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RHB

MAYBANK KIM ENG

Manulife US REIT (MUST SP)

 

More Goodies To Come; Maintain BUY

  Maintain BUY and USD1.00 TP, 10% upside plus c.7% yield. MUST, which remains one of our Top Picks, had 3Q/9M19 results that were in line. Key takeaways are the continued occupancy improvement and positive rent growth. Post recent acquisitions and placement, the REIT is likely to meet the criteria for the FTSE EPRA NAREIT Index inclusion, which should act as a near-term catalyst. Valuations are still attractive at 1.1x P/BV.

 

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Netlink NBN Trust (NETLINK SP)

Message delivered

 

Capability & intention for higher DPUs confirmed

1HFY20 performance was in line, at 52% of MKE/consensus FY20E profit forecasts. Interim DPU was 3% higher and affirms our thesis that its healthy balance sheet can continue to support DPU growth despite higher capex. No change to operational forecasts though we raise FY20-22E DPUs by 3%. This lifts our DDM (COE 6%, LTG 0%) TP to SGD1.06 from SGD1.03. Maintain BUY where risks to our outlook include any negative revisions to its regulatory regime.

 

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UOB KAYHIAN

UOB KAYHIAN

Singapore Post (SPOST SP)

2QFY20: In Line; Still Not In The Clear

 

SPOST reported 2QFY20 net profit of S$26.8m (-4.6% yoy), in line with expectations. The domestic mail segment saw an accelerated decline in business letter volumes and remains a key area of concern, even though international revenue posted agood growth in the quarter. There are some bright spots in postal packages initiatives although they remain longer-term positives. Maintain HOLD and target price of S$1.04. Entry price: S$0.88.

 

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SIA Engineering (SIE SP)

2QFY20: Impressive Turnaround, Margins Likely To Improve Further

 

SIAEC’s revenue rose for two consecutive quarters. We are also impressed by transformational plans which led to operating profit rising 74% yoy on just 1.3% yoy increase in top-line. We expect margins to improve further in 2HFY20 as improvement in efficiency gathers momentum. On top of that, we expect SIAEC to raise its final dividend. Upgrade to BUY. Target price: S$3.13.

 

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