buy sell hold 2021


Frasers Centrepoint Trust (FCT SP)

2HFY21: Deleveraged And Ready To Pounce


FCT’s retail occupancy improved 0.9ppt qoq to 97.3% in 4QFY21 while rental reversions were mildly negative at 0.6% in FY21. Tenant sales recovered to 98% of pre-COVID-19 levels in September. FCT divested of Bedok Point, Anchorpoint and YewTee Point to refocus on dominant suburban malls. It is well positioned to pursue acquisitions after lowering aggregate leverage to 33.3% as of end-Sep 21. Maintain BUY for its defensive distribution yield of 5.6% for FY22. Target price: S$2.98.


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Mapletree Industrial Trust (MINT SP)

2QFY22: Build Scale And Enhance Geographical Diversification In Data Centres


2QFY22 DPU grew 11.9% yoy due to acquisition of the remaining 60% stake in the first data centre JV, 8011 Villa Park Drive in Richmond, Virginia, and the latest acquisition of 29 US data centres. MINT aims to allocate two-thirds of AUM to data centres. Acquisition of the remaining 50% stake in the second data centre JV could materialise in 2HFY22. It plans to diversify geographically to Europe and the Asia Pacific region. MINT provides FY22F distribution yield of 5.2%. Maintain BUY. Target price: S$3.72.


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Attractive dividend yield


■ EREIT’s 9M21 DPU of 2.266 Scts (+15.6% yoy) was in line (77% of FY21F).

■ Occupancy rate remained stable at 91.2%; YTD rental reversion was -2.2% due to renewals of large tenants in business parks.

■ Reiterate Add for its attractive yield and stable income.


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Alliance Healthcare Group Ltd – Innovative healthcare provider


  • Revenue grew at CAGR of 11.1% from FY18 to FY21. The new business segment, mobile and digital healthcare services, contributed a full year’s revenue in FY21.
  • Number of companies covered under Managed Healthcare Solutions grew at CAGR of 22.3% from 2016 to 2020.
  • Alliance Healthcare has been maintaining its dividend payout ratio of 30% since listing in 2019


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LionelLim8.16Check out our compilation of Target Prices

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AEM Holdings1.8600.020
Best World2.4900.010
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Broadway Ind0.1530.008
China Aviation Oil (S)0.865-
China Sunsine0.4050.015
Delfi Limited0.8800.005
Food Empire1.110-0.010
Fortress Minerals0.295-0.015
Geo Energy Res0.3050.005
Hong Leong Finance2.4400.020
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IX Biopharma0.0400.001
KSH Holdings0.245-
Leader Env0.049-
Ley Choon0.0560.001
Marco Polo Marine0.068-
Mermaid Maritime0.1400.005
Nordic Group0.305-
Oxley Holdings0.087-0.003
REX International0.1270.003
Southern Alliance Mining0.4850.005
Straco Corp.0.480-0.010
Sunpower Group0.220-0.010
The Trendlines0.063-
Totm Technologies0.0200.001
Uni-Asia Group0.810-
Wilmar Intl3.120-0.040
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