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Property Devt & Invt

Slower home sales mom in May


■ Home sales fell mom in May 2021, although remained higher yoy.

■ We expect home sales of 9k-10k and a 5% hike in home prices in 2021F.

■ Reiterate sector Overweight. Preferred picks: UOL, CIT, CAPL.


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VS Industry (VSI MK)

9MFY21: Record Profit On Superior Margin; On Track For A Record-making Year


The record 3QFY21 results on the back of impressive margins reflect the continual fruition from the restructuring that started in 2019. Order commitment from key customers remains intact with some making VSI the preferred partner in Asia by loading up massive volumes. VSI’s glory days are back with a high-growth cycle and a three-year net profit CAGR of 28% even from its peak year. Maintain BUY with an unchanged target price of RM1.90.


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Singapore Exchange Limited – Taking multi-asset business to next level


  • SGX is focusing on building a multi-asset exchange, widening its partnerships and networks and growing its international presence.
  • Growth pipeline includes M&A targets that will augment its offerings, accelerating the growth of Scientific Beta and building an integrated forex marketplace to increase revenue contributions from the current 6%.
  • S$55mn – S$60mn capex set aside to modernise its system architecture, digitalise and invest in its foreign exchange and fixed-income businesses.
  • Maintain ACCUMULATE with higher TP of S$11.25, from S$11.01. Our TP is now pegged to its historical five-year mean of 23x FY21e PE vs. -1SD previously in view of its stronger growth prospects.


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Office SREIT

Return-to-office gains momentum


• Office SREITs leveraged into the re-opening theme not fully appreciated by investors

• Singapore office to regain growth momentum in 2H21 after expected relaxation of work-in-office occupancies

• US Office S-REITs well positioned to ride the longerterm growth of tech within the US

• Top picks are KREIT, MCT and PRIME


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  • Lionel Lim