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CIMB MAYBANK KIM ENG

CapitaLand Mall Trust Stable quarter

 

■ 3Q17 DPU of 2.78 Scts was flat yoy, and accounted for 26% of our FY17F forecast.

■ Shopper traffic and tenant sales held steady, rental reversions negative but stabilising.

■ One-third of rental to be renewed annually in FY18/19, expect modest upside.

■ Divested serviced apartment land of Funan.

■ Maintain Hold with DDM-based TP of S$2.15.

 

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CapitaLand Commercial Trust (CCT SP)

Look Beyond the DPU Dilution

Maintain BUY; Building in a slight DPU dip after AST2

 

3Q17 results were in line. The loss of income from its recent divestments was offset by distribution of its gains. While the office market has reached a turning point, negative reversions could persist in the near term as expiring rents remain high. We build in the impending acquisition of Asia Square Tower 2 (AST2) and its recent rights issue. This lowers our FY18-19E DPU by 2%. We roll forward our valuation basis and trim our TP to SGD1.77, based on an unchanged target yield of 5.0%. We believe investors should look beyond the potential DPU dilution and focus on value creation from the redevelopment of GSCP and active management of AST2. Maintain BUY.

 

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PHILLIP SECURITIES

Singapore Banking and Finance 3Q17 Earnings Preview

SINGAPORE | BANKING & FINANCE | UPDATE

 3Q17 loans growth in mid-single digits YoY and NII increase by 6% - 11% YoY across the three banks.

 3Q17 NPL expected to be stable as utilisation of rigs has improved from the beginning of the year.

 Expect 3Q17 NIMs to expand by only 1 to 3 bps QoQ

 OCBC expected to report one-off gains of c.S$100mn from the sale of stake in United Engineers, BCS and BCSIS.

 We upgrade the Singapore Banking Sector to Accumulate from Neutral.

 We update our Singapore banks’ target prices as we roll over to FY18e valuations.

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 UOB KAYHIAN

Sembcorp Marine (SMM SP)

Emerges Victorious For Vito Project

 

Sembcorp Marine has emerged victorious for the Shell Vito project. It has secured both the fabrication and integration contracts for the project, beating its Korean and Chinese competition. No formal value was provided but total contract value is estimated at US$1.25b. Current pipeline of project implies S$1.2-1.9b secured for 2018. Positive catalysts outweigh downside risks and we maintain BUY with unchanged target price of S$1.90.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.1400.020
Avi-Tech Electronics0.290-
Broadway Ind0.136-0.002
China Sunsine0.4550.015
DISA0.003-
Food Empire0.505-0.010
Fortress Minerals0.340-
Geo Energy Res0.385-0.005
Golden Energy0.8400.005
GSS Energy0.045-
InnoTek0.410-0.020
ISDN Holdings0.440-0.005
ISOTeam0.100-
IX Biopharma0.136-
Jiutian Chemical0.0790.001
KSH Holdings0.330-0.005
Leader Env0.0620.007
Medtecs Intl0.116-0.001
Meta Health0.031-
Moya Asia0.089-
Nordic Group0.480-
Oxley Holdings0.159-
REX International0.255-0.005
Riverstone0.595-
Sinostar PEC0.180-
Southern Alliance Mining0.600-
Straco Corp.0.400-
Sunpower Group0.260-
The Trendlines0.085-
Totm Technologies0.124-
UG Healthcare0.1770.001
Uni-Asia Group0.8650.005
Wilmar Intl3.730-0.030
Yangzijiang Shipbldg1.1800.080

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