| UOB KAYHIAN |
UOB KAYHIAN |
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CapitaLand Commercial Trust (CCT SP) |
Frasers Centrepoint Trust (FCT SP)
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UOB KAYHIAN |
CGS-CIMB |
| Mapletree Industrial Trust (MINT SP) 2QFY20: Consistent Growth From Acquisition, Enhancement And Development MINT reported DPU of 3.13 S cents for 2QFY20, up 4.0% yoy, driven by new revenue contributions from 18 Tai Seng Street (acquisition), 30A Kallang Place (enhancement) and Mapletree Sunview 1 (built-to-suit data centre). The acquisition of 13 data centres in the US and Canada increases MINT’s exposure to high-tech buildings from 43.5% to 52.9% of AUM and adds three top-10 US technology companies as tenants. We see value in MINT as entry into high-growth from data centres at a reasonable price. Maintain BUY. Target price: S$2.90. Read More ... |
UMS Holdings Ltd How strong will this cycle be? ■ We believe semiconductor sales may have bottomed. WSTS estimates show a rebound to 4.8% yoy revenue growth in 2020. ■ As such, we expect UMS to report better yoy and qoq earnings growth when it releases its 3Q19 results on 12 Nov. ■ Premised on our view of an industry recovery, we lift UMS’s FY19-21F EPS with a higher TP. What is uncertain is how strong this recovery will be. |
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