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Singapore Aviation

Leaving the air pockets behind


Fuel in the tank to sustain outperformance

We remain positive on SG aviation services for 2020. The companies have performed well despite the headwinds of weak 1H visitor arrivals, tradewar related shrinking air cargo volume and Hong Kong unrest. We expect cargo volumes to bottom over the next couple of quarters, while SG will host a number of ‘even-year’ biennial trade events in 2020 providing fuel for the stocks’ YTD2019 outperformance over FSSTI to be sustained next year. We are BUYers of all three stocks with SATS being our top pick.


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Thai Beverage (THBEV SP)

FY19: Missed Expectations; Finance Costs Still A Drag


THBEV reported 4QFY19 net profit of Bt3.4b, up 11% yoy. Full-year core PATMI made up 93%/94% of our and consensus estimates, missing expectations. The key negative came from the beer segment’s PATMI, which dropped to a net loss for the quarter as it continued to be weighed down by finance expenses. Dividend payout ratio remained similar to the FY18 level. THBEV is trading close to its historical mean at 19.4x FY20F PE. Maintain HOLD with a target price of S$0.90 Entry price: S$0.78.


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Singapore REITs Monthly

Monthly Tracker: November 2019



 FTSE S-REIT index return declined 2.2% MTD and gained 23.0% YTD. Strongest gains were from the Healthcare sector (1.46% MTD) and weakest showing from the Hospitality sector (-3.14% MTD).

 Performance in September: Best – Lippo Malls Indonesia Retail Trust (+6.7%), Worst – Eagle Hospitality Trust (-19.7%)

 Sector yield spread widened 4bps MoM to 282bps, -0.96 standard deviation (s.d.) over the benchmark 10-year SGS (10YSGS) yield.

 3-month SOR fell 6bps to 1.51% at 15 November 2019 versus 1.57% last month. Elevated P/NAVs expected to persist in the lower interest rate environment.

 Remain NEUTRAL on S-REITs sector. Sub-sector preferences: Commercial and Hospitalit


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LionelLim8.16Check out our compilation of Target Prices

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Counter NameLastChange
AEM Holdings3.250-0.020
Avi-Tech Electronics0.245-0.005
Best World1.690-0.030
Broadway Ind0.090-
China Sunsine0.395-0.005
Delfi Limited1.130-
Food Empire1.1300.040
Fortress Minerals0.310-
Geo Energy Res0.280-0.005
GSS Energy0.028-
Hong Leong Finance2.480-
Hongkong Land (USD)3.260-0.020
ISDN Holdings0.330-0.005
IX Biopharma0.0430.001
Jiutian Chemical0.024-0.001
KSH Holdings0.300-
Leader Env0.054-0.001
Medtecs Intl0.1530.001
Nordic Group0.400-
Oxley Holdings0.098-0.002
REX International0.162-0.004
Sinostar PEC0.120-0.005
Southern Alliance Mining0.670-
Straco Corp.0.475-
Sunpower Group0.240-
The Trendlines0.090-
Totm Technologies0.038-
Uni-Asia Group0.9200.015
Wilmar Intl3.560-0.010
Yangzijiang Shipbldg1.470-0.020

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