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Starhill Global Reit
Our ViewsUpgrade to BUY on higher TP of S$0.75.
Starhill Global REIT’s (SGREIT) portfolio operational metrics should improve as the economy re-opens. With the worst potentially behind us, we see DPUs hitting close to pre-pandemic levels earlier than anticipated. We upgrade our call on SGREIT to BUY, with the return of tourist-led spending as a catalyst for the REIT. The stock offers an attractive c.7.0% yield and trades at 0.7x P/NAV.
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CGS CIMB |
CGS CIMB |
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Raffles Medical Group 1H21F preview: Gradual return of patients
■ We expect RFMD to beat consensus earnings forecasts in 1H21 amid higher healthcare services revenue from more specialist outpatient clinic visits. ■ Covid-19 testing numbers continue to hold up despite the faster vaccination rates, underscoring the importance of PCR testing to reopening measures. ■ We lift our FY21-23F EPS by 7.5-15.6% to account for higher patient numbers. We reiterate our Add call with a higher SOP-based TP of S$1.40.
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Rubber Gloves Halting operations in EMCO areas
■ UGHC was spared from the imposition of EMCO in Selangor, but the extension of EMCO to Seremban caused it to temporarily halt operations. ■ RSTON remains the least impacted glovemaker (by the EMCO) under our glove coverage, as most of its operations are located in Taiping, Perak. ■ We see limited share price reaction to UGHC’s latest announcement, as it has trended in line with peers since announcement of Selangor EMCO.
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