buy sell hold 2021





Ascendas REIT
Acquiring cold storage logistics facility

■ AREIT plans to acquire a cold storage facility in Singapore for S$191.9m.
■ The deal will increase AREIT’s exposure to the logistics sector while further diversifying its tenant base.
■ Reiterate Add with a slightly higher DDM-based TP of S$3.21.


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Eco World International
Expect lower losses in 4QFY22F

■ 9MFY10/22 results were worse than expectations due to additional costs recognised for built-to-rent (BTR) projects.
■ 10MFY22 new property sales came in higher yoy at RM1.7bn, accounting for 85% of its FY22F new property sales target of RM2bn.
■ We expect core net loss to narrow in 4QFY22F, supported by the handover of units in EcoWorld-London projects. TP revised to RM0.35.


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Resilient portfolio


 Resilient portfolio with eight consecutive quarters of positive rental reversions. Leases signed in 2Q22 enjoyed positive rental reversions of +10.9%.
 Minimally impacted by rising interest rates, with 86% of debt either on fixed rate or hedged through interest rate swaps. Around 51% of debts have hedges in place through to 2026.
 Maintain BUY, DDM-TP (COE 10.55%) lowered from US$1 to US$0.88 as we trim our FY22eFY24e DPU by 1-2%. Our COE nudged up from 9.6% to 10.55% on higher risk-free rate
assumption and market risk. PRIME is our top pick in the US office sector for greater tenant exposure to STEM/TAMI sectors. Catalysts include improved leasing and a greater return
to office. The current share price implies FY22e/FY23e DPU yield of 11.4/11.6%.


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Singapore Exchange (SGX SP)
Monthly Performance Largely In Line, Dragged By Equity Derivatives

For Aug 22, SDAV softened as trading volatility eases while DDAV grew, driven by the forex and commodities segment. SGX’s equity index futures moderated in Aug 22, dragged by lower FTSE China A50 Index volumes, while the forex and commodities derivatives continued their outperformance. From a lack of near-term catalysts, we downgrade SGX to HOLD with a lower target price of S$10.04 (S$10.85 previously).


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Plantation – Malaysia
Sustainability Is Being Paid Off Slowly

From our dialogue session with the CEO of RSPO, Mr Joseph D’Cruz, we gathered that both the supply and demand for CSPO have been increasing over the years with global awareness on sustainable supply chain. This had also benefitted some of the CSPO producers with price premium given to CSPO, where the price premium can range between 3-10% above the current CPO prices. Maintain MARKET WEIGHT. Top picks are IOI and HAPL on the back of better financial performance.


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Genting Malaysia (GENM MK)
Second time lucky in Macau?

Maintain BUY with DCF-TP of MYR3.27
20 years after failing to secure a casino concession in Macau, the Genting Group via GENM is trying again. To be sure, we are lukewarm on this development as China’s zero COVID policy has hit Macau hard relative to GENM’s existing operations in Malaysia and the west. That said, our view may change drastically for the better should China lift its zero COVID policy. In any case, it is early days yet. Maintaining our earnings estimates, BUY call and MYR3.27 DCF-based TP.


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