buysellhold july.23

PHILLIP SECURITIES

PHILLIP SECURITIES

Frasers Centrepoint Trust

Increasing stake in NEX

 

 No financials were provided in the 1Q24 business update. Retail portfolio occupancy increased 1.5ppts YoY and 0.2ppts QoQ to 99.9%, with rental reversions exceeding FY23’s +4.7%.

 

 

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Keppel Ltd

Energy buttressed bottom line

 

 FY23 core net profit grew 5.6% YoY, in line with our expectations. Recurring income grew 54% to S$773mn, or 88% of net profit. Infrastructure made up 90% of this.  Growth was underpinned by a higher margin from energy sales, offset by the doubling of interest expense to S$328mn, and S$111mn loss on distribution of K Reit units to Keppel shareholders. 

 

 

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PHILLIP SECURITIES

PHILLIP SECURITIES

Lendlease Global Commercial REIT

High rental reversion and rental upside from Sky Complex

 

 Gross revenue increased by 17.9% to S$119.9mn with the 2-year supplementary rental from Building 3 of Sky Complex and form 55% of our FY24e forecast.

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Singapore Exchange Limited

FICC revenue support growth

 

 1HFY24 revenue of S$592mn was slightly below our estimates, at 45% of FY24e, while adjusted PATMI of S$251mn was belowour estimates, at 42% of FY24e.The variance came from higher-than-expected FICC revenue offset by lower Equities – Cash and Equities – Derivatives revenue. 1HFY24 DPS increased by 6% to 17 cents (1HFY23: 16 cents).

 

 

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CGS CIMB MAYBANK KIM ENG

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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UMS Holdings (UMSH SP)

Positive 4Q23E ahead Brighter outlook – maintain BUY

 

We expect UMS to report a stronger 4Q23E, with revenue and PATMI of SGD80m and SGD18m, aided by higher YoY margins from the renewed agreement with its key customer. Going forward, we expect orders to pick up gradually with its key customer and accelerate in 2H24E. In addition, it started to ramp up production for its new customer and we expect SGD30-50m of revenue for FY24E. UMS also raised about SGD50m through a 40m share placement at SGD1.29, which was 2.55x oversubscribed and will provide ample cash for expansion. With a more positive outlook, we maintain BUY with a higher TP of SGD1.49, based on a higher 12x FY24E P/E (from 11x) and also accounting for the dilution of the recent new share placement.

 

 

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