MAYBANK KIM ENG | UOB KAYHIAN |
Genting Singapore (GENS SP) Dragged down by Delta in 3Q21
Maintain HOLD call and SGD0.86 DCF-based TP 3Q21 results were weak but expected as new COVID-19 cases surged in Singapore. We trim our EPS estimates by 5-9% on lower interest income but leave our EBITDA estimates largely unchanged. While we expect 4Q21 to be similarly weak, we expect FY22E to be better due to the return of Malaysian gamblers. Singapore and Malaysia will launch a vaccinated travel lane on 29 Nov 2021. Yet, we opine that this news has already been priced in. Maintain HOLD call and SGD0.86 DCF-based TP
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Manulife US REIT (MUST SP) 3Q21 Update: Proxy To US Office Recovery
For 3Q21, MUST’s overall portfolio occupancy dipped slightly to 90.9% even as leasing sentiment improved. New leases formed 32% of total leases signed while about 453,000sf of leases were executed at +1.3% positive rental reversion. MUST continues to highlight its plans to capture demand from high-growth trade sectors such as tech and healthcare tenants. Maintain BUY with a same target price of US$0.84.
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UOB KAYHIAN |
KGI FRASER |
Genting Singapore (GENS SP) 3Q21: Future Brightening Up
GENS’ 3Q21 results came in below our expectation as EBITDA fell 30% qoq amid the declining revenue, but still outperforming rival MBS (EBITDA -86% qoq). Nevertheless, GENS remains a compelling economic reopening beneficiary as the COVID-19 pandemic eases, and could eventually look to enhance its capital management following the recent scrapping of its Yokohama IR bid. Target price: S$1.08.
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Japan Foods Holding Ltd (JFOOD SP)
Primed for expansion
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Check out our compilation of Target Prices