buysellhold july.23



DBS Group Holdings Ltd

Fee income recovers; strong dividend growth


 4Q23 adjusted PATMI of S$2.39bn was slightly above our estimates due to higher NII, fee income, and other non-interest income offset by higher allowances. FY23 adjusted PATMI is 102% of our FY23e forecast. 4Q23 DPS is raised 29% YoY to 54 cents with an additional 1-for-10 bonus issue,dividend payout ratio was higher at 48.5% in FY23 (FY22: 47.7% excluding special dividends).



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Keppel DC REIT

Uncollected rents impact DPU


 FY23 DPU of 9.383 Singapore cents (-8.1% YoY) fell short of our expectations at 94.7% of our FY23e forecast, mainly due to the uncollected rental and coupon income of c.5.5 months amounting to S$10.5mn at the Guangdong DCs.



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Entering the tail-end of Dare+


■ 2H23 core net profit of S$73m (+139% yoy) beat our expectations on lower depreciation. FY23 DPS came in at 6.7 Scts, indicating yield of 6.3%.

■ With narrowing Dare+ spend ahead, we think StarHub is set for sustained earnings growth over FY24-26F on steady reaping of cost benefits.

■ Upgrade to Add at a higher TP of S$1.25, backed by steady earnings growth, inexpensive valuation (5.1x CY25F EV/EBITDA), and decent 7.0% yield.


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Manulife US REIT

Focus on divestment and debt reduction


■ Portfolio occupancy dipped qoq to 84.4% at end-FY23.

■ MUST targets to sell US$100m of assets by 2Q/3Q24.

■ Reiterate Add with a lower TP of US$0.22. 



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Singapore Post Ltd

Navigating industry headwinds


■ 3QFY3/24 EBIT of S$28m (-18% yoy) slightly below. Freight forwarding and forex remain key drags, without which EBIT would have improved c.20% yoy.

■ Post and Parcel segment saw EBIT improvement yoy in 3QFY3/24 with domestic postage rate hike and cross-border business margin recovery.

■ Australia logistics hurt by weakening market conditions and higher opex, but we expect a better FY25F on earnings-accretive investments. Reiterate Add.



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Pan-United Corp Ltd

A solid showing


■ 2H23 net profit of S$20m (+57% yoy) was a solid beat on strong revenue growth (+13% yoy). FY23 DPS at 2.3 Scts indicates yield of 6%.

■ We expect PanU to sustain elevated revenue and margins in 2024F, driven by strong construction demand and improved operating leverage.

■ Reiterate Add with a higher TP of S$0.64 on rolled over valuation (to CY25F) and raised EPS. Current valuation is attractive at 2.7x CY25F EV/EBITDA.



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