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Del Monte Pacific Limited – Turnaround underway


  • US subsidiary Del Monte Foods Inc. (DMFI) turned profitable in FY21. It had been suffering losses since the acquisition in 2014. Loss-making factories were closed, low margin products exited, new products introduced and more distribution channels were established.
  • Del Monte Philippines Inc. (DMPI) enjoys dominant market shares as high as 90% in the Philippines. Growth is expected from a new dairy product line, expanding distribution points and exports of fresh pineapples into China.
  • Initiate coverage with BUY and TP of S$0.60. DMPL is currently trading at 8.2x FY22e, below the industry average of 16x. We apply a 20% discount to industry valuation due to comparatively higher leverage. Stock catalysts expected from turnaround of DMFI and stable growth of DMPI in the Philippines. We peg DMPL to 13x FY22e P/E.


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Suntec REIT

Gaining further traction


■ Suntec REIT’s (SUN) 3Q21 DPU of 2.232 Scts was broadly within expectations, at 26.6% of our FY21F forecast.

■ Office and retail segments delivered better performance in 3Q21.

■ Reiterate Add, with an unchanged DCF-based TP of S$1.79


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CapitaLand Integrated Commercial Trust (CICT SP)

3Q21: Good Things Come To Those Who Wait For The Reopening


CICT’s retail portfolio achieved stable occupancy of 96.4% but its office portfolio suffered transitory vacancies at AST2 and CapitaGreen. Vaccinated employees are allowed to work from their office starting 1 Jan 22, leading to an improved physical occupancy for CICT’s office buildings and bringing relief to its downtown malls. CICT would benefit as the recovery broadens to offices and downtown malls in 2022. 2022 distribution yield is 5.3%. Maintain BUY. Target price: S$2.39.


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CapitaLand Integrated Commercial

A subdued quarter


■ CICT’s 3Q21 gross revenue/NPI were within expectations, at 24.5%/25% of our FY21F forecasts.

■ Asset enhancement plans for Raffles City Singapore are in the works.

■ Reiterate Add, with an unchanged DDM-based TP of S$2.56


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LionelLim8.16Check out our compilation of Target Prices

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