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Starhill Global REIT Redevelopment and RSZ to affect FY17 distribution

■ 1HFY17 DPU of 2.56 Scts (-2.7% yoy) was in line with our expectation, at 49% of our full-year forecast. 2QFY17 DPU of 1.26 Scts (-4.5% yoy) made up 24%.

■ Portfolio occupancy ticked up 0.3% pts qoq to 95.4%.

■ Shopper traffic at Wisma rose 2.1% yoy but tenant sales slipped 2% yoy. Singapore office was affected by lower occupancies and passing rents.

■ Ongoing redevelopment at PA and tenant transition for RSZ will impact FY17 distribution. We reduce our FY17-19 DPU by 2.9-5.9%.

■ Maintain Hold with slightly lower DDM-based target price and projections.


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DBS Group Holdings (DBS SP)

4Q16 Results Preview: Lumpy O&G Exposure Already Recognised As NPLs

We expect DBS to report a decent net profit of S$983m for 4Q16, receding 8% qoq but relatively flat yoy. DBS is the prime beneficiary of higher Singapore and US interest rates. It is expected to generate a resilient growth of 7.1% for PPoP in 2016. The stock provides a dividend yield of 3.2%. Maintain BUY. Target price: S$21.20.


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Starhill Global REIT: Stifled by challenging operating environment

Starhill Global REIT (SGREIT) reported its 2QFY17 results which fell short of our expectations. DPU declined 4.5% YoY to 1.26 S cents on the back of a 2.8% and 5.4% drop in gross revenue and NPI to S$54.1m and S$41.4m, respectively. NPI for its Singapore retail and office portfolios fell 2.2% and 7.7% YoY, respectively. As for SGREIT’s overseas operations, overall NPI in 2QFY17 decreased by 8.8% YoY to S$15.0m, as improvement in NPI in Malaysia (+9.3% YoY) was offset by lower contributions from Australia, China and Japan. Taking this set of results into account, we pare our FY17 and FY18 DPU forecasts by 5.3% and 5.8%, respectively. We also factor in a higher risk-free rate assumption of 2.7%, versus 2.4% previously, due to a higher interest rate environment. However, we maintain BUY on SGREIT, with a lower fair value estimate of S$0.82 (previously S$0.86), as blended forward FY17/18F distribution yield of 6.7% remains attractive, in our view.


Best World International

Buckling down China

 Direct seller of premium skincare has made a breakthrough in Taiwan, where it has strong earnings momentum

 China, a market over 50x larger than Taiwan, is ripe for Best World to harvest

 Attainment of a rare direct selling licence in China should underpin years of firm growth

 Initiate with BUY, TP of $2.36 based on 16x FY17F PE


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LionelLim8.16Check out our compilation of Target Prices

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