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NetLink NBN Trust (NETLINK SP) 

Reverse Roadshow Feedback


Still a shelter in storm; BUY

We hosted senior management in a series of investor meetings and came away with our positive view intact. The Trust’s business model and virtual monopoly of residential fibre connections combined with a healthy balance sheet should support 100% payout of distributable cash policy. With competition risks unabated in the wireless space, it is our preferred pick in the Singapore telco sector. Our unchanged DDM-based (6.0% COE, 0% LTG) TP is SGD0.93. Any changes to its 7% pretax WACC regulated returns are a key risk to our outlook.


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Dairy Farm Int'l

Healing pains


■ With North Asia food likely still facing cost pressures and softer Yonghui associate earnings yoy, we believe FY18F net profit growth may be minimal.

■ We reiterate that the near-term outlook for DFI remains lacklustre, at least until the Southeast Asia (SEA) food business shows meaningful recovery.

■ We cut our FY18-20F estimates and maintain our call with a slightly higher TP of US$9.77, still on 23.5x P/E, rolled over to FY20F valuations.


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Mapletree Industrial Trust

Acquiring 18 Tai Seng from Sponsor



 Purchase consideration of S$262mn for a nine-storey mixed-use development with Business 2 industrial, office and retail spaces

 Sizeable property value of S$268mn adds +6.1% to existing S$4.4bn portfolio

 Proposed acquisition is subject to unitholder approval at an EGM

 Upgrade to Accumulate from Neutral; new target price of $2.03 (previously $1.99)


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LionelLim8.16Check out our compilation of Target Prices

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