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Property - Overall Reassessing the office sector
■ We expect office viewing activities to resume on slower leasing momentum. ■ There is an ongoing debate on the future of the workplace. In our view, any change is likely to be gradual. ■ We reiterate our Overweight call on the overall Singapore property sector. Our preferred picks amongst office landlords are KREIT and CCT.
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ST Engineering (STE SP) Keeps Building Capabilities; Maintain BUY
BUY, SGD3.90 TP, 14% upside with c.4% FY20F yield. While 2020F profit will decline on weak demand, supply chain disruption and workforce disruption amidst the COVID-19 pandemic, normalisation of order deliveries across all segments should support the return of profit growth in 2021F. Barring the risk of COVID-19 infections resurging, ST Engineering should continue to outperform the STI. It still has a well-diversified business portfolio, record-high orderbook, and offers sustainable DPS – which puts it in a far superior position vs other large-cap STI counters.
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Check out our compilation of Target Prices
