1H18 core distributable income was in line with expectations. It booked a large one-off pre-termination income for a tenant whose leases were scheduled to ...

GuocoLand raised its exposure to the Singapore residential market with the acquisition of Casa Meyfort. With contributions from this project offset by lower ...

We hosted an NDR for SPH REIT in Singapore. Key highlights include discussions on Paragon’s operational performance, its recent Rail Mall deal and potential ...

MLT’s latest acquisition in Singapore is its first since end-2014 and likely reaffirms our view that the sector recovery is intact. While tenancy risk has ...

Even after reducing our forecasts and TP, we believe StarHub offers respectable upside to value investors. Upgrade to BUY with a SGD1.96 DCF-based TP. Share ...

We cut TP to SGD8.95, based on a revised RNAV discount of 25% (from 10%). Our RNAV estimate is lowered by 1.2% to SGD11.91 after downgrading our ASP ...

We cut TP to SGD3.80, based on a revised RNAV discount of 30% (from 25%). With a small exposure to Singapore’s residential market, our RNAV and EPS revisions ...

We downgrade CityDev to HOLD from BUY with a lower TP of SGD10.40, now based on a 25% discount to RNAV vs RNAV parity earlier. We cut RNAV by 2% to SGD13.91 ...

We trim RNAV by 0.3% after ASP downgrades. With Singapore’s residential market accounting for less than 10% of its valuation, the impact of ASP cuts to its RNAV ...

We cut TP to SGD2.00, based on a revised RNAV discount of 45% (from 20%). With large exposure to the high-end market, we expect demand for its housing stock to ...

While Bukit Sembawang continues to trade at a steep discount of about 50% to its RNAV, we expect the recent policy tightening to weigh on the share price ...

We downgrade Oxley to HOLD from BUY with a lower TP of SGD0.34, based on a 50% RNAV discount (from 20% previously). With almost 30% of its valuation due to the ...

MINT’s shares have pulled back along with the broader market and in partial response to rising interest rates. Still, fundamentals are intact, backed by ...

We glean a few insights from SingPost’s recent FY18 annual report which showed 1) an improvement in alignment of Directors’ remuneration with the company’s ...

CCT announced the divestment of Twenty Anson. We view this deal positively as it allows the REIT to cash out of a mature property at an attractive premium. The ...

We forecast a 3% CAGR decline in wireless service revenues over 2017-20E and we think this is largely reflected in M1’s current valuation (TP1.63 based on DCF). ...

We raise FY18-20E EPS by 7-22% after incorporating Ho Bee’s recent acquisition of Ropemaker Place in the UK. This deal has put its conservative balance sheet to ...

After a forgettable 2017 marked by adverse market factors, Japfa is on a recovery path. FY18E-20E profit should revert to USD89-116m levels from USD16m in FY17. ...

During Singtel’s annual Investor Day, management highlighted its plans and aspirations in the digital space to offset the pressure on the traditional carriage ...

We revised our FY18-20E EPS by -10%/+1%/+4% following our industry-wide CPO ASP revision, lower output and higher tax assumptions. Our new TP is SGD2.00 ...