Mapletree Logistics Trust
Still active on inorganic growth
■ 3Q/9MFY3/22 DPU is line, at 25.3%/75.5% of our FY22F forecast.
■ Income growth from positive reversions and accretive acquisitions.
■ Upgrade to Add from Hold, with a DDM-based TP of S$2.10.
3QFY3/22 results highlights
MLT reported a 5.8% yoy rise in 3QFY3/22 DPU of 2.185 Scts, thanks to a 19.3% yoy
improvement in gross revenue w ith higher contributions from existing properties, low er
tenant rebates and acquisitions in South Korea, Australia and Japan; partly offset by higher
property expenses and increased borrow ing costs. There w ere also low er divestment gains
of S$1.8m in 3QFY22 vs. S$4.7m in 3QFY21. For 9M, DPU of 6.52 Scts, +5.7% yoy made
up 75.5% of our FY22F projections. |
Singapore Strategy
Jan wrap-up: Singapore in 5
■ FSSTI closed Jan at 3,249.59 pts, up 125.91 pts mom (+4.03%), in contrast
to declines in major markets.
■ Economic data continue to beat; inflation a growing concern.
■ We keep our end-2022F FSSTI target at 3,506 pts (-0.5 s.d. from historical
mean).
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Vicplas International Ltd
Medical business to spearhead growth
■ Vicplas has announced its leadership renewal plan, with Mr Walter Tarca, President of its medical business, assuming the role of CEO on 1 Aug 2022.
■ We think the medical segment will drive growth for the company over FY22-24F while the pipes segment continues its gradual recovery.
■ Reiterate Add and TP of S$0.28. A re-rating catalyst is better-than-expected
1HFY7/22F results in Mar 2022.
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Ascott Residence Trust (ART SP)
2H21: Benefitting From Pent-up Demand For Travel
Portfolio RevPAU rebounded 24% qoq to S$87 in 4Q21, powered by countries with huge domestic markets, such as the US, the UK and Australia. France and Japan also registered healthy growth in 2H21. ART plans to raise the asset allocation target in
longer-stay assets, such as student accommodation and rental housing, by 10ppt to 25-30% of portfolio value in the medium term. ART’s distribution yield is expected to improve from 5.3% for 2022 to 5.9% for 2023. Maintain BUY. Target price: S$1.29.
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