buysellhold july.23



Frasers Centrepoint Trust

High portfolio occupancy with stable valuations


 2H23/FY23 DPU of 6.02/12.15 Singapore cents was 1.2%/0.6% lower YoY, but in line with our expectations and formed 49%/100% of our FY23e forecast. Retail portfolio occupancy increased 2.2ppts YoY to 99.7% (3Q23: 98.7%).

 FY23 tenants’sales and shopper traffic improved 7.3% and 24.7% YoY respectively. YTD tenants’ sales averaged c.17% above pre-COVID levels. Retail portfolio valuation rose 0.6% YoY to S$8.74bn with unchanged cap rates.



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United Overseas Bank

Going defensive


■ UOB is turning defensive to protect its liquidity (at the expense of margins) and credit quality (via proactive collateral and impairment management).

■ It aims to keep NIMs steady in FY24F by turning to longer-dated assets and managing funding costs. Wealth management fees may take time to grow.

■ Reiterate Add with an unchanged GGM-based TP. UOB’s defensive stance bodes well for capital preservation. Its c.7% dividend yield is attractive. 



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Mapletree Industrial Trust

Solid rental reversions


■ 2Q/1HFY3/24 DPU of 3.32/6.71 Scts was within expectations, at 24.2%/48.9% of our FY24F forecast.

■ MINT enjoyed positive rental reversions across all segments even as portfolio occupancy slipped marginally to 93.2% in 2Q.

■ Reiterate Add, with an unchanged DDM-based TP of S$2.61.



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Far East Hospitality Trust

Hotel RevPAR still in recovery


■ 9M23 distributable income of S$69.3m (+36.7% yoy) was in line at 78.6% of our FY23F estimate. All properties performed above fixed rent levels.

■ 3Q hotel/serviced residence (SR) revenue per available room (RevPAR) came in at 99%/122% of 3Q19 levels on higher room rates.

■ Reiterate Add on FEHT as a hospitality recovery and re-rating play. 



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Mapletree Logistics Trust

Lifted by organic and acquisition growth


■ 2Q/1HFY24 DPU of 2.268/4.539 Scts was broadly in line at 26.4%/52.8% of our FY24F forecast.

■ Excluding China, rental reversion was healthy at +9.1% in 2QFY3/24, although management expects continued rental pressure in China.

■ Reiterate Add, with a DDM-based TP of S$1.88. 



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Mapletree Pan Asia Commercial Trust

Valuations turning attractive


■ 2Q/1H DPU of 2.24/4.42 Scts (-8.2%/-10.5% yoy) was in line at 25.9%/51.1% of our FY24F as forex and higher financing cost wiped out revenue growth.

■ Positive reversions and high occupancy but watching backfilling and gearing.

■ We think MPACT is at an inflection point. Upgrade from Hold to Add; P/BV of 0.74x at -2.7 s.d. from 5-year historical average. 



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