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PHILLIP SECURITIES |
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CDL Hospitality Trusts (CDREIT SP) Soft Quarter Hit By Asset Enhancements; BUY
Keep BUY with a revised SGD1.77 TP from SGD1.80, 11% upside plus 6% yield. Our TP is at the high end of consensus. CDL Hospitality Trust remains our hospitality sector Top Pick. Despite a slightly weak 1Q, we believe remains the best proxy to the sector’s ongoing recovery. With most hotels’ asset enhancement initiatives (AEI) nearing completion, a better performance is expected from 3Q19 with favourable demand-supply dynamics providing some tailwind. Key risk: lower demand pickup on weak global economic growth.
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China Aviation (Singapore) Oil Flattish performance
SINGAPORE | OIL AND GAS | 1Q19 RESULTS 1Q19 revenue and net profit met our expectations. Mild growth of middle distillate volume but other oil product volume nosedived. Pudong underperformed due to lower average oil prices. We keep our FY19e EPS at 10.7 US cents and maintain our BUY recommendation with an unchanged target price of S$1.67 based on the 12-month PER of 11.5x.
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| CGS CIMB | UOB KAYHIAN |
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Mapletree North Asia Commercial Trust Festival Walk at a brisk pace
■ 4Q/FY19 DPU of 1.956/7.69 Scts at 25.6%/100.6% of our FY19 forecast. ■ Improvements in asset performance seen across the board. ■ Maintain Add with a slightly higher TP of S$1.38. 4QFY3/19 results highlights MAGIC reported an 4QFY3/19 DPU of 1.956 Scts, +2.7% yoy. This was achieved on the back of 16.2%/15.3% yoy increases in gross revenue/NPI, thanks to improved performance across its portfolio and the inclusion of Japan contributions. The portfolio was almost fully occupied at 99.6%. FY3/19 DPU of 7.69 Scts was 2.8% higher yoy. The trust revised up its portfolio value thanks to a 10-50bps compression in cap rates. This translates to a BV/unit of S$1.445.
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Tianjin Zhongxin Pharmaceutical Group Corporation (TIAN SP)
1Q19: Results In Line With Expectations TJZX reported 1Q19 net profit of Rmb190m, coming in within expectations at 29.4% of our 2019 estimate. Revenue grew 8.6% yoy and net profit grew 9.6% yoy. As the Chinese government continues to advocate the use of TCM drugs, TJZX will be a beneficiary. Maintain BUY and PE-based target price of US$1.70.
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