buy sell hold 2021



Frasers Centrepoint Trust

Nearly-full portfolio occupancy



 1H23 DPU of 6.130 Singapore cents (-0.1% YoY) was in line and formed 51% of our FY23e forecast.

 All portfolio properties achieved higher revenue and NPI YoY, supported by higher atrium income and rent growth. Retail occupancy reached a high of 99.2%; tenant sales and shopper traffic improved 9.2% and 35.3% YoY respectively.

 Maintain ACCUMULATE, DDM TP increased from S$2.31 to S$2.35 as we raise our FY23eFY25e DPU estimates by 1-2% on the back of higher portfolio occupancy. Current share price implies a FY23e DPU yield of 5.5%.


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CapitaLand Ascott Trust

Strong Japan recovery



 No financials were provided in this business update. 1Q23 gross profit was 59% higher YoY, and 97% of 1Q19 pre-COVID-19 levels. Portfolio RevPAU spiked 90% YoY to S$127 and is at 93% of pre-pandemic 1Q19 pro forma RevPAU.

 1Q23 effective borrowing cost at 2.4% (4Q22: 1.8%) is still lower than many of its peers.

 Maintain BUY, DDM-TP unchanged at S$1.26. CLAS remains our top pick in the sector owing to its mix of stable and growth income and geographical diversification. The current share price implies a FY23e dividend yield of 6%. 


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Property – Singapore

ABSD Increased - Faster-than-expected Action, But Not A Surprise


In a significant move to stem the tide of foreign investment inflow into Singapore’s residential property sector, the government materially raised ABSD for foreigners, entities and trustees. Singaporean citizens and permanent residents remain unaffected. In the near term, this may be an overhang on CDL’s and PropNex’s share price, however we note that in prior cooling measures, recovery was seen in a matter of weeks. CLI remains our top pick. Maintain OVERWEIGHT.


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CapitaLand Ascott Trust (CLAS SP)

1Q23: Steady Recovery And Profitable Growth


Portfolio RevPAU recovered 90% yoy to S$127 in 1Q23, reaching 93% of pro forma prepandemic levels. We expect its properties in Japan, Singapore, and Australia, which accounted for 17.5%, 17.1% and 12.7% of total assets respectively, to benefit from the return of Chinese travellers. Balance sheet is resilient with aggregate leverage at 38.7% and weight debt maturity at 3.9 years. CLAS provides attractive 2023 distribution yield of 5.8%. Maintain BUY. Target price: S$1.39. 


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United Overseas Bank (UOB SP)

1Q23: Record Earnings Boosted By Trading & Investment Income


UOB reported net profit of S$1,511m for 1Q23 (+67% yoy and +31% qoq). NIM expanded 56bp yoy but compressed 8bp qoq to 2.14%. Trading & investment income increased five-fold yoy and doubled qoq to a record S$563m. Customer-related treasury income grew 25% yoy, while trading and liquidity management activities also contributed significantly. CET-1 CAR improved 0.9ppt yoy to 14.0%. The record quarter generated ROE of 14.9%.


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Mapletree Industrial Trust ($2.38, unchanged) announced that the amount available for distribution to Unitholders for the Financial Year 2022/2023 from 1 April 2022 to 31 March 2023 (“FY22/23”) was S$356.6 million, an increase of 1.6% over the S$350.9 million for the previous financial year. Distribution per Unit (“DPU”) for FY22/23 fell by 1.7% yearon-year to 13.57 cents on an enlarged unit base with additional units issued under the distribution reinvestment plan (“DRP”). 

MIT’s market cap stands at S$6.5bln and currently trades at 17.3x PE and 1.3x PB and 5.6% forward annualized yield. At the backdrop of a enlarged unit base, higher expenses eating into unitholder’s returns and Temasek disposing 3.994mln shares via DBS Bank at c.$2.50 recently, we downgrade Mapletree Industrial Trust to a HOLD.

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