buy sell hold 2021



Keppel Corporation Ltd
Asset monetisation drives its valuation


 1Q23 revenue only rose marginally by 3% YoY, excluding the divested offshore and marine division. Urban development led the growth, driven by higher home sales in China and India. Net profit was only slightly higher.


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Lendlease Global Commercial REIT
Organic and inorganic growth opportunities

Singapore| REIT | Re-initiation

 Organic growth of an additional 10,200 sft NLA, retail footfall to benefit from upcoming tenant Live Nation, c.3% annual rental escalation from 313@somerset and c.5.7% rental escalation tied to CPI growth from Milan commercial property.


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Keppel DC REIT
Resilient demand amid tight supply


 1Q23 DPU rose 3% YoY to 2.541 Singapore cents, due to the acquisitions of Guangdong Data Centre 2 and 3; completed asset enhancement initiatives (AEI); renewals and income escalations; and tax savings from the approval of the NetCo Bonds being qualified as Qualifying Project Debt Securities (QPDS).


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Sin Heng Heavy Machinery (SHHM SP)
Well-positioned To Benefit From Recovery Of Construction Sector

As a leading provider of heavy lifting services in Singapore, Sin Heng is wellpositioned to benefit from the improved construction demand, especially in the public sector. Most of its orders are from LTA and PUB, which are longer term in nature and provide good orderbook visibility. As of end-22, Sin Heng had a strong net cash position of S$30m (about 60% of its market cap), offered an 8% dividend yield and traded at 0.5x P/B. This is about a 50% discount vs its peers’ average.


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OEL’s market cap stands at S$103.8mln and currently trades at 19.2x pe and 0.8x PB, with a dividend yield of 4.4%. Despite OEL’s recent dividends cut to 1.1ct/s, we note the much better outlook from OEL from its latest results. However, as we think that the full recovery of China’s reopening will take some time to be felt by OEL, we continue to recommend a HOLD
on OEL and wait for a better set of operating results before an upgrade in rating is justified. Accordingly, we also urge investors to read OEL’s Q&A that has been published on SGX net in its entirety.



Li Ning Company
Retail sales improvement expected in 2Q23F

■ Li Ning reported that the overall retail sales in 1Q23 were up by mid-single digit yoy, in line with our expectation.
■ The inventory to sales ratio by end-1Q remained at 4–4.5x. Although the discount rate deepened by mid-single digit in 1Q23, it improved mom in Mar and Apr.
■ Management said in the call that retail sales improved mom in Mar/Apr, and they maintain their mid-teens top-line target for FY23F for now.
■ Reiterate Add with an unchanged DCF-based TP of HK$93. 


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