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Volumes Stabilising Post Measures


 Maintain BUY with new DCF-derived SGD0.65 TP from SGD0.67, 24% upside plus 6% yield. 1H19 net profit missed, dragged by slower private resale volumes and higher marketing expenses. Still, transactions are showing signs of a pick-up in 2Q, with new launches and resale activity improving QoQ. The take-up rates for several recent launches were encouraging, and should result in a better 2H. In the medium term, APAC Realty’s overseas market contribution should help buffer some of the local market’s volatility.


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Penguin Int'l Ltd 2Q19: Tap that fleet


■ 1H19 net profit of S$8.4m (+47.8% yoy) was in line at 56%/52% of our/consensus (S$14.9m/S$16.1m) FY19F.

■ We maintain forecasts for now as deliveries can be lumpy. Higher 2Q19 chartering and shipbuilding revenue took 1H19 revenue to S$67.9m.

■ We like PBS for its robust balance sheet and that its vessels are not part of the oversupplied offshore oil market. Maintain Add and TP.


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NetLink NBN Trust (NETLINK SP)

1QFY20: Within Expectations; Acceleration In Residential Fibre Connections


1QFY20 net profit grew 10% yoy to S$21m, within expectations, on the back of robust residential connections (+14% yoy, +4% qoq) and higher installation-related revenue. We like the stock for its defensive earnings (high barriers of entry with 90% of earnings recurring in nature) and as a potential beneficiary of TPG’s mobile coverage expansion. Seek shelter in this high yielding stock. Maintain BUY and DCFbased target price of S$0.92.


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Sharpening up its portfolio


• Potential sale of Bugis Junction Towers, a positive catalyst as “market value > book value”

• Sharpens portfolio; KREIT likely to channel proceeds to other jurisdictions

• Near term top-up expected for loss of income but will KREIT share some of the gains?

• Maintain BUY; TP of S$1.45


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