buy sell hold 2021



DBS Group

Margins peaked out


■ We factor in the peaking of NIMs and cut FY23-25F estimates by c.1-7%.

■ Asset quality stress tested and seems benign for now. Mgmt. overlays of S$2.1bn and 14.4% CET give hope of capital mgmt. review and higher DPS.

■ We keep our Hold call, with a lower GGM-based TP of S$35.30, given its attractive 5.3% yield and c.17% ROE.

■ DBS trades at c.1.4x FY23F P/BV, potentially pricing in peaked margins.


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CapitaLand Ascendas REIT

Solid rental reversions


■ CLAR sustained high portfolio occupancy of 94.4% and healthy rental reversion of 11.1% in 1Q23.

■ All-in funding cost rose 80bp qoq to 3.3% in 1Q23.

■ Reiterate Add with an unchanged TP of S$3.06. 


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Mapletree Logistics Trust

Coping with forex and higher rates


■ FY3/23 DPU of 9.011 Scts was slightly above at 104.7% of our full-year forecast.

■ MLT saw healthy rental reversions in 4QFY23, though it is increasingly more cautious on China’s near-term outlook.

■ Reiterate Add with a TP of S$1.88. 


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LHN Logistics

Waiting for new initiatives to bear fruit


■ 1HFY9/23 revenue (-6% yoy) was affected by ongoing disruptions (from ISO tank depot construction) and weaker container volumes.

■ ISO tank full commencement delayed; storage services should start in Jul 23, while washing services should be delayed by 1-2 quarters, in our view.

■ We reiterate our Add call with a higher TP of S$0.18 as we rollover to CY24F. Ramp-up of new initiatives should support earnings growth in FY24-25F 


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Sheng Siong Group

A defensive pick


■ 1Q NP of S$33m (-5% yoy) was in line. Topline was flattish yoy at the tail-end of post-Covid normalisation, while margins inched lower on cost pressures.

■ We project better quarters ahead on normalised comps, new store openings and inflation offset measures supporting consumer spending.

■ Reiterate Add. We like its defensive qualities and think it is well-positioned to capture potential shifts in consumer behaviour amid an economic slowdown. 


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Wilmar International

Weak commodity prices soften outlook


■ In 1Q23, weaker commodity prices affected refining and crushing margins for WIL and led to lower profitability despite higher sales volume.

■ We think that margin pressure could persist into 2Q23F before easing in 2H23F when demand-supply dynamics improve.

■ We reduce FY23F-24F EPS by 9.7%/5.1% on thinner margins and introduce FY25F estimates. Reiterate Add on SOP-based TP of S$4.63. 


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