|CGS CIMB||UOB KAYHIAN|
ARA LOGOS Logistics Trust
Committed to grow
■ ALOG is committed to growing its portfolio likely in Australia and Singapore, as well as in the same asset class which is seeing strong demand.
■ LOGOS would further beef up ALOG’s capability in asset management while providing cross-selling opportunities and a large acquisition pipeline.
■ Reiterate Add. The stock is trading at an attractive 7.6% yield.
Singapore Press Holdings (SPH SP)
FY20: Hard-Pressed For Better Days
SPH announced headline net loss of S$84m, dragged by revaluation losses and impairments. While core earnings were in line with expectations, the final dividend of 1 S cent came in below expectations. Negatives have been largely priced in, with the group trading at an undemanding 0.5x FY20 book value. A re-rating for the counter remains elusive as further risk of lockdown measures remain on the back of surging COVID-19 cases in the UK. Maintain HOLD with lower SOTP target price of S$1.12. Entry price: S$1.00.
||GOME Retail Holdings
Better 2H20F in sight, yet loss-making
Expect losses till FY22F. Despite near-term improvement in pentup demand, near term prospects remain weak SSSG to decline in FY20F. SSSG should see negative growth in FY20F, despite achieving high-single digit SSSG in 3Q20E Strategic cooperation with JD and PDD progressing well. A long-term win-win arrangement, but limited sales and earnings contribution in the near term. Valuation: We peg our valuation to an unchanged 1.5x FY21F P/BV (3- year average) to derive a new TP of HK$0.79.
Check out our compilation of Target Prices