buy sell hold 2021


Frasers Centrepoint Trust (FCT SP)

2HFY21: Deleveraged And Ready To Pounce


FCT’s retail occupancy improved 0.9ppt qoq to 97.3% in 4QFY21 while rental reversions were mildly negative at 0.6% in FY21. Tenant sales recovered to 98% of pre-COVID-19 levels in September. FCT divested of Bedok Point, Anchorpoint and YewTee Point to refocus on dominant suburban malls. It is well positioned to pursue acquisitions after lowering aggregate leverage to 33.3% as of end-Sep 21. Maintain BUY for its defensive distribution yield of 5.6% for FY22. Target price: S$2.98.


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Mapletree Industrial Trust (MINT SP)

2QFY22: Build Scale And Enhance Geographical Diversification In Data Centres


2QFY22 DPU grew 11.9% yoy due to acquisition of the remaining 60% stake in the first data centre JV, 8011 Villa Park Drive in Richmond, Virginia, and the latest acquisition of 29 US data centres. MINT aims to allocate two-thirds of AUM to data centres. Acquisition of the remaining 50% stake in the second data centre JV could materialise in 2HFY22. It plans to diversify geographically to Europe and the Asia Pacific region. MINT provides FY22F distribution yield of 5.2%. Maintain BUY. Target price: S$3.72.


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Attractive dividend yield


■ EREIT’s 9M21 DPU of 2.266 Scts (+15.6% yoy) was in line (77% of FY21F).

■ Occupancy rate remained stable at 91.2%; YTD rental reversion was -2.2% due to renewals of large tenants in business parks.

■ Reiterate Add for its attractive yield and stable income.


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Alliance Healthcare Group Ltd – Innovative healthcare provider


  • Revenue grew at CAGR of 11.1% from FY18 to FY21. The new business segment, mobile and digital healthcare services, contributed a full year’s revenue in FY21.
  • Number of companies covered under Managed Healthcare Solutions grew at CAGR of 22.3% from 2016 to 2020.
  • Alliance Healthcare has been maintaining its dividend payout ratio of 30% since listing in 2019


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.8100.010
Avi-Tech Electronics0.280-
Best World1.770-0.020
Broadway Ind0.120-
China Sunsine0.400-0.005
Food Empire0.635-0.005
Fortress Minerals0.375-
Geo Energy Res0.350-
Golden Energy0.790-
GSS Energy0.048-0.001
ISDN Holdings0.400-0.005
IX Biopharma0.125-0.002
Jiutian Chemical0.0810.001
KSH Holdings0.345-0.005
Leader Env0.056-
Medtecs Intl0.1390.001
Meta Health0.025-
Nordic Group0.475-
Oxley Holdings0.151-
REX International0.230-0.005
Sinostar PEC0.195-
Southern Alliance Mining0.410-0.090
Straco Corp.0.395-
Sunpower Group0.2750.005
The Trendlines0.092-0.001
Totm Technologies0.101-0.001
UG Healthcare0.194-
Uni-Asia Group0.810-
Wilmar Intl4.080-0.010
Yangzijiang Shipbldg1.390-0.010

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