ANALYSTS SAY: Buy, Sell, Hold (7 Feb)

buy sell hold 2021

PHILLIP SECURITIES	CGS CIMB
Lendlease Global Commercial REIT – Room for organic and inorganic growth 1H22 DPU of 2.40 Scts (+2.6% YoY) was in line, forming 48.4% of our FY22 forecast. DPU was lifted by the acquisition of an additional 28.1% stake in JEM over Aug-Sep21. 313@Somerset occupancy at an all-time high of 99.7%, 17% of GRI de-risked with weighted average reversions in high single-digits. Gradual deployment of c.11k sq ft from higher plot ratio could lift NPI by 2-3%. Maintain ACCUMULATE, DDM target price lowered from S$0.97 to S$0.94. FY22e-26e DPUs have been lowered by 1.4-1.9% on the anticipated rising cost of borrowing. Our DDM-based TP dips from S$0.97 to S$0.94 on lower DPU estimates and higher cost of equity of 7.72% assumption (previous 7.66%). Impending acquisition of remaining stake in JEM and deployment of additional GFA at 313@Somerset are catalysts for LREIT. Read More ...	Singapore Exchange Steadying the ship ■ 1HFY6/22 core net profit of S$222m was in line with our/consensus estimates. Key drag was subdued treasury income and weaker cash equities. ■ SGX’s A50 volumes have sustained through the introduction of HKEX’s competing product – a key positive. SB and BidFX contributions are growing. ■ Reiterate Add. Sustained market volatility should support hedging activity and stronger derivatives volumes. Fed hikes are key to treasury income recovery. Read More ...
UOB KAYHIAN	CGS CIMB
Banking – Singapore 4Q21 Results Preview: Seasonal Lull With Stable Asset Quality 4Q is typically a seasonal lull. Banks are on track to achieve high single-digit loan growth with stable NIM. Non-interest income is seasonally softer. We expect pristine asset quality supported by the easing of COVID-19 restrictions. We forecast DBS and OCBC to achieve net profit of S$1,490m (+47% yoy and -12% qoq) and S$1,122m (flat yoy and -9% qoq) for 4Q21. BUY DBS (Target: S$40.28) and OCBC (Target: S$16.12) as banks are prime beneficiaries of rate hikes. Maintain OVERWEIGHT. Read More ...	Lendlease Global Commercial REIT Improving outlook ■ 1HFY6/22 DPU of 2.40 Scts (+2.6% yoy) was in line with our expectations. ■ Rental reversion continues to be encouraging at a high positive single digit. ■ Improving Covid-19 situation bodes well for 313’s performance. Maintain Add. Read More ...

Counter Name	Last	Change
AEM Holdings	1.880	-0.030
Best World	2.480	-0.010
Boustead Singapore	0.955	0.005
Broadway Ind	0.134	0.002
China Aviation Oil (S)	0.875	0.005
China Sunsine	0.395	-
ComfortDelGro	1.410	-0.030
Delfi Limited	0.880	0.005
Food Empire	1.130	0.010
Fortress Minerals	0.310	0.025
Geo Energy Res	0.295	-0.005
Hong Leong Finance	2.430	0.010
Hongkong Land (USD)	3.400	-0.050
InnoTek	0.500	-0.010
ISDN Holdings	0.305	-
ISOTeam	0.048	-0.003
IX Biopharma	0.043	0.005
KSH Holdings	0.250	-
Leader Env	0.049	-
Ley Choon	0.052	-0.001
Marco Polo Marine	0.071	-
Mermaid Maritime	0.152	-0.004
Nordic Group	0.310	0.005
Oxley Holdings	0.087	-0.001
REX International	0.126	-0.002
Riverstone	0.930	0.045
Southern Alliance Mining	0.480	-
Straco Corp.	0.490	-
Sunpower Group	0.235	0.020
The Trendlines	0.064	0.002
Totm Technologies	0.020	-0.001
Uni-Asia Group	0.830	0.005
Wilmar Intl	3.180	-0.020
Yangzijiang Shipbldg	1.770	0.010

Counter Name

Last

Change

AEM Holdings

1.880

-0.030

Best World

2.480

-0.010

Boustead Singapore

0.955

0.005