buy sell hold 2021


Singapore Exchange (SGX SP)

Assessing The Impact Of HKEX’s MSCI China A50 Connect Index Futures


SGX saw lower trading velocity in Oct 21 although securities trading volumes remained above pre-pandemic levels. Derivatives daily average volumes softened slightly due to the week-long holiday in China in Oct 21. HKEX has launched its MSCI China A50 Connect Index Futures, providing direct competition to SGX’s FTSE China A50 Index Futures. Maintain HOLD with a lower target price of S$9.41 (S$11.65).


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Mapletree North Asia Commercial Trust

Reaching an agreement on insurance settlement


■ Total insurance settlement amount for Festival Walk agreed at HK$334.3m.

■ Excess S$3.5m insurance settlement amount from business interruption to be paid to unitholders.

■ Reiterate Add rating with a slightly higher DDM-based TP of S$1.13. Reaching insurance settlement agreement for Festival Walk MAGIC announced that it has entered into a settlement agreement with the insurers on the claims for property damage and revenue loss due to business interruption at Festival Walk. The total settlement amount agreed in the sum of HK$334.3m (S$58.3m) comprises HK$84.3m (S$14.7m) for property damage and HK$250m (S$43.6m) for revenue loss due to business interruption. To recap, Festival Walk suffered extensive damage from incidents in Hong Kong SAR that started on 12 Nov 2019. As a result, the retail mall area at Festival Walk was closed from 13 Nov 2019 to 15 Jan 2020 while the office tower was closed from 13 Nov to 25 Nov 2019. During these periods, rental was not collected from the retail and office tenants, respectively. To date, an interim payment of HK$263m has been received from the insurers.


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AEM Holdings Ltd

Poised to re-rate higher


Investment Thesis: Poised to re-rate higher on strong industry momentum. AEM’s share price has a strong positive correlation with the US semiconductor equipment billings, which is one of the indicators of the industry’s strength. Despite 25 consecutive monthly (y-o-y) increases, preliminary estimates for October indicate a 41.3% y-o-y rise. We believe AEM is in a strategic position to benefit from its key customer and industry uptrend, and could re-rate higher.


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An early Christmas present !

Mapletree North Asia Commercial Trust (“MNACT”) : An early Christmas present !


  • Settlement of insurance proceeds an end a testing period for Festival Walk
  • Excess proceeds of S$3.6m to be paid to unitholders a boost to distributions. 
  • Attractive valuations at 0.8x P/NAV and forward yields in excess of 7.0%
  • Catalysts include: (i) continued improvement in operations, (ii) Indexation into major property index in FY23. 
  • BUY, TP S$1.30. 


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