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. |
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: S$1.74.
Read More ...
|
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.
Read More ...
|
AIMS APAC REIT (AAREIT SP) 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.
Read More ...
|