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CGS CIMB |
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REITs – Singapore S-REITs Weekly
S-REITs succumbed to corrections on Thursday and Friday after three consecutive weeks of strong gains. FOMC participants expect US unemployment rate to hit 9.3% by end-20, and then improve to 6.5% by end-21 and 5.5% by end-22. To help displaced American workers return to the labour force, the Fed is expected to keep Fed Funds Rate near zero till 2022. BUY CMT (Target: S$2.60), FCT (Target: S$2.85), ART (Target: S$1.16), FEHT (Target: S$0.62) and KREIT (Target: S$1.30).
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Koufu Group Ltd Serving up delights in your vicinity
■ We like Koufu for its relatively resilient business, strong cash flow generation, superior net margins and ROE. Initiate with Add rating and S$0.86 TP. ■ Despite Covid-19, we expect Koufu to remain profitable in FY20F, thanks to c.S$10m budget support and c.3 months of rental relief from landlords. ■ Our FY21-22F EPS growth of 13.6-52.5% is premised on consumption recovery, continual new store wins and opening of integrated facility
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RHB |
CGS CIMB |
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APAC Realty (APAC SP) Riding Through Market Cycles
Maintain BUY with a lower TP of SGD0.50 from SGD0.60, 25% upside with c.4% yield. While COVID-19 pandemic is expected to cause a sharp slowdown in near-term volumes, we expect transactions to slowly rebound once the economy is opened up. This is on the back of resilient local buying demand, a low interest rate environment and stringent additional buyer’s stamp duty deadlines limiting developers from holding inventory
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Koufu Group Ltd Serving up delights in your vicinity
■ We like Koufu for its relatively resilient business, strong cash flow generation, superior net margins and ROE. Initiate with Add rating and S$0.86 TP. ■ Despite Covid-19, we expect Koufu to remain profitable in FY20F, thanks to c.S$10m budget support and c.3 months of rental relief from landlords. ■ Our FY21-22F EPS growth of 13.6-52.5% is premised on consumption recovery, continual new store wins and opening of integrated facility.
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