MAYBANK KIM ENG |
CGS CIMB |
4Q18 in line, supported by rising NIM, lower NPLs
|
■ There was no sugar tax or details on e-commerce tax as expected by consensus.
|
OCBC | DBS VICKERS |
Mapletree Industrial Trust: Finalising funding options for 18 Tai Seng Street
Mapletree Industrial Trust (MIT) has received in-principle approval from SGX-ST for its private placement exercise to raise S$201m in gross proceeds with the issuance of 103.36m new units at an issue price of S$1.945. The bulk of the proceeds would be used to partly finance the acquisition of 18 Tai Seng Street (total acquisition outlay of S$271.0m). While we are not surprised at this equity fund raising exercise, we had previously assumed full debt financing for the acquisition. Hence, we now update our projections in accordance to the finalised funding details. After trimming our FY19 and FY20 DPU forecasts by 1.2% and 2.9%, respectively, we derive a lower fair value estimate of S$1.98 (previously S$2.04). |
Healthcare and Defence stocks are Budget winners
• Market to refocus on US-China trade deal and results season • Base-case STI objective of 3,250 at mid-year; bull case of 3,500 by year-end
|
|
Check out our compilation of Target Prices