buy sell hold 2021

UOB KAYHIAN CGS CIMB
Keppel REIT (KREIT SP)
2H21: Sustaining Positive Rental Reversion

KREIT’s property income and NPI grew 16.9% and 17.5% yoy respectively in 2H21 due to the acquisition of Pinnacle Office Park in Sydney (completed on 31 Dec 20) and Keppel Bay Tower in Singapore (completed on 18 May 21). Physical occupancy has improved as more employees are working from offices. Management plans to backfill transitional vacancy at OFC and MBFC and targets positive low-to-mid single-digit rental reversion in 2022. Maintain BUY with a target price of S$1.52.
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Vicplas International Ltd
Tapping into medical contract manufacturing


■ We initiate coverage of Vicplas with an Add rating and a P/E-derived TP of
S$0.28.
■ We see EPS CAGR of 10.8% over FY7/22-24F for Vicplas, driven by growth
in its medical business.
■ Re-rating catalysts are stronger-than-expected earnings due to new
customer/product wins. Downside risks: disruptions from Covid-19.

 

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CGS CIMB

CGS CIMB

Keppel REIT
Rent reversion remains positive in 2H


■ 2H/FY21 DPU of 2.88/5.82 Scts is slightly ahead of our expectations at
52.5%/106.1% of our FY21F forecast.
■ Rent reversions remained positive although moderated in 2H21.
■ Reiterate Add rating with an unchanged DDM-based TP of S$1.29.

 

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REIT
More divestment activities


■ FLCT divests Cross Street Exchange for S$810.8m while CICT announced
the sale of JCube for S$340m.
■ Transactions are done above book value and are likely to boost BV/unit.
FLCT’s gearing could improve to 29.3%.
■ Reiterate sector Overweight. Our sector top pick is KDC REIT.

 

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Share Prices

Counter NameLastChange
AEM Holdings4.280-0.030
Avi-Tech Electronics0.320-
Broadway Ind0.186-0.001
China Sunsine0.440-
DISA0.003-0.001
Food Empire0.535-
Fortress Minerals0.420-0.025
Geo Energy Res0.440-
Golden Energy0.750-
GSS Energy0.060-
InnoTek0.540-0.005
ISDN Holdings0.545-0.005
ISOTeam0.1080.003
IX Biopharma0.172-0.002
Jiutian Chemical0.109-
KSH Holdings0.350-
Leader Env0.059-0.001
Medtecs Intl0.189-0.004
Meta Health0.038-0.001
Moya Asia0.055-
Nordic Group0.4050.010
Oxley Holdings0.1770.002
REX International0.2900.010
Riverstone0.7550.005
Sinostar PEC0.230-
Southern Alliance Mining0.620-0.005
Straco Corp.0.400-0.020
Sunpower Group0.4050.005
The Trendlines0.104-
Totm Technologies0.142-0.004
UG Healthcare0.225-
Uni-Asia Group1.060-0.070
Wilmar Intl4.100-
Yangzijiang Shipbldg0.900-0.005

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