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HC Surgical Specialists (HSP SP)
In Search Of Cure And Comfort The HCSS medical services group is primarily engaged in the provision of endoscopic procedures, including gastroscopies and colonoscopies, and general surgery services with a focus on colorectal procedures across a network of clinics located throughout Singapore. The upcoming listing of an associate also provides a good platform to expand HCSS services and to monetise its assets.
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REITS Thai Investor Meetings Feedback; Keep OVERWEIGHT
Keep OVERWEIGHT, sector Top Call. We recently met with fund managers in Bangkok as we marketed S-REITs. Investor sentiment was generally positive, with most positioning on a neutral to slightly overweight stance on the sector moving into 2019. The recent dovish statements by the US Fed also seem to have given added confidence that interest rates are unlikely to spike sharply, consequently benefiting REITs. Most questions were on the office and industrial sectors, which also seemed the most favoured sub-segments. On the hospitality sector, investors are still waiting for more clarity on RevPAR growth. The retail segment is seen as a defensive play, but most believe the sector in general has outperformed market expectations.
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| DBS VICKERS | DBS VICKERS |
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UOL Group
A warm Christmas for UOL Maintain HOLD; TP at S$7.15. We maintain our HOLD rating but lower our TP to S$7.15 from S$7.82 on UOL Group (UOL) based on a higher discount to RNAV of 40% vs 35% previously. Although its share price is at attractive valuations (at close to 2SD below historical average), we see limited catalysts for the stock and sector given expectations of a property market slowdown which historically implies that UOL's share price will likely be trading in a range.
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Starhill Global REIT
Nearing bottom Attractive proxy to tourist arrivals, BUY, TP S$0.75. We like Starhill Global REIT (SGREIT) for its diversified portfolio of prime retail and office assets in the Asia Pacific region anchored by two visible Orchard Road Malls – Wisma Atria and Ngee Ann City. With tourist arrivals and spending on an uptrend, we believe SGREIT is poised to benefit from this and we forecast the REIT to deliver steady dividends over FY19-20F. Attractive yield of 7.0% limits downside to share price.
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Check out our compilation of Target Prices
