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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