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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
AEM0.9400.010
Best World1.5950.060
China Everbright0.450-
China New Town^0.0710.001
China Sunsine0.5050.005
Chip Eng Seng0.665-
CWG Intl^0.165-
$ CNMC Goldmine0.430-
Cordlife0.9650.005
Dukang0.680-
Dutech0.480-
Food Empire0.5700.030
Geo Energy Res0.220-
Golden Energy0.5050.005
$ GSS Energy0.0840.001
G Invacom0.155-
Hiap Hoe0.730-
Hi-P0.485-
$ ISOTeam0.415-
King Wan0.175-
Lian Beng0.460-
Midas0.225-
Nordic0.2850.005
Oxley0.4850.010
Regal Intl0.145-
$ Rex Intl0.069-
$ Resources Prima0.040-
Riverstone0.8700.010
Roxy-Pacific0.520-
Sunningdale Tech1.130-
Serial System^0.1390.003
SingHoldings0.315-
Sino Grandness0.2700.010
Straco0.7950.015
Sunpower0.5750.015
Tiong Seng0.230-
$ Trendlines0.1570.001
Uni-Asia1.020-
ValueMax0.250-
XMH0.290-
Yamada Green Res0.480-
YZJ Shipbldg SGD0.8300.010
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