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Oxley (OHL SP) Time To Enjoy The Fruits Of Labour; Maintain BUY
Maintain BUY with new TP of SGD0.27 from SGD0.29, 23% upside and c.6% yield. Management is focusing on completing its projects to ensure continuous cash flow. Its construction projects were disrupted by COVID19 and delayed by 4-6 months in Singapore, Ireland and Malaysia due to global lockdowns. It was also impacted by fair value revaluation losses due to lower asset prices. As such, we cut our RNAV to SGD0.54, resulting in the lower TP.
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Mapletree North Asia Commercial Trust Maiden entry into Seoul
■ Maiden South Korea office purchase with a 50% stake in Pinnacle Gangnam. ■ DPU-accretive deal; diversification strategy to boost resilience. ■ Reiterate Add rating with a higher DDM-based TP of S$1.15.
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UOB KAYHIAN |
DBS VICKERS |
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Manulife US REIT (MUST SP) Company Update Reiterates Positive View
Manulife US REIT continues to see resilience, underpinned by its quality assets, key locations, long WALE (5.7 years) and Work-Live-Play offerings. Minimal impact is expected from work-from-home policies and new submarket supply. On the acquisition front, management has not seen many distressed “Grade A” office assets, although the situation may change if the pandemic is prolonged. Maintain BUY and target price of US$0.85.
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Singapore REITs Insatiable growth appetite
S-REITs recovery remains on track as fiscal support minimises earnings downside risk and boosts consumer spending Acquisition activity stirring to life; expect more purchases in industrial and office space in 4Q20-1H21 Low interest rate environment sets the tone for further compression in yields of c.5.0% (vs. mean of 3.3%) Expect to see a continued broadening rally in the S-REITs
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Check out our compilation of Target Prices
