| UOB KAYHIAN |
RHB |
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Mapletree Commercial Trust (MCT SP) Anchored On Fundamental Positioning That Will Withstand The Test Of Time
The Sentosa-Brani Master Plan and expansion at RWS will increase shopper traffic and tenant sales at VivoCity. The development of the GSW will increase resident population within VivoCity’s catchment area and expand the pool of potential employees for its four business park/office properties in the Harbourfront area. MCT’s intrinsic value is anchored on the Harbourfront area (91.4% of portfolio valuation), which will evolve into a hub for the GSW. Upgrade to BUY with a higher target price of S$2.62.
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Dairy Farm (DFI SP) Headwinds From High Exposure To North Asia
Stay NEUTRAL with a new USD5.05 TP from USD6.63, 6% upside plus 4% yield. FY19 results were below expectations while full-year PATMI of USD326m met 92% of our estimate. Social unrest in Hong Kong during 2H19 impacted sales growth and profitability for the health & beauty unit, as well as Dairy Farm’s associate – Maxim’s. Looking ahead, we think the headwinds remain, as the outbreak of COVID-19 should continue to put downward pressure on these two businesses’ sales.
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| CGS CIMB | DBS VICKERS |
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Singapore Airlines Responding at multiple levels to Covid-19
■ SIA said at today’s special briefing on Covid-19 that forward bookings continue to fall, with no bottom in sight yet, as the virus spreads globally. ■ We reiterate our Hold call, with an unchanged target price of S$8.46, based on 0.86x CY20F P/BV (1 s.d. below mean since 2011).
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Prime US REIT A good start is half the battle won
Maintain BUY and TP of US$1.05. We believe Prime US REIT (Prime), the newest US office REIT to be listed on the SGX, is in a sweet spot to grow its portfolio of assets as it builds its own track record to deliver superior DPU growth and DPU-accretive acquisitions. As investors familiarise themselves with its growth strategy over time, we believe there is potential for the REIT’s share price to trade up closer to its peers.
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Check out our compilation of Target Prices
