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Frasers Centrepoint Trust (FCT SP)
3QFY21: Normalisation Of Domestic Consumption In Progress
Retail occupancy improved 0.3ppt qoq to 96.4% while rental reversions were flat in 3QFY21. Tenant sales were 88% of pre-COVID-19 levels despite Phase 2 (Heightened Alert), attesting to the resiliency of FCT’s suburban malls. FCT divested Bedok Point, Anchorpoint and YewTee Point to refocus on dominant suburban malls. Having reduced aggregate leverage to 33.9%, FCT is well positioned to pursue acquisitions. Maintain BUY for defensive distribution yield of 5.5% for FY22F. Target price: S$3.06.
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iFAST Corporation (IFAST SP)

2Q21: Robust Recurring Revenue Growth As AUA Pushes Records


The faster-than-expected AUA growth for iFAST continues to hit record levels, helping the fintech firm achieve greater operating scale. Overall AUA has grown to S$17.54b, driven mainly by the Singapore market and new subscription into unit trusts. Net inflows of client assets will continue to support AUA growth in 2H21. We remain positive on iFAST amid the strong momentum going forward. Maintain BUY with a higher target price of S$11.50.


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Mapletree Commercial Trust (MCT SP)

1QFY22: COVID-19-Hardened, Weathering A Temporary Bump



VivoCity maintained high committed occupancy of 99.4% in 1QFY22. MCT swiftly rolled out rental rebates of about 0.6 months of fixed rents to eligible retail tenants due to Phase 2 (Heightened Alert). Occupancy at MBC dipped temporarily by 1.1ppt qoq to 93.1% but new tenants secured are expected to improve occupancy by 3.5ppt to 96.6%. MCT’s properties are strategically located to benefit from Sentosa-Brani Master Plan and GSW. Maintain BUY. Target price: S$2.48.


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HRnetGroup Ltd (HRNET SP)

You're Hired


Leading Asia-based recruitment firm; initiate BUY HRnetGroup (HRnet) is one of the largest Asia Pacific-based recruitment companies outside Japan operating in 13 Asian cities and serving more than 3,000 clients across 23 industry segments. We are initiating coverage on HRnet with a BUY and TP of SGD0.99, pegged at 18x FY22E P/E. This implies a slight premium to global peers’ average, which is justifiable given its more superior ROE and a strong net cash position of SGD332m (or 42% of its market capitalisation). At current level, the stock is still trading at an undemanding valuation of 9x (ex-cash) FY21E P/E.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.180-0.070
Avi-Tech Electronics0.395-
BH Global0.260-
China Sunsine0.490-0.010
Food Empire0.760-0.010
Fortress Minerals0.365-0.025
Golden Energy0.290-0.015
GSS Energy0.073-0.004
ISDN Holdings0.645-0.030
IX Biopharma0.225-
KSH Holdings0.350-
Leader Env0.079-
Medtecs Intl0.370-0.055
Moya Asia0.065-0.001
Nordic Group0.355-
Oxley Holdings0.200-0.010
REX International0.189-0.010
Southern Alliance Mining0.960-0.030
Sri Trang Agro1.340-0.050
Straco Corp.0.4750.005
Sunpower Group0.625-0.010
The Trendlines0.100-0.002
UG Healthcare0.345-0.060
Uni-Asia Group1.050-0.050
Wilmar Intl4.080-0.030
Yangzijiang Shipbldg1.440-0.040
Yinda Infocomm0.215-0.005

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