buy sell hold 2021




Keppel Corporation
Great change ahead

■ We are pleasantly surprised by the S$0.15 DPS in 1H22 (vs. our expectation of S$0.12-0.13), despite a slower pace of monetisation (S$710m YTD).
■ This is on the back of a strong set of 1H22 results, 13% higher than our expectations, positively surprised by O&M, asset management and FV gains.
■ TP is raised to S$9.37 to reflect asset-light urban development strategy and ex-O&M. Catalysts: stronger-than-expected asset monetisation and dividend.


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CapitaLand Integrated Commercial
Improving outlook

■ 1H22 DPU of 5.22 Scts was deemed in line, at 46.3% of our FY22F forecast.
■ Office and retail segments performed better, driven by acquisitions and organic improvement.
■ Reiterate Add rating with an unchanged TP of S$2.57.


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GKE Corp Ltd
RMC operations remain challenging

■ 2HFY5/22 net profit of S$0.9m (-82% yoy) was below expectations due to weaker-than-expected China operations. Final dividend of 0.2 scts proposed.
■ China operations likely to remain pressured by property market slump and strict pandemic control in FY23F; we expect segment PBT to remain flattish.
■ Singapore operations should remain resilient and well-positioned for earnings growth in FY23F. Reiterate Hold. Our SOP-based TP remains at S$0.10.
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Digital Core REIT (DCREIT SP)
1H22: Sunshine Comes After The Rain

DCREIT’s 1H22 results are in line with expectations with all 10 data centres remaining fully occupied. DCREIT has disclosed acquisition targets in three core markets, namely Frankfurt, Chicago and Dallas. The sizes of the acquisition range from US$150m to US$650m depending on conditions in financial markets. Management will also be activating its unit buyback programme. DCREIT provides a distribution yield of 4.9% for 2023 (KDCREIT: 5.1%, MINT: 5.1%). Maintain BUY. Target price: US$0.98. 


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CapitaLand Integrated Commercial Trust (CICT SP)
1H22: Growing In Scale And Resiliency

Rental reversion for retail turned positive at +0.5% and tenant sales at downtown malls increased 50% yoy in 2Q22, driven by the easing of COVID-19-related restrictions in April. Committed occupancy for offices gradually inched higher by 0.5ppt qoq to 91.9%. The potential acquisition of the Mercatus portfolio would strengthen CICT’s defensive posture but requires an equity fund-raising exercise. CICT provides 2022F distribution
yield of 5.3%. Maintain HOLD. Target price: S$2.34.


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Keppel Corp (KEP SP)
1H22: Solid Contribution From All Businesses Despite Some Headwinds

KEP reported net profit from continuing operations of S$434m, up 26% yoy and better than expectations due to strong contributions from the infrastructure and asset management businesses. We remain cautiously optimistic that its China property business would turn around in the medium term. KEP declared an interim dividend of S$0.15 which was higher than expected. Maintain BUY. Target price: S$10.11. 


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Share Prices

Counter NameLastChange
AEM Holdings3.7300.080
Avi-Tech Electronics0.275-0.015
Best World1.790-0.010
Broadway Ind0.1190.002
China Sunsine0.410-
Food Empire0.6500.030
Fortress Minerals0.345-
Geo Energy Res0.3550.005
Golden Energy0.7750.005
GSS Energy0.047-
ISDN Holdings0.4050.010
IX Biopharma0.127-
Jiutian Chemical0.0760.001
KSH Holdings0.355-
Leader Env0.053-0.007
Medtecs Intl0.147-0.001
Meta Health0.0250.001
Nordic Group0.475-
Oxley Holdings0.1450.001
REX International0.2350.005
Sinostar PEC0.191-
Southern Alliance Mining0.405-
Straco Corp.0.405-
Sunpower Group0.255-
The Trendlines0.0940.001
Totm Technologies0.110-0.004
UG Healthcare0.1990.001
Uni-Asia Group0.8150.015
Wilmar Intl4.0900.030
Yangzijiang Shipbldg1.390-0.020

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