buysellhold july.23

CGS CIMB

CGS CIMB

Renewable Electricity

ASEAN’s next brown-to-green ambition

 

■ In this report, we detailed the renewable energy (RE) landscape covering 8 ASEAN countries, with timeline, challenges and key players in the sector.

■ We identify Malaysia and Singapore as leaders in ASEAN’s brown-to-green ambition in the next 5-7 years, led by NETR and RE imports, respectively.

■ We remain sector Overweight; SCI, TNB, MER, Genetec are picks.

 

 

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OUE REIT

Hospitality segment continues to shine

 

■ 1Q24 gross revenue/NPI were in line at 26.8%/25.4% of our FY24F forecast.

■ Hospitality was the star performer, while the commercial segment continued to grow steadily.

■ Reiterate a Hold rating with a lower TP of S$0.30. 

 

 

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PHILLIP SECURITIES

PHILLIP SECURITIES 

CapitaLand Investment Limited

Capital recycling picks up pace

 

 Limited financial details were provided in this business update. 1Q24 revenue was flat YoY at S$650mn. Fee-related revenue (FRB) grew 7% YoY to S$274mn, while Real Estate Investment Business revenue (REIB) fell 4% to S$430mn. 

 

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Sheng Siong Group Ltd

Seasonal and base effect bump

 

 1Q24 revenue and PATMI were within expectations at 26%/26% of our FY24e forecast. Same-store sales growth accelerated to 3.6% benefitting from the later lunar new year.

 Only one new HDB store was secured in 1Q24. The pipeline is healthy with three stores tenders submitted and another six to be tendered out. The lack of new stores will keep growth muted this year.

 

 

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PHILLIP SECURITIES PHILLIP SECURITIES

Frasers Centrepoint Trust

Robust operating performance in 1H24

 

 1H24 DPU of 6.022 Scts was 1.8% lower YoY, in line with our expectations. Gross revenue/NPI fell 7.2%/8.4% YoY due to the divestment of Changi City Point (CCP) in Oct 23, and ongoing AEI work at Tampines 1 (T1). Excluding these factors, gross revenue/NPI would have risen 2.9%/2.1% YoY. 

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Keppel Ltd

A slow quarter

 

 Little financial details were revealed in this update. Revenue was S$1.5bn in 1Q24, down from S$1.6bn in 1Q23. Net profit was higher YoY if the impact of the disposed offshore and marine assets were excluded. The real estate segment underperformed.  The pace of asset monetisation slowed in this quarter. Only S$169.9mn (FY23: S$947.4mn) was achieved, which includes the divestment of the Wuxi landbank for S$161mn. 

 

 

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