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ComfortDelGro Corporation (CD SP)
Upcoming Competition For Bus Packages
With the removal of COVID-19 restrictions, CD’s taxi segment is poised to benefit from China’s COVID-19 policy shift. However, an extension of the ongoing domestic taxi rental rebates may compress taxi margins in 2023. CD has partnered with Gojek to provide Gojek users access to CD’s taxi fleet. Two of CD’s contracted bus packages have been put up for tender which poses near- to medium-term earnings risks. Downgrade to HOLD with a lower target price of S$1.38 (S$1.59 previously).
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Banking – Malaysia
CASA Reversal To Pressure NIM
The banking sector continues to register a weak set of leading loans growth indicators and declining CASA ratio. This will place pressure on both loans growth and NIM in 2023, ultimately translating into an unexciting 4% earnings growth in 2023 (ex-Cukai Makmur). As such, we are maintaining our MARKET WEIGHT recommendation. Public Bank remains our top sector pick for its defensive qualities.
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Keppel Pacific Oak US REIT (US$0.545, up 1 cent) has achieved DI of US$29.0 million for 2H 2022, bringing DI for FY 2022 to US$60.6 million, 10.6% and 2.9% lower than 2H 2021 and FY 2021 respectively
The improved performance was mainly driven by contributions from the acquisitions of Bridge Crossing and 105 Edgeview, which were completed in August 2021, partially off set by the loss of income from the divestments of Northridge Centre I & II and Powers Ferry in FY 2022
KORE’s market cap stands at US$569 mln and currently trades at 0.7x PB, with a dividend yield of 10.6%. Consensus target price stands at US$0.69, representing 25.5% upside from current share price.
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Keppel DC REIT
Another year of DPU growth
■ FY22 DPU of 10.214 Scts (+3.7% yoy) was in line at 100.6% of our FY22F.
■ It saw positive reversions and rental escalations on leases signed in FY22.
■ Reiterate Add. FY23F-24F DPU lowered on higher borrowing costs, but TP raised to S$2.39 on lower COE/beta assumptions.
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Mapletree Pan Asia Commercial Trust
Uneven recovery
■ 9MFY3/23 DPU of 7.36 Scts (+8.1% yoy) was in line at 73.7% of our FY23F.
■ Outlook for Singapore, Japan and South Korea assets remains bright.
■ Waiting for the impact of China reopening to flow through. Reiterate Add.
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CapitaLand Integrated Commercial
Stronger reversions
■ 2H/FY22 DPU of 5.36/10.58 Scts is in line, at 49.9%/98.5% of our FY22F forecast.
■ Improving rental reversions on the back of better operating metrics.
■ Maintain Add with an unchanged TP of S$2.35.
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