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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
AEM2.5600.050
$ Alliance Mineral0.3050.005
AusGroup0.0510.002
Avi-Tech0.4300.010
Best World2.8800.060
China Sunsine0.785-
CWG Intl0.155-
Cordlife0.980-
Dutech0.4650.010
Food Empire0.7050.010
Geo Energy Res0.2400.010
Golden Energy0.4450.020
$ GSS Energy0.1530.002
Heeton0.470-
Hiap Hoe0.700-
$ ISOTeam0.360-
KSH0.8750.025
Lian Beng0.590-
Nordic0.3750.005
Oxley0.540-
$ Rex Intl0.056-
$ Resources Prima0.027-
Riverstone1.0150.015
Roxy-Pacific0.4600.010
Sunningdale Tech1.8050.015
Serial System0.180-
Sino Grandness0.230-
Straco0.8450.040
Sunpower0.7250.020
Tiong Seng0.260-
$ Trendlines0.1540.002
Uni-Asia1.200-
XMH0.275-
Yamada Green Res0.435-
YZJ Shipbldg SGD1.235-
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