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CGS CIMB UOB KAYHIAN

Suntec REIT

Unlocking value from 9 Penang Rd

 

■ SUN divested its stake in 9 Penang Rd at an agreed property value of S$295.5m.

■ It will realise a S$66.5m divestment gain; gearing to decline to 42.9%.

■ Reiterate Add rating with an unchanged DDM-based TP of S$1.76.

 

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REITs – Singapore

S-REITs Bi-Weekly Updates (1-15 Jun 21)

 

S-REITs gained 3.5% during 1-15 June. Yield for 10-year Singapore government bond dropped 6bp to 1.42%, reflecting easing of concerns that economic growth would be overheated. We recommend a balanced mix of blue chip and laggard S-REITs. BUY blue chips AREIT (Target: S$3.83), FCT (Target: S$3.06), KREIT (Target: S$1.49) and MINT (Target: S$3.62). BUY laggards ALLT (Target: S$0.89), FEHT (Target: S$0.71), LREIT (Target: S$1.01) and UHU (Target: US$0.95). Maintain OVERWEIGHT.

 

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MAYBANK KIM ENG

CGS CIMB

Malaysia Property

Temporary hiccup

 

Fairly priced; maintain Neutral While the 1-month long full lockdown (FMCO) will adversely affect 2Q21 sales and earnings, we are still holding our belief that the property sector is poised for recovery in 2021 thanks to historically low interest rate and pent-up demand and sales should pick up again once the FMCO is lifted. Nevertheless, these positives appear to have been largely priced in and our coverage stocks now offer limited upside to their TPs. We maintain NEUTRAL and our BUY picks remain unchanged (SPSB, ECWI). In our view, political uncertainty post-the state of emergency (Darurat) ended on 1 Aug 2021 could overshadow sector fundamentals.

 

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Kawan Food

Long-term prospects remain bright

 

■ Heading into 2H21F, Kawan continues to witness strong demand for its range of frozen products, from both the export and local markets.

■ As part of its long-term growth strategy, Kawan aims to: i) launch more new products, ii) target new export markets, and iii) focus on operating efficiency.

■ Reiterate Add with a lower TP of RM3.00 (24x CY22 P/E).

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings4.030-0.020
Avarga0.305-
Avi-Tech Electronics0.405-
BH Global0.295-
China Sunsine0.5000.005
Food Empire0.8550.005
Fortress Minerals0.640-
Golden Energy0.385-
GSS Energy0.0670.001
InnoTek0.880-0.005
ISDN Holdings0.725-
ISOTeam0.134-
IX Biopharma0.2350.005
KSH Holdings0.370-
Leader Env0.0760.002
Medtecs Intl0.810-
Moya Asia0.067-
Nordic Group0.315-
Oxley Holdings0.2300.010
Procurri0.330-
REX International0.2100.005
Riverstone1.260-0.020
Roxy-Pacific0.395-
Southern Alliance Mining0.990-
Sri Trang Agro1.560-
Straco Corp.0.530-
Sunpower Group0.6900.010
The Trendlines0.102-
UG Healthcare0.575-
Uni-Asia Group0.9850.020
Wilmar Intl4.4900.030
Yangzijiang Shipbldg1.4200.040
Yinda Infocomm0.230-

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  • Lionel Lim