| LIM & TAN |
LIM & TAN |
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Frasers Centrepoint Trust / FCT ($2.23, unchanged) recently released their annual report and we note the key highlights: FCT achieved higher gross revenue and NPI of $369.7 million and $265.6 million respectively in FY2023, as compared to FY2022. The growth was largely led by higher gross rental, increase in atrium income with the resumption of atrium events with effect from 29 March 2022, and property tax refunds received. It was partially offset by the lower gross revenue at Tampines 1 due to asset enhancement initiatives, higher maintenance and utility expenses, and higher staff costs. FCT’s market cap stands at S$3.8bln and currently trades at 17.9x PE and 1.0x PB, with a dividend yield of 5.5%. Consensus target price stands at S$2.34, representing a moderate 4.9% upside from current share price, hence we maintain HOLD.
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Seatrium ($0.11, up 0.1 cent) refers to its previous announcements dated 3 July 2019, 8 July 2019, 3 February 2020, and 4 June 2020 in connection with the ongoing investigations related to “Operacao Lava Jato” (Operation Car Wash) in Brazil. The Company is continuing to provide its full cooperation to the Brazilian authorities. The Company will continue to monitor developments in Brazil and other jurisdictions with respect to this matter and will make appropriate announcements in the event of any material developments. The Company remains committed to the highest standards of compliance with the anti-corruption laws and does not condone and will not tolerate any improper business conduct. The Company has a strict compliance program and continuously works to ensure that policies and procedures are in place to prevent any violation to any anti-corruption laws applicable to our operations. Seatrium’s market cap stands at S$7.6bln and 0.9x PB. It is currently loss making and does not pay dividends. Consensus target price stands at S$0.17, representing 54% upside from current share price. |
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LIM & TAN |
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Geo Energy ($0.34, up 0.5 cent) announced the completion of the first export shipment of coal, from its recently acquired coal mine of PT Triaryani (‘TRA”), of 55,000 tonnes to Trafigura Asia Trading Pte Ltd (“Trafigura”) on 23 December 2023. In addition, the Group has been approached by various world class trading houses on a potential long-term offtake for the TRA coal. We are currently in the midst of negotiations and will make an announcement in the near future. "We target to ramp up TRA coal production over the next few years to 25 million tonnes per annum, as we expedite the completion of the construction of the integrated infrastructure. This will put Geo Energy in a good position towards achieving its vision of becoming a billion-dollar business.” |
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