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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

Share Prices

Counter NameLastChange
AEM Holdings3.110-0.020
Avi-Tech Electronics0.385-
Best World Int.1.360-
China Sunsine0.380-0.005
CNMC GoldMine0.2100.005
CSE Global0.435-
Eagle HTrust USD0.137-
Food Empire0.500-
Golden Energy0.1740.004
GSS Energy0.065-0.002
ISDN Holdings0.2200.022
JB Foods0.490-0.015
KSH Holdings0.3100.010
Moya Asia0.063-0.001
Nordic Group0.225-
Oxley Holdings0.240-
REX International0.141-0.002
Sing Holdings0.325-0.005
Straco Corp.0.505-
Sunningdale Tech0.9650.025
Sunpower Group0.4550.005
The Trendlines0.111-0.002
Tiong Seng0.152-
Uni-Asia Group0.470-
Yangzijiang Shipbldg0.940-0.005

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