AEM Holdings (AEM SP)
Keep the faith
Opportunity to BUY the dip
AEM’s FY22 revenue guidance of SGD670-720m (c’sus: SGD728m, ours: SGD753m) and expectations of margin compression may be perceived
negatively. Given the stock’s 32% rally in the past 3 months, profit taking may ensue. As fundamentals are intact and as we see potential for further
positive guidance revisions as FY22 progresses, our forecasts and TP are unchanged. We see corrections, if any, as opportunities to BUY the dip. |
Singapore Market
Endemic playbook
We see multiple catalysts for Singapore’s re-rating
We think Singapore is in a sweet spot in a Covid-endemic 2022 as its ‘old world’, value oriented sectors benefit from rising rates and a clear path to economic re-opening. At the same time, structural and policy shifts are
pointing the economy towards sustainability and new economy sectors through M&A and restructuring. This should fortify Singapore’s investment case regionally. We think banks, consumer, industrials, transport and technology sectors could see the strongest benefit from these forces. Our preferred picks: BAL, CD, CICT, DBS, FRKN, OCBC, ST, THBEV, UOB, and
WIL.
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United Hampshire US REIT (UHU SP)
Growing Grocery-anchored And Necessity-based Retail Through Acquisitions
UHU completed the acquisition of Penrose Plaza in Pennsylvania and Colonial Square in
Virginia in Nov 21. The maiden acquisition enlarged AUM by 13.3% and is expected to be
accretive to 2020 DPU by 1.75%. Americans are decluttering their homes to create space for
home offices and gyms, which leads to strong demand for self-storage space during the
COVID-19 pandemic. UHU provides 2021F distribution yield of 9.5% and trades at P/NAV of
0.92x. Maintain BUY. Target price: US$0.95.
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Singapore Press Holdings
Towards a stronger year
■ Retail malls and PBSA showed encouraging performance in 1QFY8/22.
■ Keppel/Cuscaden scheme meeting date will be announced later, pending
regulatory approval of composite document/finalisation of IFA opinion.
■ Reiterate Hold. SPH is trading near privatisation offer price.
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