buysellhold july.23



Elite Commerical REIT

Valuation upside from redevelopment


 Gross revenue for 1Q24 increased by 0.8% YoY to £9.2mn thanks to the rental escalation that kicked in Mar23, forming 24% of our FY24e estimates. NPI slid 3.7% YoY to £8.3mn, within our estimates. DPU decreased by 21.2% YoY to £0.67 pence on the back of the enlarged unit base post preferential offering, falling short of our expectations, assuming a 90% payout ratio.



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Phillip Singapore Monthly – Apr24

Reflation winner


 Singapore equities were up 2.1% in April. It is the 2 nd consecutive month of gains, nudging the market to a positive YTD24 gain of 1.6%. Financials drove the returns this month with a gain of 5.4%. 



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Venture Corporation Limited

Worst performance since 2016


 1Q24 results were within expectations. Both revenue and PATMI were 21% of our FY24e forecast. Net profit declined 18% YoY to S$60.1mn. We believe earnings were supported by strong interest income.

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Cromwell European REIT

Asset rejuvenation strategy to drive organic growth


 Resilient portfolio in terms of portfolio occupancy (FY23: 94.3%) and rent reversions (FY23: +5.7%). Occupancy is expected to remain stable this year, with only 13.5% of portfolio leases due for renewal.



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REITs – Singapore

S-REITs Monthly Update (Apr 24)


S-REITs weathered selling pressure as investors now expect interest rates to stay higher for longer. Many blue chip S-REITs are trading at attractive distribution yields of 6-7% after the correction. Maintain OVERWEIGHT. Our top picks are hospitality and retail plays, which benefit from the continued recovery in visitor arrivals and resilient consumer spending. BUY CDREIT (Target: S$1.45), FCT (Target: S$2.71), FEHT (Target: S$0.82), FLT (Target: S$1.52), KREIT (Target: S$1.20) and MPACT (Target: S$1.89). 



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Far East Hospitality Trust (FEHT SP)

1Q24: Growth From Strong Room Rates And Optimising Occupancy


FEHT will benefit from the recovery of MICE events and strong room rates in Singapore due to its focus on the domestic market. The incentive fee of S$18m from divestment of Central Square could be utilised to cushion the negative impact of higher interest rates. FEHT provides a 2024 distribution yield of 6.7%. Its low P/NAV of 0.67x is unwarranted given its good corporate governance, strong sponsor and low aggregate leverage of 31.5%. Maintain BUY. Target price: S$0.82. 



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