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OCBC |
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Property Devt & Invt Better Sep sales
■ Primary home sales were higher in Sep, underpinned by two new launches. ■ YTD overall transaction volumes are down yoy, while price momentum has slowed. ■ Maintain sector Neutral. We prefer diversified developers such as City Dev, UOL and HoBee.
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Singapore Press Holdings: Cut in income is the outcome
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| UOB KAYHIAN | DBS VICKERS |
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Keppel REIT (KREIT SP) 3Q18: Steady Momentum In Singapore Office Segment
Results came in broadly in line, with 9M18 DPU of 4.20 S cents/share at 72% of our full-year estimate. KREIT continues to achieve high overall occupancy (98.0%) on the back of rising office rents and firm leasing momentum. During the quarter, KREIT secured HSBC’s HQ relocation to MBFC Tower 2 on a 10-year lease. Maintain BUY and target price of S$1.35.
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Hi-P International (HIP SP) : BUY
Lowers guidance for 3Q18 • Expects lower revenue and profit for 3Q18 compared to 3Q17, vs previous guidance of higher revenue and similar profit • Revised guidance mainly due to project delays, lower manufacturing yields • To book in about S$7.4m in FY18 from partial sale of subsidiary • Maintain BUY call and TP of S$1.30; current valuations attractive
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RHB |
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REITS
Still a Better Place Amidst Uncertainties Maintain OVERWEIGHT. We believe selective SREITs still offer value for investors despite lingering concerns over rising interest rates. While we do not expect a broad-based sector outperformance, we believe SREITs with stock-specific catalysts continue to find favour. Key reasons supporting SREITs: a favourable demand-supply outlook, inorganic growth potential from recent acquisitions, and well-equipped balance sheets to mitigate rising borrowing costs. While valuations are closer to mean, we do not think they are stretched. Among the sub-sectors, our preference is for industrial and hospitality REITs (Ascendas, CDL Hospitality Trust) – we believe they are well-poised to tap into demand growth.
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Check out our compilation of Target Prices
