buy sell hold 2021

MAYBANK KIM ENG

UOB KAYHIAN

Genting Singapore (GENS SP)
Earlier recovery but return to pre-COVID-19 levels unlikely


Maintain HOLD call and tweak TP to SGD0.86 (+2%)

With borders reopening earlier than expected, we raise our FY22E/FY23E earnings by 163%/123%. Yet, our FY24E earnings are barely changed (-2%) as we doubt gaming operations will recover to 100% of pre-COVID-19 levels. We tweak our DCF-based TP to SGD0.86 from SGD0.84. Maintain HOLD. We have also introduced an expanded ESG tear sheet for GENS and assigned it an above average overall score of 80, based on its aggregated
quantitative/qualitative/target-based metrics.

 

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Manulife US REIT (MUST SP)
US Office Recovery Underway Amid Challenging Outlook


For 1Q22, MUST’s overall portfolio occupancy dipped slightly to 91.7%. New leases formed 54% of total leases signed while about 68,000sf of leases were executed at +3.9% positive rental reversion. MUST continues to highlight its plans to capture demand from high-growth trade sectors such as tech and healthcare tenants. Maintain BUY with the same target price of US$0.80.

 

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CGS CIMB

MAYBANK KIM ENG

Manulife US REIT
Focus on portfolio resilience


■ MUST saw a dip in portfolio occupancy in 1Q22 but reversions improved qoq to +3.9%.
■ In the near-term, it is focusing on boosting leasing activity in addition to exploring inorganic growth opportunities.
■ Reiterate an Add rating with a lower DDM-based TP of US$0.86.

 

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Manulife US REIT (MUST SP)
Improving Reversion


Slow quarter, stronger rental outlook
MUST reported lower occupancy in 1Q22, and better rental reversion, with management staying with its guidance of a low-to-mid single-digit positive FY22 rental reversion. We see tailwinds from recovering US office fundamentals, but cut our DPUs by 3-4% on lower occupancies. DPU visibility remains high, cushioned by a 5.0-year WALE, low FY22-23E lease
expiries and quality tenancies. We see valuations as undemanding at c.8.9% FY22E yield, with deal upside, as management initiates capital recycling, while deepening its ‘high-growth’ sector AUM. Maintain BUY with a 5% lower DDM-based USD0.90 TP (COE: 7.8%, LTG: 2.0%).

 

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Share Prices

Counter NameLastChange
AEM Holdings4.280-0.030
Avi-Tech Electronics0.320-
Broadway Ind0.186-0.001
China Sunsine0.440-
DISA0.004-
Food Empire0.535-
Fortress Minerals0.420-0.025
Geo Energy Res0.440-
Golden Energy0.750-
GSS Energy0.060-
InnoTek0.540-0.005
ISDN Holdings0.545-0.005
ISOTeam0.1080.003
IX Biopharma0.172-0.002
Jiutian Chemical0.109-
KSH Holdings0.350-
Leader Env0.059-0.001
Medtecs Intl0.189-0.004
Meta Health0.038-0.001
Moya Asia0.055-
Nordic Group0.4050.010
Oxley Holdings0.1770.002
REX International0.2900.010
Riverstone0.7550.005
Sinostar PEC0.230-
Southern Alliance Mining0.620-0.005
Straco Corp.0.400-0.020
Sunpower Group0.4050.005
The Trendlines0.104-
Totm Technologies0.142-0.004
UG Healthcare0.225-
Uni-Asia Group1.060-0.070
Wilmar Intl4.100-
Yangzijiang Shipbldg0.900-0.005

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