| CIMB | UOB |
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Lippo Malls Indonesia Retail Trust Pressing the re-set button
■ Changes in Indonesian income tax regulations would erode LMRT’s earnings ■ Impact from weak rupiah could persist ■ Long-term growth story intact, short-term drag from earnings reset from structural tax changes ■ Downgrade to Reduce with lower DDM-based TP of S$0.33
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SATS (SATS SP) Likely To Recognise Past Unrecognised Losses From 28%-owned BGS
SATS will be investing US$8.3m in BGS, but its equity stake will only rise by 1%. SATS is also expected to recognise prior unrecognised losses from the JV, which we estimate could amount to S$11m. SATS could also raise its investment in Beijing Inflight Kitchen as it prepares to operate at Daxing Airport. We lower our target price to S$5.80 as we factor in marginally lower earnings for FY19. Maintain BUY.
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| PHILLIP | DBS |
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Cache Logistics Trust CWT Commodity Hub converts to multi-tenancy lease SINGAPORE | REAL ESTATE (REIT) | UPDATE
CWT Commodity Hub conversion to multi-tenancy lease CWT remains a core tenant at the property, committing to 61% of the space New occupancy of 86% is lower than expected and we lower our estimates Maintain Accumulate; lower target price of $0.91 (previously $0.93)
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Enriching your portfolio’s soul
• Potential re-rating catalysts on the horizon for Frasers Property Limited and its listed REITs • Europe a key investment focus for the Frasers Group given attractive yield spreads on offer • Perceived lack of liquidity an opportunity • Positive outlook for FPL and its REITs still warrants BUY recommendations
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Check out our compilation of Target Prices
