our compilation of Target Prices
