| UOB KAYHIAN | UOB KAYHIAN |
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Ascendas REIT (AREIT SP) Enlarging Scale In Fast-growing Co-location Markets In Europe
The acquisition of 11 data centres in Europe has injected new dimension for growth with exposure to data centres expanding from 4% to 10% of AUM. London, Amsterdam and Paris are key co-location markets in Europe with vacancy rates projected to fall due to strong take-up for co-location data centres. The expansion increases tenant base, asset type and geographical diversification. AREIT provides a resilient distribution yield of 5.4% for FY22. Maintain BUY with target price at S$3.82.
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Gaming – Malaysia Casino: Upping The Ante
Coming off from a battered-down year in 2020, the casino subsector has predictably charged ahead in tandem with global peers with the global COVID-19 vaccination rollout which will eventually allow Malaysia to reopen its borders. We foresee further share price outperformance, particularly for GENM, with the emergence of multiple catalysts including the launch of SkyWorlds. Maintain OVERWEIGHT. Top pick: GENM.
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UOB KAYHIAN |
CGS CIMB |
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WCT Holdings (WCTHG MK) 4Q20: Fell short of our and consensus’ expectations
WCT’s 2020 results were below expectations after reporting a core net loss of RM16m. The negative deviation was mainly attributed to the underperformance of its construction and property divisions. However, a negative overreaction to the results could provide a trading opportunity for investors. The company’s prospects are likely to improve starting 2Q21/3Q21, underpinned by the mass rollout of vaccines. Upgrade to HOLD (from Sell). Target price: RM0.52. Entry price: RM0.45.
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Boustead Singapore Ltd Set for another good year
■ Completion of Boustead Project’s (52.8%-owned subsidiary) value unlocking exercise could translate into special dividend being declared, in our view. ■ Strong earnings momentum to continue in 2HFY3/21F. Excluding disposal gains, we forecast FY21F core net profit of S$49.4m (+35% yoy). ■ Reiterate Add with higher TP of S$1.40.
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Check out our compilation of Target Prices
