MCT’s 1H21 DPU was down 9.9% YoY, and in line (with consensus, MKE) as it returned a-third (SGD15.0m) of the capital retained in 4Q20. VivoCity has entered into ...

CMT’s 3Q20 DPU rose 1.3% YoY and jumped 46.9% QoQ with an easing off of rental waivers. Its tenants’ sales have gained traction in the Phase 2 reopening and ...

MLT is scaling up again on its higher-growth China, Malaysia, and Vietnam portfolio, with the latest acquisition of nine high-specs assets and the remaining 50% ...

WIL fell -6% despite a +118% opening of YKA. We believe the downward price action is unjustified. From a market cap differential this implies that WIL’s ...

SPHREIT’s 2H20 DPU was a miss, as it deferred SGD14.5m in distributions and provided SGD8.1m in rent relief to its Australian tenants. We see a slow pick-up in ...

WIL’s business opens it to significant reputational as well as other ESG risks. It has had a history of activist attacks. On the other hand, WIL has been ...

U/G RMG to BUY from HOLD with unchanged DCF-TP of SGD0.99 (WACC: 9%, LTG: 3%) as recent share price correction has improved risk-reward. RMG’s key ...

VMS is exposed to governance (e.g. conflict of interest, customer confidentiality), labour and environmental risks through its business in the electronics ...

U/G to BUY from HOLD with unchanged ROE-g/COE-g TP of SGD1.23 (1.4x FY21E P/B) as the recent correction may have priced in negatives such as pricing pressure ...

Stakeholders see governance, economic performance, product compliance and customer privacy are the most important factors to ensure sustainability. In 2019, UMS ...

We believe value has emerged following the recent sell-down, and upgrade VALUE to BUY from HOLD with unchanged TP of SGD0.66 (1.2x FY21E P/B). Risks VALUE are ...

CDG is particularly exposed to environmental risks. It is focused on tackling emissions issues and social risks through fleet replacement programme and welfare ...

As a bank with a wide ASEAN footprint, UOB is exposed to multiple ESG risks. Additionally, as a group with a large SME customer base, it is particularly exposed ...

AEM raised FY20 revenue guidance to SGD480-500m from SGD460-480m. We raise FY20-22E EPS by 5-7% to account for this. We now value AEM at 14x FY21E P/E, from ...

CMT is proceeding with its planned merger with CCT and its EGM is now fixed for 29 Sep 2020. A higher DPU accretion for both unitholders, due to waiver of CMT’s ...

FCT has added in the final piece to its ARF strategy with its SGD1.06b acquisition of the remaining 63.1% interest from its sponsor and a divestment of an ...

Reiterate BUY on CDG with DCF-based TP of SGD1.76 (WACC: 8.2% and LTG: 1%). LTA has raised ERP gantry charges for third time post circuit breaker to ease ...

1H20 PATMI was in line with ours and consensus estimates, falling 4.9% YoY to SGD18.7m due to disruptions caused by Covid-19. We trim FY20E EPS by 8% to be more ...

1H20 core PATMI of IDR519b (+217% YoY) beat our/consensus expectations. We expect 2H20 core PATMI to be broadly similar to 1H20 as seasonally higher output is ...

Maintain BUY with lower DCF-based TP of SGD1.76 as the worst appears priced in and CDG’s long-term structural growth is unchanged. CDG reported 1H20 net loss vs ...