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Singapore REITs Monthly – From defensive to offensive – More acquisitions to come


  • FTSE S-REIT Index gained +1.8% MoM in September. Strongest gains observed from the hospitality subsector (+6.9%) while weakest performance in the industrial subsector (-7.1%), likely due to profit taking.
  • FTSE REIT Index has been trading sideways for the past 4 months. Sector yield spread of 354bps over the benchmark 10-year SGS (10YSGS) yield was at the +0.11 standard deviation (SD) level.
  • Maintain OVERWEIGHT on SREITs sector with sub-sector preferences in Office and Industrial portfolios.

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StarHub (STH SP)

A Recovery Plan, Telco Deemed Essential Spending; Upgrade To BUY


StarHub sees recovery trends in 2H20 and appears well positioned to defend market share by activating customer acquisition activities and new products. Its recently launched 5G product have been encouraging and the proliferation of handsets will yield higher 5G adoption. The 18% share price retracement has largely priced in weak 2020 earnings. Upgrade to BUY with an unchanged DCF-based target price of S$1.40. The stock offers 5% dividend yield.


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5G & Optus tower sale may be silver lining


■ We hosted Singtel for Malaysia virtual investor meetings on 8 Sep.

■ Still challenging near-term outlook but 5G may help to stabilise competition in Singapore and Australia. Potential Optus tower sale may not be far off.

■ Reiterate Add, with an unchanged SOP-based target price of S$3.10.


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Ho Bee Land

New investments in Singapore and Australia


■ HoBee’s investment property portfolio is growing with Biopolis P6 land win.

■ Development income visibility improving with replenished Australia pipeline.

■ Reiterate Add rating with a higher TP of S$2.70.


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LionelLim8.16Check out our compilation of Target Prices