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Mapletree North Asia Commercial Trust

Drag at FW moderated by new acquisitions


■ Repair works at FW; plans for distribution top-up from 1 Oct 19 to 30 Jun 20.

■ Plans to acquire two Japan office properties for a total of S$482.5m.

■ Maintain Add with a lower DDM-based TP of S$1.29.


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ComfortDelGro (CD SP)

Awaiting Re-Rating Catalysts


 Maintain NEUTRAL with a DCF-derived SGD2.38 TP, 1% downside with c.4% yield. While we continue to like the defensive nature of ComfortDelGro’s public transport business earnings and the company’s strong FCF generation capability, we remain cautious about the near term headwinds from rising operating costs for its rail business and weak taxi earnings. Despite our expectation for 7% earnings growth in 2020, the stock is trading at 17x 2020F P/E vs a 5-year average of 15x and it looks fairly priced. A healthy and sustainable dividend yield of c.4% should provide support to share price.


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Results Round-Up – Singapore

3Q19 Results Round-up: More Beats Than Misses


Most (65%) of the companies under our small/mid-cap coverage met expectations in this earnings season while 29% surprised on the upside. Beats were higher compared to misses at 6% due to better-than-expected performances from Sheng Siong, our recently-initiated BRC Asia as well as stocks in the manufacturing sector. We continue to recommend that investors selectively accumulate deep-value names with good track records. Our top picks are Fu Yu, CSE, Koufu and Penguin Intl.


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LendLease Global Commercial REIT

Gem in the making


• Core assets - 313@somerset and Sky Complex - wellpositioned in submarkets with long growth runways

• Fine balance between income visibility and inbuilt rental escalations

• Attractive pipeline of properties from reputable sponsor, Lendlease group

• Initiating coverage with BUY and TP of S$1.05


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  • Lionel Lim