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.
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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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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.
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