buysellhold july.23



CapitaLand Ascendas REIT

Dragged by higher funding cost


■ 2H/FY23 DPU of 7.441/15.16 Scts was below our estimates at 46.3%/94.4% of our FY23 forecast, but in line with Bloomberg consensus.

■ CLAR’s operations are robust, with strong rental uplift and high occupancies.

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



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Keppel Ltd

Infrastructure powering recurring income


■ Keppel’s (KEP) recurring income grew 54% yoy to S$773m in FY23, 90% of which was contributed by its infrastructure business.

■ We attribute the infra strength to its agile contracting strategy at higher spread, optimisation of fuel source and plant efficiency, and retail gas sale.

■ Re-rating catalysts include faster growth FUM, stronger-than-expected infrastructure profits and pick-up in asset monetisation pace.

■ Reiterate Add, with a higher SOP-based TP of S$8.98, incorporating higher infra profits and private funds. 



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Singapore Exchange

Leaning on FX and commodities


■ Currencies and commodities still SGX’s key growth drivers in 1HFY6/24; Equities revenue remained lacklustre, treasury income growth a miss.

■ Nifty is running smoothly post migration to GIFT, with open interest reaching c.US$11bn as at Dec 2023. Full migration will take 12-18 months.

■ Reiterate Hold with lower TP of S$10.50 as we factor in softer treasury income. US Fed fund rate cuts, spurring trading volumes, could-rerate SGX. 



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Alpha Picks: Portfolio Holds Steady Amid Market Weakness


In Jan 24, our Alpha Picks portfolio beat the STI by 2.7ppt and 0.7ppt on an equal- and market-weighted basis respectively, as the STI slipped into negative territory. Stocks began the year on a subdued note with the external environment remaining uncertain. For Feb 24, we add Yangzijiang Shipbuilding (YZJ) as we see dividend upside and potential earnings upgrades from its upcoming results and remove Seatrium (STM) as uncertainty over the size of its 2023 write-offs may weigh in the short term. 



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REITs – Singapore

S-REITs Monthly Update (Jan 24)


There are healthy signs that inflationary pressure has abated. Rate cuts are on the horizon but will not come as early as March. Maintain OVERWEIGHT. Our top picks are CDREIT (Target: S$1.48), CLAS (Target: S$1.45), KORE (Target: US$0.59), KREIT (Target: S$1.24), LREIT (Target: S$0.87) and MINT (Target: S$2.98). 



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Keppel (KEP SP)

2023: Strong Results With A Rosy M&A Outlook Ahead


KEP reported better-than-expected results for 2023 due to a strong operating performance from its infrastructure and connectivity segments. The former saw a particularly strong 135% yoy increase in net profit with management implying that its mid- to high-teens profit margins are sustainable. With a potentially more active M&A market in 2024, asset monetisation and capital recycling will be key share price drivers. Maintain BUY. Target price: S$8.89. 



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