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REITs – Singapore
S-REITs Bi-Weekly Updates (1-15 Aug 21)
80% of Singapore’s population is expected to be fully vaccinated by September, which paves the way for easing of safe distancing measures and normalisation of economic activities. We recommend a balanced mix of New Economy and reopening plays. BUY New Economy plays AREIT (Target: S$3.83), FLT (Target: S$1.79) and MINT (Target: S$3.63). BUY Reopening plays FCT (Target: S$3.06), FEHT (Target: S$0.71), LREIT (Target: S$1.01) and UHU (Target: US$0.95). Maintain OVERWEIGHT.
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Nanofilm Technologies Int'l Ltd

A word from the Chairman


■ We reiterate our Add call on Nanofilm as the company heads into the seasonally stronger 2H21F.

■ Management addressed 1H21 performance and reiterated that 2H21F should be seasonally stronger.

■ Management also highlighted the long-term growth opportunities (subject to gestation period).


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Singapore REITs

From Delta To Alpha


Making headway into new economy S-REITs have lagged the market’s YTD recovery despite improving fundamentals. The sector now trades at 290bps above the SG 10-year, and offers c.9% DPU CAGR from 2020-22E. Industrial REITs remain our preferred exposure given their resilient DPUs, stronger AUM profiles, and multiple catalysts. Office REITs have pulled back to offer a better risk-reward amid recovering Grade A rents, further overseas diversification, and Singapore’s clearer reopening pace. The push into new economy and longer WALE AUMs will underpin DPU visibility, while sound balance sheets and low interest rates should support acquisition growth upside. AREIT, CICT, MCT, MINT and FCT remain our top BUYs.


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Singapore Strategy

Edging towards reopening


■ Relative to the region, we think Singapore will soon be out of the woods with full vaccination rate at c.78% currently and edging towards border reopening.

■ EPS trim of 1.9-2.3% in 2Q21 results not alarming; we still see EPS growth of 39% in 2021F and 12% in 2022F. Our end-2021F FSSTI target 3,496.

■ Added CIT, Singtel, SPH Reit, Wilmar, HRnet, Kimly to our picks. Others we continue to like: AREIT, STE, SATS, UOB, CD, YZJ, CSE, Aztech, Q&M.


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LionelLim8.16Check out our compilation of Target Prices

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