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OCBC SECURITIES CIMB

Ascendas REIT: Deepening its science park presence

We are positive on Ascendas REIT’s (A-REIT) move to grow its science parks exposure, as we believe demand and supply dynamics for this segment are relatively more positive within the industrial sector. A-REIT recently proposed to acquire the leasehold interest in the property located at 12, 14 and 16 Science Park Drive from its sponsor for a purchase consideration of S$420m (estimated total costs of S$437.5m). The property comprises three built-to-suit Science Park buildings held under a single land title. The property is expected to generate a NPI yield of approximately 6.3% (before acquisition costs) and 6.0% (post-acquisition costs) in the first year of ownership. This acquisition would boost A-REIT’s portfolio WALE to 4.4 years from 3.7 years and the triple-net leases also have weighted built-in rental escalations of 2.2% to 2.5% per annum. Maintain BUY on A-REIT, with a higher fair value estimate of S$2.72 (previously S$2.67).

Sembcorp Marine Overhang removed

■ We remove the impairment risk discount for its Brazilian yard as we expect to see some activities to justify the yard's ‘value in use’.

■ The P-68 hull for Petrobras FPSO arrived at its Brazil yard in Dec ‘16 for integration.

■ Pemex recently extended its charters for five existing Oro Negro jack-up rigs, spelling hope for delivery of SMM’s rigs, in our view.

■ SMM is a direct proxy for recovery in exploration and production (E&P) spending.

 

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 RHB 

Manulife US REIT

A “Trump” Card

We expect US office demand to strengthen further in 2017 from probusiness policies of president-elect Donald Trump. MUST is the only listed REIT in Asia offering the best-proxy to the rebounding US economy and strengthening USD via its freehold office properties. The REIT also offers a superior FY17F yield of 7.6%, a healthy 100bps above its Singapore peers. We expect it to acquire at least one office asset in 2017 boosting DPU. Maintain BUY with a USD0.96 TP (14% upside).

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM2.2000.140
$ Alliance Mineral0.3100.030
AusGroup0.049-
Best World2.5300.010
China Everbright0.460-
China Sunsine0.6200.010
Chip Eng Seng0.740-
CWG Intl^0.170-
Cordlife1.0550.005
Dutech0.4900.010
Food Empire0.5950.015
Geo Energy Res0.3350.005
Golden Energy0.520-
$ GSS Energy0.1740.003
Heeton0.380-
Hiap Hoe0.720-
Hi-P0.6600.030
$ ISOTeam0.3900.010
King Wan0.165-
Lian Beng0.5350.005
Nordic0.330-
Oxley0.5550.010
$ Rex Intl0.064-
$ Resources Prima0.026-
Riverstone0.870-
Roxy-Pacific0.5100.010
Sunningdale Tech1.7250.055
Serial System^0.1840.003
Sino Grandness0.2350.005
Straco0.7900.030
Sunpower0.800-
Tiong Seng0.255-
$ Trendlines0.1520.001
Uni-Asia1.1000.020
ValueMax0.260-
XMH0.295-
Yamada Green Res0.480-
YZJ Shipbldg SGD1.1300.020
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