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Suntec REIT (SUN SP)

Expecting a Better 2H; Keep BUY


 BUY with unchanged TP of SGD1.78, 26% upside and c.6% yield. Suntec REIT remains our preferred office/retail pick on valuation grounds and expected improvement in operational numbers. Office portfolio (c.70% of income) is expected to remain resilient while the impact on the retail portfolio is partly mitigated by the strategic location of its malls. With recent completion of development assets, organic income is set to improve from 2H onwards.


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Genting Singapore (GENS SP)



 Upgrade to NEUTRAL from Take Profit with new TP of SGD0.73, from SGD0.64, 5% downside. Resorts World Sentosa (RWS) reopens today with a capacity limit and safe distancing measures in place. As activities in Singapore gradually resume in Phase 2, we roll over our valuation year to FY21F to reflect some of the recovery expected. A resurgence of COVID19 cases and slower resumption of tourism remain downside risks to our recommendation.


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Frasers Centrepoint Trust

One step closer


■ FCT is increasing its stake in ARF from ~25% to 37%. This, together with FPL’s stake, raised the group’s stake in ARF to ~100%.

■ We believe FCT is one step closer to acquiring the suburban malls under ARF which fits well into FCT’s positioning as a pure suburban mall landlord.

■ Reiterate Add. We believe FCT will see the fastest recovery from Covid-19 due to its focus on suburban malls which rely less on tourists.


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Loan growth on lockdown


■ Pervasive 1.0% mom contraction of system loans in May 20. Most notable were the shrinkages in general commerce, manufacturing, and FI balances.

■ DBU deposit growth lost its steam, contracting 1% mom in May 20. Lower balances from SG gov. (and stat. boards) and non-bank FIs were the culprits.

■ Reiterate sector Neutral. We expect some reprieve in loan contraction as economies reopen, albeit locally. Prefer DBS for its strength in wealth mgmt.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.1600.010
Avi-Tech Electronics0.4200.010
Best World Int.1.360-
China Sunsine0.3650.005
CNMC GoldMine0.2400.010
CSE Global0.4200.005
Food Empire0.530-0.015
Golden Energy0.164-
GSS Energy0.066-0.001
ISDN Holdings0.215-
IX Biopharma0.245-
JB Foods0.585-
KSH Holdings0.340-0.005
Medtecs Intl0.5000.035
Moya Asia0.064-
Nordic Group0.235-
Oxley Holdings0.2400.005
REX International0.180-
Sing Holdings0.355-0.005
Straco Corp.0.505-
Sunningdale Tech0.9800.005
Sunpower Group0.455-
The Trendlines0.1110.002
Tiong Seng0.162-
Uni-Asia Group0.535-0.005
Yangzijiang Shipbldg0.945-0.005

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