| CGS CIMB | PHILLIP SECURITIES |
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Jardine Matheson Holdings Ltd Awaiting a slow recovery
■ We believe Jardine Matheson’s share price has priced in short-term recovery expectations. ■ 4Q20F performance remains weak and the road to recovery will be slow and long. ■ Hence, we downgrade our call to Hold from Add previously.
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YOMA STRATEGIC HOLDINGS LTD. Cautiously optimistic SINGAPORE | REAL ESTATE | FY20 RESULTS
6M-Sep 20 and FY20 topline met expectations, at 98%/100% of our forecasts. Core operating EBITDA remained positive. FY20 double whammy from lower gross profit margins and net fair value losses for investment properties in Myanmar and China. As a result, net loss was 15x more than expected. Mid-term outlook remains mildly positive, underpinned by unrecognised real-estate revenue and new projects. Maintain BUY and SOTP TP at S$0.46.
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UOB KAYHIAN |
RHB |
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Far East Hospitality Trust (FEHT SP) Downside From Increased Competition Protected By Master Leases
FEHT faces headwinds from the erosion of ADR for government contracts and accommodation for displaced Malaysian workers. This is partially offset by Singaporeans going on staycations starting Dec 20. The volume for visitor arrivals remains low, due to the cautious approach to gradually reopen Singapore’s international borders. Our DPU forecast is relatively unchanged, as we had previously expected hotels to provide only fixed rents in 4Q20 and 1H21. We expect distribution yield to recover to 4.4% in 2021 and 6.2% in 2022. Maintain BUY. Target price: S$0.74.
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China Aviation Oil (CAO SP) More Positive News Flow; Reiterate BUY
BUY, new SGD1.25 TP from SGD1.15, 16% upside with c.4% FY20F yield, amidst expectations of continued improvement in China’s aviation traffic in 2021. YTD flight traffic at the Shanghai Pudong International Airport (SPA) is already running ahead of our expectations. We maintain that in addition to a full recovery in domestic aviation traffic, a gradual but partial recovery in China’s 2H21 international aviation traffic will support 2021F earnings growth. We raise 2020-2022F earnings by 2-4%. Despite the strong share price performance, valuations remain compelling.
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