buysellhold july.23

CGS CIMB

CGS CIMB

Grab Holdings

1Q24F: Expecting solid GMV performance

 

■ We expect Grab’s 1Q24F revenue and adj. EBITDA to beat Bloomberg consensus’, as initiatives to reaccelerate growth offsets weaker seasonality.

■ We continue to view Grab’s FY24F adj. EBITDA guidance (US$180m-200m) as conservative and see room for it to be lifted (CGSI’s estimate: US$244m).

■ Reiterate Add as we believe Grab can balance market share expansion with profit growth, riding on the healthy competitive landscape in ASEAN.

 

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Lendlease Global Commercial REIT

Rental growth all round

 

■ No financials shared in this 9MFY24 business update; results deemed in line.

■ More rental uplift from lease-up of Building 3 of Sky Complex and Jem office.

■ Reiterate Add on LREIT’s positive rental growth trend, attractive valuations

 

 

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PHILLIP SECURITIES

UOB KAYHIAN 

Lendlease Global Commercial REIT

Rental upside to come from Sky Complex Milan

 

 No financials were provided for 3Q24. Portfolio committed occupancy plunged 11% YoY to 88.8% in the face of the departure of the anchor tenant of Sky Complex, which returned one-third of the space. However, on a QoQ basis, it improved by 0.9% due to the backfilling of Sky Complex by 8.1%.

 

 

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Frasers Logistics & Commercial Trust (FLT SP)

1HFY24: Scaling Up In Logistics Properties

 

FLT achieved positive rental reversion of 3.8% (incoming vs outgoing) and 14.2% (average vs average) in 2QFY24. It maintained full occupancy of 100% for its logistics properties across Australia, Europe and the UK. FLT has acquired four logistics properties in Germany for S$189m. More acquisitions are forthcoming, supported by a sizeable sponsor pipeline and its low aggregate leverage of 32.7%. FLT provides a distribution yield of 6.8% for FY24 (MLT: 6.2%). Maintain BUY. Target: S$1.55. 

 

 

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UOB KAYHIAN MAYBANK KIM ENG

Lendlease Global Commercial REIT (LREIT SP)

Makes Progress In Backfilling Building 3 And Locking In Lower Costs In 3QFY24

 

LREIT achieved strong positive rental reversion of 20% for 313@Somerset and >10% for Jem in 3QFY24. Occupancy for its retail properties was stable at 99.4%. Management has secured new electricity tariff contracts for Jem and 313@Somerset, which reduces utilities expenses by 30% or S$4m-5m per year. Rents for the office block at Jem could be adjusted higher by 20% during a rent review at end-24. LREIT provides FY26 distribution yield of 8.7%. Maintain BUY. Target price: S$0.96.

 

 

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Food Empire Holdings (FEH SP)

Short-term headwinds

 

TP lowered to SGD1.30 from SGD1.68

Coffee bean prices have risen in the past 2 months to a high of USD240/lb, up 30%+, but have tapered down to around +10%. We expect FEH’s margins to suffer in the short term but we expect management to gradually raise product prices but this will only impact its financial performance typically 6 months later. As a result, we lower our FY24/25 PATMI estimates by 15%, resulting in our TP dropping to SGD1.30 from SGD1.68, pegged to a lower 10x from 11x FY24E P/E. As shown in the past, we believe in FEH’s management longer-term execution abilities. Moreover, the company’s valuations remain undemanding, especially after the recent share price correction. As a result, we maintain our BUY rating.

 

 

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