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MAYBANK KIM ENG |
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Frasers Logistics & Industrial Trust No surprises
■ 1QFY9/19 DPU of 1.78 Scts was in line, at 25% of our FY19 forecast ■ Strong income visibility with minimal lease expiries, low gearing provides room for inorganic growth opportunities ■ Maintain Add and TP of S$1.19
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Cache Logistics Trust (CACHE SP)
Slight miss, but compelling valuations; BUY
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| PHILLIP SECURITIES | UOB KAYHIAN |
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CapitaLand Mall Trust Still-weak reversions despite underlying recovery in tenant sales
SINGAPORE | REAL ESTATE (REIT) | FY18 RESULTS FY18 NPI and DPU in line with our forecast. Higher revenue in 4Q18 4Q18 from remaining 70% stake of Westgate acquired on 1 Nov 2018. Slight recovery in tenant sales, with recovery in key trade categories. Stable portfolio occupancy amidst AEI works at Westgate and Tampines Mall. Still-weak rental reversions. Higher gearing and shorter term to maturity now with debt consolidated from Infinity Mall Trust (which holds Westgate). Maintain Neutral with unchanged TP of S$2.09.
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Wilmar International (WIL SP) 4Q18 Results Preview: Low Expectations Towards The Quarter’s Performance
In our and consensus forecasts, we have factored in core net profit of US$295m305m for 4Q18, taking into consideration weaker contributions from the oilseeds & grains and sugar divisions. Wilmar may report better numbers if the sugar segment clocked a good profit and if the good crushing margins from 3Q18 had spilled over into 4Q18. The tropical oils division should have done better yoy and flat qoq. Maintain BUY. Target price: S$3.90.
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Check out our compilation of Target Prices
