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Enlarging Footprint Down Under


KREIT continues to expand its footprint in Australia through the acquisition of Pinnacle Office Park, which will increase its exposure to Australia from 16.3% to 19.4% of AUM. Pinnacle Office Park is located at close proximity to Macquarie Park Metro Station and will benefit from the completion of the City and Southwest metro rail in 2024. The acquisition is fully funded by A$-denominated debt and is accretive to pro-forma 2019 DPU by 4.5%. Maintain BUY. Target price: S$1.40.


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Wilmar International (WIL SP)

Be Patient; Re-iterate BUY


Re-iterate BUY on Wilmar despite the recent setback from the unexpected placement by ADM and the final approval for YKA listing taking longer than expected. Investors should focus on the potential value creation from YKA listing as well as a potential special dividend. Beyond YKA’s listing, the strong 1H20 earnings have led to a 10% consensus earnings upgrade, and Wilmar could potentially outperform consensus again on better-than-expected margins. Maintain BUY with a higher target price of S$5.35.


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Singapore Exchange

Bidding up its multi-asset platform


■ BidFX combines SGX’s capabilities for both OTC FX and FX futures, thereby expanding its addressable market and suite of risk management tools.

■ SGX’s Jul-Aug trading data track slightly above our FY21F expectations; its new FTSE Taiwan contract is gaining traction vs. HKEx’s MSCI Taiwan Index.

■ Reiterate Add on valuation (0.5 s.d. below historical mean) and 3.8% yield. Its S$603m net cash (as of end-FY20) paves the way for potential M&As.


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Singapore REITs

S-REIT perpetuals market reopens


• Year-to-date issuance of c.S$575m of perpetual securities a sign that demand is returning to perpetuals

• Proceeds have been utilised to fund acquisitions and refinancing driving 1-1.9% to distributions

• Ascott REIT may consider calling back its recently reset perpetual securities at the next available call date in December 2020


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings3.6600.070
Avi-Tech Electronics0.420-
Best World Int.1.360-
China Sunsine0.3500.005
CNMC GoldMine0.2800.010
CSE Global0.485-
Food Empire0.585-0.010
Golden Energy0.1650.003
GSS Energy0.056-0.001
ISDN Holdings0.3800.010
IX Biopharma0.220-
JB Foods0.555-
KSH Holdings0.3400.015
Medtecs Intl1.070-0.110
Moya Asia0.064-0.002
Nordic Group0.2100.010
Oxley Holdings0.215-
REX International0.1560.003
Sing Holdings0.375-
Straco Corp.0.500-
Sunningdale Tech1.5100.060
Sunpower Group0.5500.015
The Trendlines0.0890.004
Tiong Seng0.1430.003
Uni-Asia Group0.4250.010
Yangzijiang Shipbldg1.000-

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