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Keppel REIT (KREIT SP) 3Q17: On The Road To Recovery


Results were slightly below expectations due to a lower-than-expected contribution from Singapore office properties. KREIT continues to achieve high overall occupancy (99.6%) and tenant retention (91.8%). The recovery in office rents on the back of a pick-up in leasing momentum and tight supply forward will mitigate the negative rent reversions (9M17: -3%). Maintain BUY and target price of S$1.30.


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SATS Limited: Entered into a MOA with Turkish Airlines


SATS Limited (SATS) announced yesterday that it has on 17 Oct 17 entered into a memorandum
of agreement (MOA) with Turkish Airlines (THY) relating to the provision of in-flight catering
services to THY and other airlines at Istanbul New Airport. Pursuant to the MOA and subject to due diligence, SATS will invest into catering company in Turkey, which would operate one of the largest flight kitchens in the world at the airport. This MOA is valid for a period of six months from 17 Oct 17 (unless mutually
terminated earlier or extended by both parties), during which both THY and SATS are allowed to
evaluate the opportunities leading up to the execution of the definitive agreements and the
conclusion of the transaction. The completion of this transaction is subject to fulfillment of certain
conditions precedent, which includes securing necessary regulatory approvals and completion of satisfactory due diligence. In our view, this MOA is in-line with SATS’ strategy to expand its network internationally, especially within Asia, and is also positive in helping SATS diversify and
reduce dependence on Singapore’s aviation industry, if it is executed. For now, we reiterate
BUY on SATS with an unchanged FV of S$5.05.




Waiting for Sponsor to shed light on growth



• DPU was 0.964 Scts in 3Q17, down 2.2% y-o-y

• Impact of conversion from single- to multi-tenancy is expected to moderate

• Divestment proceeds were used to reduce leverage

• Maintain HOLD pending more growth pointers


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LionelLim8.16Check out our compilation of Target Prices

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