CIMB SECURIITIES | OCBC SECURITIES |
OUE Commercial REIT Improved office performance
■ 4Q/FY17 DPU met our expectations at 24.1%/98.6% of our FY17 forecast. ■ Narrowing negative rental reversion gap amid high portfolio occupancy. ■ Aggregate leverage to rise to 40.3% post S$100m CPPU redemption. ■ Maintain Hold with a higher TP of S$0.75.
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DBS: Our pick in the banking sector
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PHILLIP SECURITIES | DBS VICKERS |
Aspen (Group) Holdings Limited Entering into an opportune time SINGAPORE |REAL ESTATE| SITE VISIT NOTE
We attended a site visit hosted by Aspen (Group) Holdings Limited (“Aspen”) to its flagship project Aspen Vision City (GDV: RM10bn) on Mainland Penang, a few of their other development sites and a sales gallery of its ongoing and pipeline projects on Tuesday, 17 January 2018. We also met with the President & Group CEO, Dato’ M. Murly, and the Chief Financial Officer, Christopher Looi, who shared with us more on the Group’s developments and insights on the Malaysian property market.
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CapitaLand Retail China Trust On growth trajectory
Acquisition of Rock Square; good growth potential. After the divestment of CapitaMall Anzhen, CapitaLand Retail China Trust (CRCT) has acquired a much younger asset, Rock Square, in the first-tier city of Guangzhou. Although the initial yield is lower in comparison, we believe the asset has greater growth potential and is also an indication of CRCT embarking on a growth path.
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UOB KAYHIAN |
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Thai Beverage (THBEV SP) One Step Closer To Vision 2020 With Sabeco Acquisition
THBEV made a Bt156b acquisition of Sabeco in Dec 17 and now has an effective stake of 26%. Following the acquisition, we estimate THBEV’s net gearing to have risen to 1.5x (from 0.2x), but see limited repayment risk, as the loan is collateralised against Sabeco shares. We view the acquisition positively as it gives THBEV access to the largest beer market in ASEAN, and is in line with THBEV’s long-term strategy for sustainable growth. Maintain BUY with a lower target price of $1.06.
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Check out our compilation of Target Prices