buysellhold july.23

PHILLIP SECURITIES

CGS CIMB

Keppel DC REIT

DXC settlement offers partial relief from uncollected rents

 

 1Q24 DPU of 2.192 Singapore cents (-13.7% YoY) was in line with our expectations at 25.5% of FY24e forecast.

 The settlement sum of S$13.3mn related to the dispute with DXC has been received in full. After deducting related expenses and GST, the remaining S$11.2mn will be distributed equally across four quarters in FY24. This will partially offset the loss from the noncollection of three months of rent at the Guangdong DCs, which amounted to c.S$5.3mn in 1Q24.

 

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CapitaLand Integrated Commercial

Robust portfolio performance in 1Q24

 

■ 1Q24 portfolio occupancy remained high at 97%, with positive rental reversions across its property segments

■ CICT raised its FY24F office and retail rental reversion guidance even as it anticipates that its average funding cost could trend higher for the year.

■ Reiterate Add with an unchanged TP of S$2.18 

 

 

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UOB KAYHIAN

UOB KAYHIAN 

CapitaLand Integrated Commercial Trust (CICT SP)

1Q24: Secures ECB As New Anchor Tenant At Gallileo

 

Singapore provides resilient growth with CICT’s retail and office leases registering positive rental reversion of 7.2% and 14.1% respectively in 1Q24. Retention rate was high at 88.1% for retail and 84.2% for office. CICT has embarked on AEI works for IMM Building in Singapore. It has secured ECB as the new anchor tenant at Gallileo in Frankfurt, Germany for a period of 10 years. CICT provides a resilient 2024 distribution yield of 5.7%. Maintain BUY. Target price: S$2.34. 

 

 

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Keppel DC REIT (KDCREIT SP)

1Q24: Opportunistic Divestment That Strengthens Balance Sheet

 

1Q24 results are largely in line with expectations. KDCREIT clocked positive rental reversion at mid-to-high single digits for its colocation data centres, and its portfolio occupancy was maintained at 98.3%. Loss allowance for uncollected income from the Guangdong data centres was partially offset by the settlement sum received from DXC. KDCREIT is working with Bluesea Development on a recovery road map and leasing pipeline for Guangdong DC 1, DC 2 and DC 3. Maintain BUY. Target price: S$2.13.

 

 

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UOB KAYHIAN CGS CIMB

Wilmar International (WIL SP)

1Q24 Results Preview: Another Uneventful Quarter; To Trade Within Current Range

 

Wilmar is scheduled to release its 1Q24 financial highlights on 29 April. We expect Wilmar to report a core net profit of US$390m-420m for 1Q24 (1Q23: US$382m, 4Q23: US$665.4m). Yoy improvement is likely to come from consumer packs and upstream operations, while bulk will be offset by weakness from its palm processing operations. We believe its oilseeds & grains division will report positive results, but see a yoy decline. Maintain HOLD. Target price: S$3.35.

 

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Keppel DC REIT

1Q24 in line - negative surprises baked in

 

■ 1Q24 DPU of 2.192 Scts (-16% yoy) was in line at 25.4% of our FY24F

■ Portfolio occupancy stable qoq at 98.3% but may decline to 98% in 2Q24F.

■ Reiterate Hold given lack of catalysts and Bluesea overhang. 

 

 

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