| PHILLIP SECURITIES | UOB KAYHIAN |
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Keppel DC REIT Visible and stable income from a unique asset class RESULTS FY16 Gross revenue of S$99.14mn in line with our forecast of S$98.95mn; and missed consensus expectation of S$104.1mn by 4.8% FY16 DPU of 6.14 cents missed our forecast of 7.00 cents by 12%; and missed consensus expectation of 6.60 cents by 7.0% DPU of 2.80 cents declared for 2HFY16 (2HFY15: 3.28 cents)
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REITs − Singapore 4Q16: Results Of KREIT (Below), MIT (Above), ART (In Line) KREIT’s results came in below our expectations. Positive leasing newsflow was seen, coupled with positive office absorption. Maintain BUY on KREIT with an unchanged target price of S$1.21. MIT’s results came in slightly above expectations; maintain HOLD with a target price of S$1.60. ART’s results came in within our expectations; maintain BUY with a target price of S$1.30. Maintain OVERWEIGHT.
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| CIMB | |
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Mapletree Logistics Trust 3QFY17: Hanging on even if the sun refuses to shine ■ 9MFY17 DPU of 5.58 Scts (flat yoy) was in line with our and consensus expectations, at 75% of our FY3/17 estimate. 3QFY17 DPU was 25% of our FY17F. ■ Portfolio occupancy was 96.1% in 3QFY17, down 30bp qoq, due to lower occupancy in China. Portfolio average rental reversion of +2% was achieved in 3Q. ■ 5B Toh Guan was 100% pre-committed as of Jan. The E-Land lease at Pyeongtaek expires in mid-Mar and we expect the SUA to be converted. ■ MLT plans redevelopment of Ouluo logistics centre for c.S$85m in two phases. We believe the AEI will be partially funded by debt and capital recycling. ■ Hold maintained, with unchanged DDM-based target price. The stock trades at 7.3% FY18 dividend yield and 1x FY17 P/BV.
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| OCBC | MAYBANK KIM ENG |
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Ascendas REIT: Positive takeaways from 3QFY17 results Ascendas REIT (A-REIT) reported its 3QFY17 results which met our expectations. Gross revenue increased 7.6% YoY to S$208.6m, while DPU grew at a slower pace of 1.2% to 3.993 S cents due to an enlarged unit base following the issuance of new units from the conversion of its Exchangeable Collateralised Securities. During the quarter, A-REIT achieved positive rental reversions of 3.0% for its Singapore portfolio. Overall portfolio occupancy improved to 90.2% (+1.1 ppt QoQ). In terms of financial position, AREIT recorded a healthy reduction in its aggregate leverage from 34.2% (as at 30 Sep 2016) to 31.8%, although we expect this to increase once A-REIT completes the acquisition of 12, 14 and 16 Science Park Drive from its sponsor. We maintain BUY on A-REIT, but trim our fair value estimate from S$2.72 to S$2.68 as we factor in a higher risk-free rate of 2.7% (previously 2.4%). |
Recycling Capital To Fresh Site
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