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Keppel REIT Riding along with the positive sector outlook
■ 1HFY18 DPU of 2.84 Scts came in within our expectations at 49% of our full-year forecast. ■ Committed occupancy rate in 2QFY18 remained high with positive rental reversions. ■ We expect further office sector recovery to drive earnings growth. ■ The bulk of KREIT’s debt is on fixed rate terms. ■ We maintain our Add rating and DDM-based TP of S$1.34.
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Hutchison Port Holdings Trust: Diving like Neymar; don’t overreact
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Singapore Post
Opportunities abound! Opportunities abound, reiterate BUY with TP of S$1.55. Singapore Post (SPOST) has embarked on a five-year “LEAP23 strategy” as it outlines its transformation execution strategy. SPOST is also exploring new opportunities such as food, medicine and grocery delivery. We project 14% earnings CAGR over FY18-20F as (1) the worst may be over in the Postal segment due to the introduction of terminal dues in 4Q18 with mitigation measures in place; (ii) narrowing losses in the eCommerce segment due to TradeGlobal’s transformation with projected breakeven in FY20F; and (iii) recovery in the Logistics segment from market share gains in Singapore. SPOST eCommerce-related revenue grew 27% y-o-y in 4Q18 and formed c.60% of total revenue. With c.3% yield, SPOST is a unique play on e-commerce-logistics growth in Asia.
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Check out our compilation of Target Prices
