| CGS CIMB | CGS CIMB |
|
REIT Hospitality: ART and CDLHT 1QFY21
■ Mixed bag of performances by ART and CLDHT in 1Q21. ■ SG was largely stable supported by government contracts but overseas recovery, especially in Europe and Japan remained volatile. ■ Reiterate Add on ART and CDLHT.
|
Wilmar International Highest 1Q earnings since listing
■ Wilmar’s 1Q21 core net profit came in line with expectations at 27% of our and consensus’s full-year estimates. ■ Feed and industrial, plantation and sugar milling were 1Q21 earnings drivers. ■ Wilmar is cautiously optimistic on its performance for the rest of the year. Reiterate Add due to its attractive valuation vis-à-vis YKA.
|
|
UOB KAYHIAN |
UOB KAYHIAN |
|
Ascott Residence Trust (ART SP) Recovering Domestic Leisure Demand
ART saw RevPAU increase 10% qoq despite a resurgence of COVID-19 cases in certain geographies. Australia saw a recovery in demand for domestic leisure while Singapore also saw RevPAU increase qoq with block bookings from government contracts set to continue till 2Q21. While domestic leisure and corporate travel is expected to pick up in subsequent quarters, the return of international travel demand will be a key. Maintain HOLD with a target price of S$1.09.
|
CDL Hospitality Trust (CDREIT SP) Not Out Of The Woods Yet
CDREIT’s Singapore portfolio saw RevPAR declines on a qoq basis with weaker staycation demand following the peak 4Q20 period. Government-supported isolation hotel stays continue to be well supported in Singapore and New Zealand while the Maldives saw a decent occupancy as it reopened its borders to tourists. Other overseas locations in Europe and Japan continue to be hard hit. Maintain HOLD with a target price of S$1.24.
|
Check out our compilation of Target Prices