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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
AEM Holdings3.2300.160
Alliance Mineral0.345-0.005
AusGroup0.036-0.001
Avi-Tech Electronics0.460-
Best World Int.1.340-
China Sunsine0.895-0.005
CWG International0.1510.001
DISA Limited0.0150.001
Dutech Holdings0.340-
Federal Int. (2000)0.4000.400
Food Empire0.6550.010
Geo Energy0.255-
Golden Energy0.380-0.005
GSS Energy0.165-0.003
Heeton Holdings0.560-0.005
ISOTeam0.340-
KSH Holdings0.780-
Lian Beng Group0.7050.005
Miyoshi0.075-
Nordic Group0.545-0.010
Oxley Holdings0.620-0.005
REX International0.053-0.001
Riverstone1.030-
Roxy-Pacific0.5450.005
Serial System0.165-
Sing Holdings0.450-
Sino Grandness0.199-0.006
Straco Corp.0.8200.005
Sunningdale Tech1.840-0.030
Sunpower Group0.510-
The Trendlines0.148-
Tiong Seng0.380-
Trek 2000 Int.0.2850.005
Uni-Asia Group1.230-
XMH Holdings0.240-
Yangzijiang Shipbldg1.500-0.020

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