PHILLIP SECURITIES |
UOB KAYHIAN |
Uni-Asia Group Limited Positive property business in Japan
SINGAPORE |ALTERNATIVE INVESTMENT| SITE VISIT NOTE We were hosted by Uni-Asia Group Limited to visit their hotels and residential properties in Tokyo, Japan. We visited Hotel Vista Tokyo Tsukiji and Hotel Vista Premio Yokohama, and had a chance to look at the ALERO residential properties Staart Moto Yoyogi and ALERO Shinjuku 7.
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Ascendas REIT (AREIT SP) Resiliency From Business Parks And High-specification Buildings
AREIT is better able to weather the uncertainties created by escalation in trade conflict due to its focus on business parks and high-specification buildings, where rents were on a gradual uptrend (53% of portfolio valuation). It continues to create value through developing Grab’s new HQ at one-north and a high-specification building at 25 & 27 Ubi Road 4. AREIT provides a 2020F distribution yield of 5.2%. Maintain HOLD. Target price: S$3.25. Entry price: S$2.98.
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RHB |
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Singapore Equity Strategy Uncertain Outlook, Stay Defensive!
2Q19 results were a tad below expectations, with c.25% of stocks under our coverage reporting an earnings miss. Along with CPO companies, which reported second consecutive quarter of dismal earnings, there was notable earnings misses by large-cap companies: Dairy Farm International, Wilmar International, ST Engineering, SembCorp Marine, ComfortDelGro, and Singtel. Earnings revisions for the STI have turned negative again, and we foresee risk of further downgrades to consensus estimates if US-China trade tensions escalate or remain unresolved.
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