buy sell hold 2021


Keppel REIT

Strategic expansion into North Sydney


■ KREIT is acquiring an office property under development for S$322.2m.

■ The acquisition will boost KREIT’s portfolio optimisation strategy.

■ Reiterate Add, with an unchanged DDM-based TP of S$1.29.

Acquiring an office property under development in North Sydney Keppel REIT (KREIT) announced that it has entered into an agreement to acquire 100% of interest in Blue & William, a Grade A office building currently under development in North Sydney. KREIT had acquired the land parcel for A$150m and has entered into a development agreement with Lend Lease Development Pty Ltd to develop the land into a Grade A office building. The total development consideration amounts to A$327.7m (S$322.2m). The new property, with an approximate net lettable area of 14k sq m, is located at the prime intersection of 2-4 Blue Street and 1-5 William Street, 160m from the North Sydney Train Station and close to the upcoming Victoria Cross Metro Station.


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Manulife US REIT

Expanding growth


■ MUST to purchase 3 properties in Pheonix and Portland for US$201.6m

■ Acquisition boosts exposure to growth sectors, deal is DPU accretive.

■ Reiterate Add with a DDM-based TP of US$0.918.


Proposed purchase of 3 office park assets in Pheonix and Portland MUST announced the proposed acquisition of a portfolio of three properties (Trio portfolio) in Pheonix and Portland, the US, for a total purchase price of US$201.6m or at a 2.3% discount to independent valuation. The properties at Diablo Technology Park (Diablo) and Park Place in Pheonix as well as Tanasbourne Commerce Center (Tanasbourne) in Portland have a total net lettable area (NLA) of 761,985 sq ft and is 93.4% occupied with a weighted average lease expiry (WALE) of 5.9 years. 100% of the leases in Trio have inbuilt rental escalations averaging 2.5% p.a. 47.5% of Trio tenants, by gross rental income, are in the tech/healthcare sectors. The top 10 tenants of Trio credit-rated/listed companies include Voya Services Co., Smart Embedding Computing, Conduent Commercial Solutions, Toyota Motor Credit Corp and Computershare Loan Services.


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Yield-Accretive Acquisition In North Sydney


KREIT has entered into an agreement to acquire Blue & William, a freehold Grade A office building under development in North Sydney for A$327.7m. The property provides coupon of 4.5% on cumulative progress payments during the development phase and NPI yield of 4.5% after practical completion. The acquisition will boost pro forma 2020 DPU by 3% and is fully funded by A$-denominated loans. Risk of merger with SPH REIT was averted. Maintain BUY. Target price: S$1.52.


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Singapore Strategy

Nov wrap-up: Singapore in 5


■ FSSTI closed Nov at 3,041.29 pts. Covid-19 variant Omicron is a late-month shock; the impact and trajectory are still uncertain.

■ GDP recovers, inflation inching up.

■ Keeping our end-2022F FSSTI target at 3,752pts, based on 14x P/E, historical mean supported by 12% EPS growth.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings4.570-0.170
Avi-Tech Electronics0.000-
China Sunsine0.465-
Food Empire0.680-0.020
Fortress Minerals0.405-0.015
Geo Energy Res0.365-0.005
Golden Energy0.295-0.005
GSS Energy0.063-0.002
ISDN Holdings0.645-0.020
IX Biopharma0.193-
Jiutian Chemical0.084-0.001
KSH Holdings0.340-0.005
Leader Env0.065-
Medtecs Intl0.295-0.005
Moya Asia0.063-
Nordic Group0.390-0.010
Oxley Holdings0.184-0.002
REX International0.3300.010
Sinostar PEC0.290-0.005
Southern Alliance Mining0.665-0.015
Sri Trang Agro1.160-
Straco Corp.0.4150.005
Sunpower Group0.435-0.015
The Trendlines0.1060.001
Totm Technologies0.177-0.003
UG Healthcare0.265-0.005
Uni-Asia Group0.970-0.015
Wilmar Intl4.220-0.050
Yangzijiang Shipbldg1.3000.010

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