buy sell hold 2021

Keppel Corp (KEP SP)
2021: Strong Results With A Nice Dividend Surprise

KEP reported a very strong set of numbers for 2021 with all business segments registering improved performances yoy. With net debt down to a manageable 0.68x as at end-21, the outlook appears very favourable given our expectation for better economic conditions ahead, and continued progress in KEP’s asset monetisation programme.
Maintain BUY. Target price: S$6.94.
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Suntec REIT (SUN SP)
2H21: Recovery In Singapore Augmented By Acquisitions In London

SUN achieved a recovery at Suntec City Mall and newly with newly-acquired Minster
Building and Nova Properties in London contributing significantly. 2H21 DPU growth
would be higher at 20.3% yoy if we adjust for income of S$10.3m released in 2H20. The
outlook for the office markets in Singapore and London has brightened. 2022
distribution yield of 5.9% and P/NAV of 0.73x is attractive. Maintain BUY. Target price:


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Genting Singapore (GENS SP)
Reassuring vibes from MarinaBay Sands 4Q21 results

Maintain HOLD call and SGD0.83 DCF-based TP
Las Vegas Sands (LVS US, CP: USD44.12, Not Rated) reported 4Q21 results with Marina Bay Sands (MBS) generating better results QoQ despite elevated numbers of new COVID-19 cases. While MBS’ results are not as
good as those reported in 1Q21, 2Q21 and pre-COVID-19 times, we still welcome them as a good portent that GENS’ earnings troughed in 3Q21
(core net profit: SGD26m) and ought to recover a tad in 4Q21. We maintain
our earnings estimate, HOLD call and SGD0.83 TP on GENS.


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Growth and resiliency

Improving portfolio metrics
AAREIT delivered a strong 3Q22 with DPU at +14.6% YoY/-6.0% QoQ, underpinned by higher portfolio occupancy. Fundamentals are improving
on the back of demand recovery, which suggests a stronger rental reversion outlook for FY23E. AAREIT’s income visibility has been strengthened by the
Woolworths acquisition, with a longer WALE at 4.85 years (from 3.98 years) and weighted average land lease expiry at c.57 years (from c.45 years).
Our forecasts and DDM-based TP are unchanged at SGD1.65 (COE: 7.4%, LTG: 1.5%), and see valuations as undemanding at 7.0% FY23E DPU yield,
and 0.7x P/B. 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-
Food Empire0.535-
Fortress Minerals0.420-0.025
Geo Energy Res0.440-
Golden Energy0.750-
GSS Energy0.060-
ISDN Holdings0.545-0.005
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
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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