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CGS CIMB CGS CIMB 

Lendlease Global Commercial REIT

An undervalued REIT

 

■ FY6/21F will be a fresh start for LREIT, in our view. It has factored in the potential Covid-19 impact in FY20 and we expect footfall to gradually recover.

■ The portfolio is supported by the long lease structure of Sky Complex and annual escalation from 91% of its NLA, which limits income downside risk.

■ LREIT is trading at an attractive 0.77x FY20 P/BV vs. sector average of 0.9x. It offers ~7% dividend yield. Initiate coverage with an Add (TP: S$0.85).

 

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Dairy Farm Int'l

Back at palatable valuations

 

■ Share price has retraced closer to YTD trough of US$3.70, at 17.2x forward P/E (close to -1.5 s.d. of historical mean), pricing in the weaker FY20F.

■ Medium-term prospects are uncertain, but we think sentiments for the stock will improve, at least to its -1 s.d. levels, once recovery plays are revisited.

■ We view the risk-rewards as favourable for longer-term investors. Upgrade our call to Add, with a lower TP of US$4.50 (on unchanged 20x FY21F P/E).

 

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DBS VICKERS

 

CapitaLand Mall Trust

The dragon awakens

 

Investment Thesis

Merger benefits not priced in. CMT trades at attractive valuations at close to 1.0x P/NAV and an implied EV/GFA of S$1,864, a good discount below recent transactions. With forward yields of >6%, beyond 1 standard deviation of its mean, the risk-reward ratio is attractive. The proposed merger with CapitaLand Commercial Trust (CCT) will drive improved diversification and scale which have yet to be priced in.

 

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