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Thai Beverage (THBEV SP)

Cheering On 2019


2019 looks set to be a big year for THBEV, with expectations of a domestic consumption recovery along with the Thai elections. Initial signs from various internal and external factors bode well in lifting THBEV’s prospects as seen in the recent price rally. THBEV remains attractive with value to be unlocked from Sabeco as well as a decent yield of 3.3%. Maintain BUY and SOTP-based target price of $0.80.


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Frasers Commercial Trust: Going gaga over Google!


Frasers Commercial Trust’s (FCOT) 1QFY19 scorecard was within our expectations. Gross revenue fell 10.7% YoY to S$31.5m, due to lower occupancies in its Singapore portfolio, divestment of 55 Market Street, as well as the depreciation of the AUD. DPU for 1QFY19 came in flat at 2.40 S-cents, representing 25.0% of our full-year forecast. In-line with the continued increase in Grade B office rents, China Square Central registered positive reversions with signing rents at high S$7 psf/month. On Google’s reported interest in leasing ~400k sqft at ATP – it would be a positive surprise should the reported rate of S$4 psf/month be eventually applied on such a large space, given that ATP’s signing rents in 1QFY19 were on the higher side of S$3 psf/month. We reiterate that the above is still speculative, but could be a re-rating catalyst should it come to pass. We maintain our fair value of S$1.56 and BUY rating for now.



Looking to be a bigger fish in a bigger pond


■ Expect a re-rating from a larger market capitalisation and trading liquidity.

■ Upside to yields from operational cost synergies and economies of scale via integration of enlarged portfolio.

■ Accretion from the acceleration of AEIs and inorganic growth from the large Sponsor’s pipeline could provide further upside to our TP of S$0.62.


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First REIT



 FY18 Revenue and NPI were in line with our forecast. DPU outperformed our estimates by c.5% due to a S$15mn income tax benefit arising from a write-back of provision for deferred tax on fair value loss on investment properties, as a result of a reduced tax rate.

 4.7% and 4.5% YoY boost in FY18 Gross Revenue and NPI, respectively, driven by two acquisitions made in 4Q17.

 Cost of debt relatively stable at c.3.84% despite rising interest rates.

 Receivables continue to mount, against backdrop of uncertainty over upcoming lease expires, though some S$8mn of rental payments has since been received on Jan 15, 2019.

 Ceasing coverage due to reallocation of internal resources.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings0.995-0.005
Alliance Mineral0.184-
Anchor Resources0.024-0.001
Avi-Tech Electronics0.290-
Best World Int.2.710-
China Sunsine1.290-
CSE Global0.4650.005
Food Empire0.5400.005
Geo Energy0.187-0.004
Golden Energy0.240-
GSS Energy0.119-0.001
ISDN Holdings0.210-
KSH Holdings0.510-
Moya Asia0.0830.001
Nordic Group0.350-0.030
Oxley Holdings0.3250.005
REX International0.089-0.001
Sing Holdings0.395-
Sino Grandness0.060-
Straco Corp.0.750-0.010
Sunningdale Tech1.540-0.010
Sunpower Group0.5150.015
The Trendlines0.099-0.002
Tiong Seng0.265-0.005
Uni-Asia Group1.190-
XMH Holdings0.170-
Yangzijiang Shipbldg1.390-0.010

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