buy sell hold 2021



Lendlease Global Commercial REIT

Recovery intact
■ Maintains high portfolio occupancy of 99.9% as at 3Q.
■ Positive rent reversion, tenant sales at 313@somerset, close to FY20 level.
■ Reiterate Add rating with a slightly lower DDM-based TP of S$1.05.

3QFY6/22 business update LREIT’s 3QFY6/22 portfolio occupancy remained unchanged qoq at 99.9%, with 313@somerset (313) achieving an occupancy rate of 99.4%. Tenant retention ratio at 313 stood at 71.1% for the quarter. Sky Complex remained 100% occupied. As at end-3Q, LREIT had managed to de-risk its lease expiry profile to a remainder of 3% of gross rental income for 4QFY22F and 28% in FY23F.

During the quarter, LREIT saw positive leasing momentum at 313 and continued to adopt a proactive leasing strategy and strengthened the tenancy mix at the mall, including changing the food court operator. In addition, part of the utilised bonus gross floor area at 313 had been leased to new offerings such as PUMA, which is slated to open in Jun 2022. Meanwhile, tenant sales YTD at 313 have recovered to close to FY20 levels.


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Japfa (JAP SP)
1Q22: Results In Line; Weakness From Vietnam And High Feed Costs

Japfa’s 1Q22 core PATMI of US$24.6m (-64% yoy) was in line with our expectations, forming 24% of our full-year forecast. Performance from the Indonesia poultry segment improved qoq as the lockdown eased while Vietnam operations continued to experience weakness from low swine ASPs and high feed costs.

Its China dairy segment continued to deliver a stable performance but recorded lower earnings due to listing expenses of AustAsia amounting to US$7m. Maintain HOLD and SOTP-based target price of S$0.63.


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Lendlease Global Commercial REIT (LREIT SP)
Ingesting The Acquisition Of Jem In 3QFY22

313@Somerset maintained positive rent reversion at mid single-digit and high occupancy of 99.4% in 3QFY22. Sky Complex will enjoy rental escalation of 4.68% starting May 22 based on the 6.24% increase in ISTAT CPI in Apr 22.

LREIT benefits from full contribution and tax transparency from Jem in FY23 as the acquisition of the remaining 68.2% stake was completed in Apr 22. LREIT provides an attractive FY23 distribution yield of 7%. Maintain BUY. Target price: S$1.05.


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Wilmar International
Singapore | Consumer Staples

Rating BUY (as at 5 May 2022)
Last Close SGD 4.41
Fair Value SGD 5.61

Expecting a better 2Q22
• 1Q22 net profit boosted by one-off gains
• Expecting better crushing margins in 2Q22
• Navigating through short-term challenges

Investment thesis
Wilmar’s 1Q22 revenue rose 23.2% year-on-year (YoY) to USD17.6b while net profit was up 17.8% YoY to USD530.3m, driven by strong contributions from the Plantation and Sugar Milling segment, and an exceptional gain of USD175.6m on dilution of interest in Adani Wilmar Limited (AWL). Management mentioned that Wilmar’s contributions from Russian and Ukraine joint ventures (JVs) are not material.

As commodity prices were pushed higher due to Russia-Ukraine tension, this could benefit Wilmar’s Plantation and Sugar Milling segment. However, high commodity prices are also expected to weigh on Food Products segment’s margin due to higher raw material costs. Pertaining to the ban on palm oil export by the Indonesian government from 28 April 2022, management expects the ban to be temporary given ample supply of production vs domestic demand. As such, the impact of the export ban on Wilmar’s tropical oils operations in Indonesia is likely to be limited. We revise our estimates and lower our fair value estimate from SGD5.95 to SGD5.61.


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