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CDL Hospitality Trust

Gradual recovery ahead


■ CDLHT’s 1HFY20 DPU came in line at 45% of our FY20F DPU.

■ Singapore, New Zealand and Australia assets helped to save the day.

■ Reiterate Add with stock trading at 0.7x P/BV. Expect a gradual recovery.


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Dairy Farm Int'l

Covid-19 strikes harder than expected


■ 1H20 missed, with net profit (-35% yoy) meeting 40%/39% of our/consensus’ full-year EPS, mainly due to Maxim’s losses that hurt associate earnings.

■ Stellar grocery EBIT cushioned the dismal convenience and health and beauty (H&B) segments, but EBIT still fell c.10% yoy. 2H20F is still uncertain.

■ We reiterate our Hold call with lower TP of US$4.63 (20x CY21F PER). We believe the better entry point is closer to c.US$3.80 (16.5x CY21F PER).


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Banking – Singapore

Preparing For Long Tails And Black Swans


MAS imposed a cap on 2020 DPS based on 60% of 2019 DPS. The restriction is preemptive to ensure local banks are able to support recovery in the real economy even if the adverse scenario of a prolonged public health crisis materialises. We expect a kneejerk drop in share prices. Based on required dividend yield of 4%, we see buying support for DBS at S$18.45, OCBC at S$7.95 and UOB at S$19.50. Maintain OVERWEIGHT. BUY DBS (Target: S$23.12) and OCBC (Target: S$11.22).


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CDL Hospitality Trust (CD REIT SP)

2Q20: COVID-19-challenged In Most Markets


CDREIT’s 1H20 DPU came in below expectations. Portfolio resilience was underpinned by master-leased SG, AUS, and NZ hotels (62% of revenue); SG and NZ RevPAR were also bolstered by the quarantine business. Otherwise, most overseas properties across the Maldives, UK, Japan, Italy and Germany saw weakness arising from lockdowns and travel restrictions. Downgrade to HOLD with a lower target price of S$1.00 (previously S$1.32) given the limited upside. Entry price: S$0.90.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.050-0.100
Avi-Tech Electronics0.450-0.005
Best World Int.1.360-
China Sunsine0.320-
CNMC GoldMine0.305-
CSE Global0.530-0.005
Food Empire0.600-0.020
Golden Energy0.164-
GSS Energy0.0620.001
ISDN Holdings0.360-0.025
IX Biopharma0.265-0.015
JB Foods0.560-0.020
KSH Holdings0.3500.015
Medtecs Intl1.6100.050
Moya Asia0.064-0.004
Nordic Group0.2250.010
Oxley Holdings0.2150.005
REX International0.168-0.013
Sing Holdings0.3700.005
Straco Corp.0.495-
Sunningdale Tech1.140-0.010
Sunpower Group0.575-0.005
The Trendlines0.100-0.002
Tiong Seng0.160-
Uni-Asia Group0.470-0.015
Yangzijiang Shipbldg0.950-0.005

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