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Venture Corp (VMS SP)

NDR Key Takeaways; Stay NEUTRAL


 NEUTRAL, SGD20.20 TP (17x FY21F P/E), nil upside with c.4% FY20F yield. We hosted a non-deal roadshow for Venture recently, and came away with the following highlights. It will likely see a steady recovery in 2H20, and is fulfilling the backlog of orders now. Earnings visibility is clear for 2H20F, and Venture’s research & development segment aims to release new products for manufacturing companies from early 2021. The stock is trading above its historical valuation, which justifies our call.


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Singapore REITs

Staying With The Winners


Industrial REITs a bright spot; raising DPUs, TPs

Industrial REITs have outperformed peers YTD and continue to present stronger fundamentals into 2H20. DPU visibility is improving with resilient occupancies underpinned by leasing momentum and low supply. Balance sheets remain strong, with acquisitions in business parks, data centres and logistics assets likely to gain pace in the coming quarters. Structural demand tailwinds should continue to buoy valuations, while liquidity for our preferred large-cap names could see added support, as trading in SGX’s REIT futures gain traction. We revised DPUs and raised TPs for AREIT, MINT and MLT by 3-8%. They remain our top sector BUYs.


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Hospitality REITs – Singapore

Progressive Re-opening, While Keeping COVID-19 Transmission At Bay


Singapore is mulling the establishment of reciprocal green lanes for tourists. The 14- day isolation, which is a major deterrent to travellers, could be replaced with a rigorous testing regime. These upcoming developments are in line with our view of a phased re-opening of borders and a recovery in the hospitality sector in 2H21. BUY FEHT (Target: S$0.58) and FHT (Target: S$0.54). Both stocks trade at an attractive discount of almost 40% to NAV. Maintain OVERWEIGHT.


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Singapore Exchange (SGX SP)

Good Trading Volumes For July/August; Still BUY


• Keep BUY with higher SGD9.50 TP from SGD9.20, 10% upside with c.4% FY21F (Jun) yield. Our TP is pegged to 24x FY21F P/E. The securities average daily value (SADV) for the first seven weeks of FY21 was SGD1.33bn, in line with our FY21F of SGD1.4bn. July’s derivatives average daily volume was also robust, driven by China A50 Index Futures’ MoM rise. Singapore Exchange remains attractive, since the SADV could rise as more news flow emerges on the COVID-19 situation.


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LionelLim8.16Check out our compilation of Target Prices