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PHILLIP SECURITIES KGI FRASER
Koda Ltd
Furniture boom in the US
SINGAPORE | CONSUMER | INITIATION
 FY21e PATMI expected to almost double with a boom in furniture demand as more work, study, entertain and spend time at home. Supported by increased exports to US. Year to May 2021, US furniture imports rose 44% YoY to US$24.9bn.
 Production capacity in Vietnam to expand following acquisition of land and factory building in March 2021. Vietnam is the world’s largest furniture exporter, exporting US$7.3bn of furniture to the US in 2020, up 31% YoY.
 Initiate coverage with BUY and TP of S$1.32, valued at 7.0x FY21e ex-cash PE. Stripping out net cash of US$13.7mn, Koda trades at ex-cash PEs of 3.3x/2.2x FY21e/22e PE. Catalysts expected from higher exports to US and increase in production capacity.
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Don Agro International Ltd

Your source of bread and butter

 

 Don Agro International (Don Agro) is one of the largest agricultural companies in Russia's Rostov region. It has a stable track record of profitability over the last five years, with net income reaching a record in 2020.

 We expect Don Agro to outperform again this year on the back of strong commodity prices for wheat and corn that are at their highest since 2014.

 We initiate with an Outperform recommendation and a DCF-backed target price of S$0.64.

 

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MAYBANK KIM ENG

UOB KAYHIAN

Suntec REIT (SUN SP)

More Work Than Play

 

Better fundamentals, mixed outlook SUN’s 1H21 DPU rose 16.2% YoY, led by the better performance of its office portfolio, which saw maiden contributions from 477 Collins (in Australia) and Nova properties (in the UK). But tightened capacities in Singapore has slowed Suntec mall’s recovery, while negative rental reversions look set to persist into 2H21. SUN’s fundamentals have improved due to its UK diversification efforts, but gearing at 43.1% remains high against peers and history. We maintain our forecasts and DDM-based TP of SGD1.25 (COE: 8.2%, LTG: 1.0%). Stay at HOLD. We prefer CICT (CICT SP, BUY, TP SGD2.55), with catalysts from DPU recovery in 2021, and redevelopment upside.

 

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ARA LOGOS Logistics Trust (ALLT SP)

1H21: Continued Transformation By Tapping On Sponsor Pipeline

 

ALLT’s 1H21 results demonstrated resiliency with positive rental reversion of 2.4% and healthy occupancy of 98.2%. It successfully completed its maiden acquisition from LOGOS on 16 Apr 21. ALLT has access to a sizeable sponsor pipeline of more than US$16b, of which more than half is located in Singapore, Australia and China. It is a potential candidate for inclusion in FTSE EPRA Nareit Developed Asia Index. Distribution yield is attractive at 6.1% for FY22. Maintain BUY. Target price: S$1.02.

 

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LionelLim8.16Check out our compilation of Target Prices




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