30 April 2024
MAPLETREE TRUST: Hold - TP $1.30. Rough patch continues
MLT reported 4QDPU of SGD2.211c, -1.9%qoq/-2.5%yoy. FY DPU of 9.003c was -0.1%yoy. High interest costs, weak regional currencies and continued weakness in China ...
29 April 2024
MAPLETREE INDUS: Hold - TP $2.15. Resilient results, outlook hazy
MINT reported 4Q DPU of SGD3.36cts. flat qoq/+0.9%yoy. FY DPU of SGD13.43cts was -1%yoy. Contribution from redevelopment and acquisition grew top line. ...
29 April 2024
SINGTEL: Buy - TP $3.05. Optus-TPG regional network sharing
Singtel today announced a MOCN sharing agreement with TPG. Optus expects to receive total service fees of approximately AUD1.6bn over the 11-year term of the ...
29 April 2024
SINGTEL: Buy - TP $3.10. Correction is a buying opportunity
Singtel’s 2.5% correction post network partnership deal and asset impairment announcement is a buying opportunity. We see Optus fundamentals have improved while ...
28 April 2024
CAPITAL: Buy - TP $3.00. Slow start
CLI’s 1Q saw a flat top-line with growth in fee-income business offset by decline in performance of real estate investments. Weak capital markets weighed on ...
26 April 2024
FRASERS CENTREPT: Buy - TP $2.40. Steady performance
FCT reported 1HFY24 DPU of SGD6.022cts, flat HoH/-1.8% YoY. High single digit positive reversion and near full occupancy of the retail portfolio underscored a ...
26 April 2024
SUNTEC REIT: Hold - TP $1.10. Finding a floor
SUN reported 1Q DPU of SGD1.511cts, -19%qoq/-13%yoy. Excluding top-ups, DPU from operations was -9.4%qoq/-1.8%yoy. Better performance in Singapore was offset by ...
25 April 2024
CAPITALAND ASCO: Buy - TP $1.10. Capitalising on lodging demand
CLAS 1Q gross profit grew 15%yoy led by better operations and contribution from new assets. RevPAU grew at mid-single digit driven by higher room rates across ...
25 April 2024
AZTECH GLOBAL: Buy - TP $1.14. 1Q24 hiccup, but prospects still
1Q24 NPAT of SGD15.9m, up 18.7% YoY, is below consensus and our estimate as SGD20m worth of orders were rescheduled from 1Q24 to 2Q24 due to disruptions to ...
24 April 2024
CSE GLOBAL LTD: Buy - TP $0.64. New growth area – data centres
CSE secured a SGD49.2m extension to an existing contract. We believe this increases the chances of another extension in the future and demonstrates CSE’s ...
24 April 2024
KEPPEL REIT: Buy - TP $1.00. Holding steady
Keppel REIT’s 1Q distributable income was flat qoq/yoy. Net property income +7.2%yoy/-0.7%qoq with performance underpinned by higher rentals and contribution ...
24 April 2024
ESR-LOGOS FUNDS: Buy - TP $0.32. Refinancing booked
EREIT’s reversions were maintained at low teens in 1Q24 amid lower occupancy, while its reversion guidance of a high single digit for the full year is ...
24 April 2024
MAPLETREE PAN AS: Hold - TP $1.30. Navigating macro uncertainties
MPACT reported 4Q DPU of SGD2.29c, +4.1% QoQ/+1.8% YoY. FY DPU 8.91c, -7.3% YoY. Top-line growth was led by better Singapore performance and margins. This was ...
23 April 2024
CAPITALAND ASCE: Hold - TP $2.65. Staying on the sidelines
CLAR’s 1Q24 business update reflects a mixed trend. Mid-teens reversion, led by logistics in Singapore, was offset by a broad-based decline in occupancy rate. ...
22 April 2024
SINGTEL: Buy - TP $3.05. Telkomsel 1Q24: Positive read
Telkomsel 1Q24 core net income increased 17.9% YoY/5.5% QoQ. We see improvement on the horizon as reflected in improving mobile momentum and visible Indihome ...
21 April 2024
CAPITALAND INTEG: Buy - TP $2.05. 1Q update: A mixed bag
CICT’s 1Q net property income grew 1.8% QoQ/6.3% YoY, helped by positive reversions and better margins. Singapore office and retail saw high single digit to ...
17 April 2024
MARCO POLO MARIN: Buy - TP $0.08. Landmark financing secured
MPM subsidiary, PKR Offshore, secured financing from Bank Sinopac for its first CSOV - MP WindArcher – operational by Oct 2024. This is the first financing ...
16 April 2024
SINGTEL: Buy - TP $3.05. 42% holdco discount unfair amid
Singtel’s holdco discount has widened to 42%. Key investor concerns are Optus & dividend sustainability. We see a potential rejig in Optus in the offing which ...
16 April 2024
STARHUB LTD: Buy - TP $1.44. Positive tailwinds
Starhub is at the tail-end of its Dare+ investment cycle. From here on capex levels should drop while legacy costs are eliminated. We project EPS & FCF/sh to ...
11 April 2024
LHN LIMITED: Buy - TP $0.45. Expanding co-living capacity
LHN was awarded the former Bukit Timah Fire Station site to develop a mixed-use project with 60 serviced apartment units on levels 2 & 3, and a ground floor ...