| MAYBANK KIM ENG |
CGS CIMB |
|
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.
|
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.
|
| PHILLIP SECURITIES | |
|
Mapletree Industrial Trust Acquiring 18 Tai Seng from Sponsor
SINGAPORE | REAL ESTATE (REIT) | UPDATE 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)
|
|
|
|
Check out our compilation of Target Prices
