buy sell hold 2021

 

CGS CIMB

CGS CIMB

CapitaLand Ascendas REIT
Robust operations


■ Portfolio occupancy ticked up 0.5% pt to 94.5% at end-3Q22.
■ Positive rental reversion of 5.4% came mainly from the logistics space segment in Singapore and the US.
■ Reiterate Add rating, with a lower TP of S$2.98.

 

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Mapletree Pan Asia Commercial Trust
Recovering well


■ 1HFY3/23 DPU of 4.94 Scts was in line at 49.5% of our FY23F forecast.
■ Positive rental reversions were offset partly by a downtick in occupancy.
■ Maintain Add rating with a lower TP of S$1.98.

 

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CGS CIMB

CGS CIMB

Starhill Global REIT
Waiting for committed leases to kick in


■ 1QFY6/23 NPI of S$37.2m (+8.4% yoy) was in line at 24.9% of our FY23F.
■ Tenant sales grew 37.1% yoy, reaching 84% of 1QFY20 levels. Committed occupancy at Singapore retail/office assets at/above pre-Covid-19 levels.
■ Reiterate Add with lower DDM-based TP of S$0.58. SGREIT is trading at an attractive 7.8% FY23F DPU yield, +1.68 s.d. from 10-year historical average.

 

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CapitaLand Ascott Trust
More recovery and portfolio reconstitution


■ No financials provided in this operational update. 3Q22 gross profit at c.90% of 3Q19 levels. RevPAU for 5 out of 8 key geographies near 3Q19 levels.
■ Retain Add on CLAS’s diversified portfolio & resilient stable income source. 

 

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CGS CIMB CGS CIMB

 

Raffles Medical Group
In the pink of health


■ RFMD continues to deliver exceptional earnings, with 9M22 PATMI of S$98.2m surpassing our previous FY22F PATMI of S$95.8m.
■ Larger scale of operations including managing Connect@Changi, JTVCs and higher patient loads likely contributed to higher operating leverage.
■ Reiterate Add with unchanged TP of S$1.60; FY22F EPS increased by 22% but keep FY23-24F unchanged on normalising intensity of healthcare activity. 

 

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Wilmar International
On track for another record-breaking year


■ Wilmar is likely to post decent 4Q22F results, albeit unlikely to outpace 3Q’s.
■ YKA is likely to perform better qoq in 4Q22F due to better crush margin.
■ We believe the stock is undervalued and offers strong FY22F div yield of 6%. 

 

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