buy sell hold 2021

UOB KAYHIAN MAYBANK KIM ENG
Mapletree Industrial Trust (MINT SP)
3QFY22: Exploring Acquisitions And Development Projects Overseas

3QFY22 DPU grew 6.4% yoy due to the acquisition of 29 US data centres and 8011 Villa Park Drive in Richmond, Virginia. MINT plans to diversify geographically to Europe and the Asia Pacific region. It will explore the acquisition and development of data centres, hi-tech buildings and R&D facilities in overseas markets. It has resumed the DRP for 3QFY22 distribution. MINT provides FY22F attractive distribution yield of 5.2%
(KDCREIT: 4.2%). Maintain BUY. Target price: S$3.72.
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Frasers Centrepoint Trust (FCT SP)
A strong start


Resilient suburban mall metrics, Buy
FCT’s portfolio occupancy was stable at 97.2% in 1Q22 (versus 97.3% in 4Q21), while rental reversion, which improved from FY21, looks set to strengthen further as tenant sales gain traction into the coming quarters.
Strong leasing momentum has helped to de-risk near-term expiries while tenant remixing efforts against high mall occupancies, should support
rental upside. We continue to see suburban malls leading the retail sector recovery in Singapore’s long reopening phase, with stable operating metrics for FCT’s more sizeable suburban malls portfolio underpinning its DPU visibility. Our forecasts and DDM-based TP of SGD2.90 (COE: 6.2%,
LTG: 2.0%) are unchanged. BUY. 

 

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MAYBANK KIM ENG

MAYBANK KIM ENG

Suntec REIT (SUN SP)
Easing reversions


FY21 in line: Prefer CICT
SUN’s 2H21 DPU rose 9.8% YoY/8.6% HoH, helped by contributions from its
new UK properties and higher income from Suntec City mall. While occupancies were stronger for its Singapore office properties, rental reversions are set to moderate. SUN’s overseas diversification has helped
improved its DPU visibility, but gearing remains high versus peers and history, and is likely to cap accretion from further deals. The results were in line with our estimates and the street; we fine-tuned assumptions, and rolled forward valuation to FY22E, to our new DDM-based TP of SGD1.45 (COE: 7.8%, LTG: 1.5%). Stay at HOLD. We prefer CICT (CICT SP, SGD2.00, BUY, TP SGD2.55) given catalysts from DPU recovery in 2021, and
redevelopment upside.

 

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Mapletree Commercial Trust (MCT SP)
Seasonal strength


Stronger 3Q22
MCT’s revenue/ NPI jumped 8.9% QoQ/ 9.1% QoQ in 3Q22, from a stronger performance at VivoCity, with its recovery expected to gain traction in
coming quarters. Occupancies were lower across its assets but are expected to improve on the back of stronger leasing momentum in FY23.
The results were operationally in line with our estimates and the street, and we maintain our forecasts and SGD2.35 DDM-based TP (COE: 5.9%, 2.0%). Valuations have pulled back following the announcement of its proposed merger with MNACT on 31 Dec 2021 due to investor concerns on its diluted pure-play AUM. Beyond the strong financial accretion, we continue to see clear strategic merits of the deal. BUY. 

 

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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-
DISA0.004-
Food Empire0.535-
Fortress Minerals0.425-0.020
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 Holdings0.345-0.005
Leader Env0.060-
Medtecs Intl0.188-0.005
Meta Health0.038-0.001
Moya Asia0.055-
Nordic Group0.4000.005
Oxley Holdings0.1770.002
REX International0.2900.010
Riverstone0.735-0.015
Sinostar PEC0.230-
Southern Alliance Mining0.620-0.005
Straco Corp.0.400-0.020
Sunpower Group0.400-
The Trendlines0.104-
Totm Technologies0.142-0.004
UG Healthcare0.225-
Uni-Asia Group1.080-0.050
Wilmar Intl4.1100.010
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