buy sell hold 2021

PHILLIP SECURITIES

UOB KAYHIAN

United Overseas Bank Limited

Fee income decline staunched

 

SINGAPORE | BANKING| 1Q23 RESULTS

 1Q23 adjusted earnings of S$1,577mn were slightly above our estimates due to higher other non-interest income and lower allowances offset by lower-than-expected NII growth. 1Q23 adjusted PATMI was 28% of our FY22e forecast.

 Positives include fee income recovery of 14% QoQ and other non-interest income surging by 457% YoY, while negatives include a slowdown in NIM to 2.14% for 1Q23 and loan growth decline of 1% YoY. Nonetheless, 1Q23 NII was up 43% YoY but fell by 6% QoQ. Management has lowered its loan growth guidance from mid-single digit to low to mid-single digit, while maintaining its guidance of NIMs at around 2.1-2.2%, double-digit fee income growth, stable cost-to-income ratio and credit costs at 20- 25bps for FY23e.

 

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CapitaLand Integrated Commercial Trust (CICT SP)

1Q23: Growth From Retail And Resiliency From Office

 

Positive rental reversion for retail properties has accelerated to 6.0% in 1Q23. Occupancy for Singapore office improved 0.5ppt qoq to 96.7% and new leases will contribute to cash flow starting 2Q23. CICT benefits from the resiliency of the domestic economy in Singapore. Its downtown malls will benefit from workers returning to offices and recovery of visitor arrivals driven by China’s reopening. CICT provides 2023 distribution yield of 5.6%. Maintain BUY. Target price: S$2.29. 

 

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UOB KAYHIAN

UOB KAYHIAN

CDL Hospitality Trusts (CDREIT SP)

1Q23: Continued Recovery From Singapore And Turnaround In Australia

 

Singapore RevPAR increased 86% yoy to S$176 in 1Q23 with occupancy improving 13.5ppt yoy to 67.9% and room rates increasing 49% yoy. Its two Perth hotels turned around after Western Australia reopened its state border. Newly-acquired Hotel Brooklyn in the UK contributed NPI of S$1.0m. CDREIT will benefit from continued recovery in Singapore, Australia, New Zealand and Japan. 2024 distribution yield is attractive at 5.8%. Maintain BUY. Target price: S$1.55. 

 

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Mapletree Industrial Trust (MINT SP)

4QFY23: Resilient Performance Despite Cautious Outlook

 

Gross rental rate for Singapore edged higher by 0.5% qoq to S$2.16psf/month in 4QFY23. Occupancy for data centres in North America improved slightly by 0.6ppt qoq to 93.7%, while valuation remained stable. Hi-Tech Park @ Kallang Way has received TOP and management targets to increase committed occupancy to 75% by end- FY24. MINT provides FY23 distribution yield of 5.7%, which is in line with that of peers (DCREIT: 8.8% and KDCREIT: 4.7%). Maintain BUY. Target price: S$2.82. 

 

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UOB KAYHIAN CGS CIMB

Wilmar International (WIL SP) 1

Q23: Results Within Expectations

 

Wilmar’s 1Q23 results came in well within our expectations on stronger contribution from YKA and lower performance from tropical oil and plantation segments. We reckon that 2Q23 earnings may come in lower qoq, as we expect lower sales volume due to a slowdown in consumer spending in China. We expect higher earnings in 2H23 with expectations of higher profit margins from food products as raw material cost continues to ease. Maintain BUY with target price of S$5.50. 

 

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Mapletree Pan Asia Commercial Trust

Shadow space and downsizing risks

 

■ FY3/23 DPU of 9.61 Scts (+6.1% yoy) in line at 96.3% of our FY23F forecast. Assets operationally stronger yoy, albeit overseas revenue impacted by FX.

■ Portfolio reversions came in at +0.7%, with positive rental reversion recorded by all markets except Greater China. FY23 portfolio occupancy at 95.4%.

■ Downgrade from Add to Hold. Shadow space in Singapore business parks and non-renewal of tenants in Japan are areas of concern, in our view. 

 

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