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CGS CIMB |
CGS CIMB |
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CapitaLand Ascott Trust Room rates supported by events and AEIs
■ 1H24 DPU was 2.55 Scts (-8% yoy), in line at 42% of our FY24F. Excluding non-periodic items, 1H24 adj. DPU was stable despite portfolio rebalancing. ■ 2Q24 portfolio RevPAU was 102% of 2Q19 levels, key markets at 107-141%. ■ Reiterate Add. Portfolio rebalancing remains a key strategy for CLAS.
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Keppel DC REIT Portfolio rebalancing opportunities
■ 1H24 DPU 4.549 Scts (-10% yoy/+5% qoq) is in line at 52.6% of our FY24F. ■ Strong reversions on leases renewed at SGP3 (above 40%) bode well for 2H24F/FY25F; most reversions came from Singapore DCs (SGP 2, 4 & 5). ■ Reiterate Hold. We await clarity on portfolio rebalancing and Bluesea arrears.
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CGS CIMB |
CGS CIMB |
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Mapletree Industrial Trust A robust 1Q performance
■ 1QFY3/25 DPU of 3.43 Scts was in line at 24.6% of our FY25F forecast. ■ Portfolio occupancy rose to 91.9% while rental reversions averaged +9.2% in 1QFY25. ■ Maintain Add with an unchanged DDM-based TP of S$2.61.
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Parkway Life REIT Business as usual
■ PREIT’s 1H24 DPU of 7.54 Scts was in line, at 50% of our FY24F forecast. ■ 1H24 revenue/NPI were dragged down by a weaker yen vs. S$ but offset by realised forex gains from income hedge. ■ Maintain Add rating with an unchanged DDM-based TP of S$4.50.
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| UOB KAYHIAN | UOB KAYHIAN |
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REITs – Singapore 1H24: Results Of PREIT (In Line) And SUN (Below Expectations)
BUY PREIT (Target: S$4.70) for a 25.3% rent step-up for its Singapore hospitals in 2026 after it upgrades MEH to a modern and integrated multi-service medical hub. HOLD SUN (Target: S$1.13) as its 2024 distribution yield of 5.3% looks fairly valued but aggregate leverage is elevated at 42.3%. Maintain OVERWEIGHT on the sector.
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Raffles Medical Group (RFMD SP) 1H24: Results Slightly Below Expectations, Margins Remain Soft
RFMD reported a sharply lower 1H24 PATMI of S$30.6m (-48.8% yoy), slightly below our expectations. The healthcare services segment outperformed as patient load improved. The hospital services segment posted a strong performance, but this was offset by the strong Singapore dollar and stiff regional competition. RFMD’s China operations continue to perform. With a lack of any near-term catalysts, we opine that RFMD remains fairly valued at current price levels. Maintain HOLD with a lower target price of S$1.01.
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