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Proactive Lease Management; Keep BUY


 Keep BUY and SGD0.83 TP, 22% upside with c.8% yield. IREIT Global’s 1Q operational updates indicate no major disruptions to its portfolio despite <2% of tenants requesting rent assistance. A minimal 3% of leases expiring over the next two years provide income stability. Valuations are relatively attractive at 0.8x P/BV.


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2QFY20: Gradual Return To Work


BRC’s 2QFY20 core profit of S$10m is in line with expectations, although the group expects an dverse impact from the circuit breaker period with a stop in construction activities. Recovery would likely be gradual given the elevated numbers of foreign workers infected with COVID-19, as well as the safety measures in place for work to resume. However, the large proportion of public infrastructure projects is a good safety net. Maintain BUY with a lower PE-based target price of S$1.52.


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Riverstone Holdings

When the stars align


■ We reiterate our positive view on RSTON, as its Malaysian peers reported strong Jan-Mar quarter and guided for more ASP hikes in CY20F.

■ Stars are aligned for RSTON in FY20F, with 1) stronger sales volume, 2) higher ASPs, and 3) higher margins (due to lower raw material prices).

■ We raise our FY20-22F EPS forecasts by 10.6-26.2%; our TP is lifted to S$2.50 (22.7x CY21 P/E).


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LionelLim8.16Check out our compilation of Target Prices

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