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UOB KAYHIAN |
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Starhill Global REIT Stronger income in the longer term
■ Tapping into the unutilised 100k sf GFA and acquiring Isetan’s stake in Wisma Atria will help to boost income in the longer term, in our view. ■ However, near-term growth may be more muted due to a weaker economy. ■ Maintain Hold with a lower DDM-based TP.
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NetLink NBN Trust (NETLINK SP) Clear Beneficiary As Singapore Races Towards 5G Roll-out In 2021
NetLink is a clear beneficiary as Singapore races towards 5G roll-out. We prefer NetLink over incumbent telcos in this technology race. Good earnings visibility and cashflow prowess pave the way for a sustainable dividend yield of 5.6% for FY20-21. Maintain BUY with a higher target price of S$1.01. We like the stock for: a) its good earnings visibility, b) attractive dividend yields, and c) earnings upside as NetLink stands to benefit from 5G roll-out in Singapore.
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UOB KAYHIAN |
RHB |
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Sembcorp Industries (SCI SP) Solid Foundations For Continued Growth In Vietnam
We recently visited SCI’s industrial parks located north of Ho Chi Minh City, Vietnam, and came away with a positive impression on the company’s long-term growth strategy for the country. Unfortunately, near-term headwinds in the offshore-marine sector will continue to overshadow positive developments in SCI’s core business segments in our view, thus we maintain our HOLD recommendation with a slightly lower fair value of S$2.22. Entry price: S$2.00.
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Centurion Corp (CENT SP) Visit Note: Under One Roof
Maintain NEUTRAL and DCF-backed TP of SGD0.43, 8% upside. We recently visited Centurion Corp’s Purpose Built Workers Accommodation (PBWA), Westlite Tampoi (Johor Bahru) and Westlite Senai II (Johor) in Malaysia where several large manufacturers are based, as well as ASPRI-Westlite Papan in Singapore. We also had a tour of the Purpose Built Student Accommodation (PBSA) – dwell Selegie – and its global security operations centre.
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Check out our compilation of Target Prices
