REITs – Singapore 3Q24 Round-up:
Steady Results But Battered By Macro Headwinds
Three out of 20 S-REITs under our coverage beat our expectations, namely DCREIT (successfully backfilled two LA data centres), KDCREIT (positive reversion of >40% for a major colocation contract in Singapore) and FEHT (benefitting from a surge in Chinese tourists).
Many blue-chip S-REITs are trading at attractive yields of 6-7% after the recent correction. Maintain OVERWEIGHT. BUY DCREIT (Target: US$0.95), FCT (Target: S$2.79), LREIT (Target: S$0.77) and MINT (Target: S$3.05).
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Thai Beverage
Cheers to a better FY25F
■ While FY9/24 PATMI missed on higher taxes, we observed a pick-up in revenue growth for the spirits segment (61% of net profit) in 4QFY9/24.
■ We have a positive outlook for FY25F on 1) Thailand's cash handouts and tourism rebound, 2) Vietnam recovery, and 3) easing costs.
■ Upgrade to Add with a higher SOP-based TP of S$0.58. Revival of BeerCo IPO plans could serve as a re-rating catalyst.
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THAI BEVERAGE
Recovery signals re-rating
• FY24 earnings came in at THB27.2bn, -1% y/y compared to restated FY23 earnings, roughly in line
• Expect margins to expand for Spirits and Beer segments as raw material costs normalise
• Declared final dividend of THB0.47, a 4% y/y increase despite lower earnings, signalling commitment to improve shareholder returns
• Maintain BUY with unchanged TP of SGD0.77
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AEON Co. (M) (AEON MK)
Poised for additional growth
Maintain BUY with a higher TP of MYR1.95
AEON’s 3Q24 results outperformed on higher-than-expected sales. The group’s earnings outlook remains strong. It is also a potential net beneficiary of recent Government initiatives aimed at raising consumer disposable income. Our FY24E-FY26E earnings estimates are raised by 4%- 7%. Maintain BUY with a higher TP of MYR1.95 (+9sen) based on unchanged 17x FY25E PER, LT mean. AEON remains our consumer sector top BUY pick.
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