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Singapore Press Holdings (SPH SP)

1HFY21: Earnings & Dividends Above Estimates; Review Amid Media’s Decline.

 

SPH core earnings of S$69m was ahead of expectations, aided by recovery from its retail property as well as lower production & distribution costs. SPH also announced a strategic review, noting the hard-hit media business. If a transacted sale of the segment were to take place, we see that this could potentially lift a key overhang on the counter. The group also shone some light on its digital portfolio, where it continues to undergo proactive capital recycling. Maintain BUY with a higher target price of S$1.85.

 

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Mapletree Industrial Trust (MINT SP)

MINTing Growth And Resiliency Through Data Centres

 

MINT is committed to its goal of allocating two-thirds of AUM to data centres. It has to acquire at least S$1b worth of data centres per year over the next five years to realise its vision. It has just completed the acquisition of another data centre in Richmond, Virginia and could move on to acquire the remaining 50% stake in a second data centre JV from Mapletree Investments in FY22. MINT provides FY22 distribution yield of 5%, vs KDCREIT’s 4%. Maintain BUY. Target price: S$3.50.

 

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CGS CIMB

DBS VICKERS

ST Engineering

Upping the game

 

■ STE raises its offer to buy Cubic Corp from US$76/share to US$78/share, after Veritas Capital/Elliot revised their bid from US$70 to US$72/share.

■ STE will pay US$2.48bn for Cubic Corp with preliminary valuations of US$850m-950m for Cubic Mission & Performance Solutions.

■ This means STE will pay US$1.5bn-1.6bn for Cubic Transportation Systems, or 12.9x-15x FY20 EV/EBITDA, in line with STE Group’s EV/EBITDA.

■ We hope this is the last bid STE offers as a prolonged pricing war could be a negative overhang on share price. Reiterate Add and TP of S$4.00.

 

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SPH REIT: Sales gap persists within suburban and central malls (1H20 results)

 

  • 1H20 DPU rose 45% y-o-y to 2.44scts contributed by former retained distributions
  • Portfolio occupancy resilient at 98% with overall positive reversions in SG portfolio
  • Border reopening still the key catalyst for a rerating of Orchard malls to drive performance for Paragon
  • Maintain HOLD with unchanged target price of S$0.80 

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.030-0.040
Avarga0.335-
Avi-Tech Electronics0.405-
Best World Int.1.360-
China Sunsine0.555-0.010
Food Empire0.9400.005
Golden Energy0.148-0.002
GSS Energy0.065-0.002
InnoTek0.8500.050
ISDN Holdings0.635-
ISOTeam0.140-
IX Biopharma0.245-
JB Foods0.645-
KSH Holdings0.370-
Leader Env0.150-0.001
Medtecs Intl0.9900.020
Moya Asia0.069-0.001
Nordic Group0.255-0.005
Oxley Holdings0.260-0.005
Procurri0.360-0.005
REX International0.1830.002
Riverstone1.330-
Roxy-Pacific0.360-0.005
SingMedical0.345-0.045
Sri Trang Agro2.0100.020
Straco Corp.0.575-
Sunpower Group0.9100.035
The Trendlines0.1080.001
UG Healthcare0.600-
Uni-Asia Group0.6050.005
Wilmar Intl5.480-0.020
Yangzijiang Shipbldg1.2900.010
Yinda Infocomm0.1470.005

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