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Mapletree Logistics Trust (MLT SP)

Resilient Space


Delivering ahead again; upping DPUs, TP MLT delivered a strong 1Q22, ahead of both ours and consensus’ estimates, as DPU increased 5.7% YoY (or +10.7% YoY, excluding the impact of divestment gains), driven by higher rental income and contribution from SGD1.6b in acquisitions completed in FY21. We expect occupancies to stay resilient on the back of steady demand growth, and raised DPUs by 4% on stronger rental assumptions. Tightening cap rates amid strong liquidity could ease deal momentum in FY22, even as MLT eyes DPU upside from rejuvenation opportunities in Singapore. Our DDM-based TP (COE: 5.7%, LTG: 2.0%) rises to SGD2.35 (from SGD2.25). BUY.


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Singapore Press Holdings (SPH SP)

Recovery In Sight For UK Assets


SPH’s media restructuring EGM is slated for Aug-Sep 21. The media segment continues to see ad revenue dip while facing challenges on the cost front. Looking beyond, the group’s student accommodation assets are seeing better prospects with the expected return of international students. In developing its asset management capabilities, we opine that a potential spin-off of the student accommodation assets could unlock value. Maintain BUY with a higher SOTP-based target price of S$2.00.


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Singapore REITs

How to position as Phase 2 returns


• Reversing back to Phase 2 (Heightened Alert) douses optimism in the re-opening trade

• Sputtering recovery in retail S-REITs; re-enter at lower levels

• Safe harbours in Industrial and Healthcare for certainty of income growth

• Office REITs offer good value Back to a painful “square one”; re-enter at lower levels


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Malayan Banking (MAY MK)

Committing To A More Sustainable Future


Maybank hosted a sustainability briefing where it stated that it has earmarked longterm sustainability as one of its key priorities. This has been embedded in its recent 5-year strategic growth plan. We are positive on the group’s commitment but noted that near-term direct impact on earnings is not expected to be material. Maintain HOLD and target price of RM8.70 (1.07x 2021F P/B).


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