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Keppel Pacific Oak US REIT (KORE SP) Marching On Despite COVID-19; Keep BUY
Maintain BUY and TP of USD 0.80, 11% upside with c.8% yield. Keppel Pacific Oak US REIT posted a strong set of 1H results with DPU coming in slightly ahead of our expectations. COVID-19’s impact on KORE’s portfolio remains muted so far. A lot of positives could be gleaned through in 1H operational data with fairly steady leasing momentum resulting in occupancy improvements and double-digit rent reversions. A risk remains the impact on the US economy from the bout of a second COVID-19 wave.
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Avi-Tech Electronics (AVIT SP) Upcoming Results Should Be Positive; Keep BUY
Maintain BUY, unchanged DCF-based SGD0.50 TP, 9% upside with c.6% FY20F (Jun) yield. The semiconductor sector’s slowdown has likely bottomed out, and Avi-Tech Electronics’ quarterly performance is expected to improve ahead. FY20F should be a much better year, with earnings having likely bottomed in FY19. We expect net profit for 2H20 to be robust. Avi-Tech is scheduled to announce its results in the later part of August.
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PHILLIP SECURITIES |
CGS CIMB |
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CapitaLand Mall Trust Uphill from here SINGAPORE | REAL ESTATE (REIT) | 2Q20 RESULTS
1H20 DPU of 2.96cents was -49% YoY and included one-third ($23.2mn) of the distributable income retained in 1Q20. The worst is over, barring a second wave of the virus. Footfall has recovered to 53% of January levels. 1H20 tenant sales fell -15.4% YoY, better than expected, while portfolio occupancy remained high at 97.7%, clocking +0.1% rental reversions for 2Q20. Maintain BUY with an unchanged TP of $2.33. We are keeping our estimates unchanged as we have previously incorporated c.$80mn of out-of-pocket (OOP) rental rebates, above the $76.5mn OOP rebates guidance for 1H20.
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Elite Commercial REIT Resilience amidst uncertainty
■ 1HFY20 results outperformed IPO forecasts but slightly below our expectations, at 44% of our FY20F estimates. ■ Portfolio enjoys robust cashflow with key tenant DWP, which provides unemployment services to claimants in the UK. ■ Reiterate Add, with unchanged DDM-based TP of £0.76.
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