buy sell hold  



Del Monte Pacific Limited – Turnaround underway


  • US subsidiary Del Monte Foods Inc. (DMFI) turned profitable in FY21. It had been suffering losses since the acquisition in 2014. Loss-making factories were closed, low margin products exited, new products introduced and more distribution channels were established.
  • Del Monte Philippines Inc. (DMPI) enjoys dominant market shares as high as 90% in the Philippines. Growth is expected from a new dairy product line, expanding distribution points and exports of fresh pineapples into China.
  • Initiate coverage with BUY and TP of S$0.60. DMPL is currently trading at 8.2x FY22e, below the industry average of 16x. We apply a 20% discount to industry valuation due to comparatively higher leverage. Stock catalysts expected from turnaround of DMFI and stable growth of DMPI in the Philippines. We peg DMPL to 13x FY22e P/E.


Read More ...


Suntec REIT

Gaining further traction


■ Suntec REIT’s (SUN) 3Q21 DPU of 2.232 Scts was broadly within expectations, at 26.6% of our FY21F forecast.

■ Office and retail segments delivered better performance in 3Q21.

■ Reiterate Add, with an unchanged DCF-based TP of S$1.79


Read More ...



CapitaLand Integrated Commercial Trust (CICT SP)

3Q21: Good Things Come To Those Who Wait For The Reopening


CICT’s retail portfolio achieved stable occupancy of 96.4% but its office portfolio suffered transitory vacancies at AST2 and CapitaGreen. Vaccinated employees are allowed to work from their office starting 1 Jan 22, leading to an improved physical occupancy for CICT’s office buildings and bringing relief to its downtown malls. CICT would benefit as the recovery broadens to offices and downtown malls in 2022. 2022 distribution yield is 5.3%. Maintain BUY. Target price: S$2.39.


Read More ...

CapitaLand Integrated Commercial

A subdued quarter


■ CICT’s 3Q21 gross revenue/NPI were within expectations, at 24.5%/25% of our FY21F forecasts.

■ Asset enhancement plans for Raffles City Singapore are in the works.

■ Reiterate Add, with an unchanged DDM-based TP of S$2.56


Read More ...

LionelLim8.16Check out our compilation of Target Prices

You may also be interested in:

You have no rights to post comments

Counter NameLastChange
AEM Holdings3.330-0.050
Avi-Tech Electronics0.270-
Best World1.690-0.020
Broadway Ind0.075-
China Sunsine0.400-
Delfi Limited1.230-0.040
Food Empire1.1100.010
Fortress Minerals0.325-
Geo Energy Res0.285-0.005
GSS Energy0.033-
Hong Leong Finance2.460-0.020
Hongkong Land (USD)3.4700.020
ISDN Holdings0.350-0.010
IX Biopharma0.048-
Jiutian Chemical0.031-
KSH Holdings0.315-
Leader Env0.068-0.002
Medtecs Intl0.138-0.002
Nordic Group0.400-
Oxley Holdings0.105-0.001
REX International0.183-0.006
Sinostar PEC0.137-
Southern Alliance Mining0.650-0.025
Straco Corp.0.445-
Sunpower Group0.295-
The Trendlines0.092-0.002
Totm Technologies0.048-
Uni-Asia Group0.940-
Wilmar Intl3.600-0.070
Yangzijiang Shipbldg1.590-0.030

We have 659 guests and no members online

rss_2 NextInsight - Latest News