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MAYBANK KIM ENG |
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Keppel REIT Business as usual
■ 4Q/FY18 DPU of 1.36/5.56 Scts was slightly below our projections. ■ Slight dip in committed portfolio occupancy; positive rental reversion. ■ Maintain Add with an unchanged TP of S$1.34.
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Frasers Centrepoint Trust (FCT SP) A solid start; our preferred retail play
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| OCBC | RHB |
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M1 Ltd: Extension of closing date
Konnectivity Pte. Ltd. (Offeror) has just announced that it does not intend to increase the current offer price of S$2.06/share under any circumstances. Importantly, this means that the Offeror will not be allowed to subsequently increase the offer price. As of 5pm on 21 Jan 19, the Offeror has received valid acceptances of ~1.05% of total number of M1 shares, bringing its stake (together with those of concert parties and valid acceptances) to 34.35%. The Offeror has also extended the closing date of the offer from 4 Feb to 18 Feb (5.30pm). This announcement comes on the heels of the advice of the Independent Financial Adviser to the recommending directors to recommend that shareholders accept the offer, unless a higher price can be obtained on the open market (taking into account commissions and transaction costs). Recommending directors have also stated that they are of the same opinion. We continue to maintain our ACCEPT THE OFFER rating on M1. |
DBS (DBS SP) Still More Upside From Wider NIM Trend
Maintain BUY with SGD29.80 TP – pegged to 1.54x 2019F BV – granting 19% upside plus 5% FY19F yield. This is premised on our long-term ROE assumption of 13.8%, close to management guidance of 13% by 2019 (from 9M18’s 12.4%).
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Check out our compilation of Target Prices