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Starhill Global REIT(SGREIT SP)

Fair Value Reached; Cut To NEUTRAL


 Downgrade to NEUTRAL from Buy, TP stays at SGD0.78 for 6% total return as we believe the positives are priced in post Starhill Global REIT’s 15% share price rally YTD. Key upside catalysts are a potential sharp turnaround in WA retail rental rates and the redevelopment of underutilised mall GFA. That said, unchanged rental rates for Toshin master leases were slightly below our estimate – and there has been a slight delay in obtaining approvals for its Singapore asset redevelopment.


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Singapore Exchange

4Q19: limited upside; Hold for quality yield


■ 4Q19 net profit +24% yoy on robust derivatives volume; FY19 at 11-yr high.

■ We think a c.S$20m step-up in opex guidance and persistent securities weakness could mitigate derivatives volume growth in FY20F.

■ Downgrade to Hold with 4% yield; will revisit at a lower price level.


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Alpha Picks: Strong Outperformance


Our portfolio’s simple average return of 5.2% mom significantly outperformed the FSSTI’s decline of 0.6% mom in July. We add Keppel Corp and newly-initiated BRC Asia to our portfolio, and take profit on SATS.


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Singapore Airlines (SIA SP)

Briefing Takeaways: Pax Yields Still Holding Up, Underpinned By Robust Premium Demand


SIA highlighted that on a currency adjusted basis, pax yields rose 3% yoy, underpinned by strong premium loads and yields. The key uncertainty is when or if this will reverse. For now, SIA is positive on yields, which implies that at least for the next 3-4 months yields should be supported. Aside from a weak cargo environment, escalating staff costs and a deteriorating earnings outlook for Virgin Australia are key risks. Maintain HOLD. Target Price: S$9.50. Entry price: S$9.10.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings1.9300.030
Avi-Tech Electronics0.4200.005
Best World Int.1.360-
China Sunsine0.5100.010
CNMC GoldMine0.245-
CSE Global0.535-
Eagle HTrust USD0.515-0.005
Food Empire0.615-
Golden Energy0.159-
GSS Energy0.0860.002
ISDN Holdings0.2200.005
JB Foods0.655-
KSH Holdings0.4400.010
Moya Asia0.065-0.001
Nordic Group0.280-
Oxley Holdings0.350-0.005
REX International0.1860.007
Sing Holdings0.3900.005
Straco Corp.0.6750.005
Sunningdale Tech1.3300.050
Sunpower Group0.5900.015
The Trendlines0.087-
Tiong Seng0.200-
Uni-Asia Group0.745-
Yangzijiang Shipbldg1.1300.040

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