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REITs – Singapore

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


Singapore is experiencing an exponential surge in daily COVID-19 infections. Thankfully, ICU admission and deaths remain low. BUY New Economy plays AREIT (Target: S$3.83), FLT (Target: S$1.79), MINT (Target: S$3.63) and ALLT (Target: S$1.02). BUY Reopening plays ART (Target: S$1.16), FCT (Target: S$3.06) and LREIT (Target: S$1.01). Maintain OVERWEIGHT.


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Property – Singapore

Valuing CLI Prior To Its 20 Sep Listing; Positive News for CDL


With CLI listing on the SGX on 20 September, we establish a sum-of-the-parts valuation for the company of S$3.64. This implies a 29% upside from CAPL’s valuation of CLI of S$2.823 as part of the consideration in its scheme of arrangement. We like CLI for its scalability through fee-related earnings and growth potential in its funds management business. In other news, CDL announced that it had finally jettisoned its troubled Sincere investment for US$1.00 to an unrelated party. Maintain MARKET WEIGHT.


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Keppel Corporation

Green spark


■ Keppel’s asset-light strategy is at play with the exclusive framework signed with EDL to import 100MW of renewable hydropower from Lao PDR.

■ Earnings impact could be minimal for now but ESG impact could be significant as carbon footprint reduction is a priority for Singapore.

■ Add with unchanged TP of S$6.90, still based on SOP valuations. Catalysts: renewable energy investments, successful divestment of offshore & marine.


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Singapore Market

A helping hand


A SWF boost could support new economy SMIDs Media reports state Singapore is considering new measures to support the domestic equity market through the involvement of its sovereign wealth funds. We think such a move could catalyse a longer-term reshaping of SGX’s listing mix from ‘old world’ towards new economy. While there are many unknown unknowns on the shape and mandate of the new measures, we think SMIDs geared towards sustainable, growth sectors with lagging valuations may benefit: AEM, NANO, UMS, CEWL, SIIC, SCI, SPWG, CD. In the meantime, we believe Singapore’s market is set for multiple expansion catalyzed by re-opening and our STI target of 3,650 offers 19% upside.


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LionelLim8.16Check out our compilation of Target Prices

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Counter NameLastChange
AEM Holdings2.2600.120
Avi-Tech Electronics0.265-
Best World1.6800.050
Broadway Ind0.0990.012
China Sunsine0.4000.010
Delfi Limited0.965-
Food Empire1.440-
Fortress Minerals0.280-
Geo Energy Res0.330-
GSS Energy0.026-0.001
Hong Leong Finance2.470-0.010
Hongkong Land (USD)3.240-0.140
ISDN Holdings0.315-0.005
IX Biopharma0.045-
Jiutian Chemical0.0260.001
KSH Holdings0.250-
Leader Env0.050-0.001
Medtecs Intl0.131-0.001
Nordic Group0.3400.005
Oxley Holdings0.089-0.002
REX International0.1350.002
Sinostar PEC0.138-0.002
Southern Alliance Mining0.600-
Straco Corp.0.500-0.030
Sunpower Group0.220-0.010
The Trendlines0.085-
Totm Technologies0.023-
Uni-Asia Group0.820-0.020
Wilmar Intl3.3500.030
Yangzijiang Shipbldg1.7800.030

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