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UOB KAYHIAN |
UOB KAYHIAN |
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iFAST Corporation (IFAST SP) 3Q24: AUA Scales New High; Potential Upside To ePension PBT Guidance
iFAST’s 3Q24 results were strong. The PATMI of S$17m (+97% yoy, +5% qoq) is largely in line with expectations, with 9M24 forming 77% of our/consensus estimates. The HK ePension division and all-time high AUA (+24% yoy, +6% qoq) continue to be key growth drivers. A higher third interim dividend of 1.5 S cents/share was proposed, in line with our expectations. Maintain HOLD with a 2% higher target price of S$8.17 (S$8.03 previously).
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Mapletree Pan Asia Commercial Trust (MPACT SP) 2QFY25: Stung By Non-renewal And Revaluation Losses From Japan
MPACT’s 2QFY25 DPU of 1.98 S cents met our expectations. Singapore properties were resilient. There were signs of a sequential recovery in shopper traffic and tenant sales at Festival Walk in Hong Kong. It unfortunately suffered a valuation decline of S$114m for three office properties at the Makuhari sub-market of Chiba, Japan. MPACT trades at an FY26 distribution yield of 6.4% and P/NAV of 0.78x, which we deem attractive for a blue chip S-REIT. Maintain BUY. Target price: S$1.71.
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UOB KAYHIAN |
MAYBANK KIM ENG |
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ComfortDelGro Corporation (CD SP) 3Q24 Results Preview: Expect Stable Growth Despite Minor Headwinds
Domestic rail ridership improved yoy for 3Q24, benefitting CD’s public transport segment. CD also announced that it has acquired a leading premium taxi provider in London. Driven by the recently-acquired A2B and taxi commission rate hike, the taxi segment is expected to grow yoy in 3Q24. However, with a lack of near-term catalysts, we maintain HOLD with the same target price of S$1.56.
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Suntec REIT (SUN SP) Evaluating risks amid potential
Fundamentals improving; 9M24 DPU in line SUN’s 9M24 DPU fell 12% YoY to SGD4.622cts, in line with the MIBG estimate. DPU from operations was SGD1.58cts (-0.9% YoY), excluding capital top-ups from the divestment of Park Mall. We see signs of SUN’s UK assets bottoming out and occupancy of its Australian portfolio improving. Management is cautious about potential valuation dip of SGD200m due to cap rates in the Australian market. We raise our DDMbased TP from SGD1.10 to SGD1.25 after applying a lower risk-free rate of 2.75% (vs from 3.0% previously). Maintain HOLD.
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MAYBANK KIM ENG |
MAYBANK KIM ENG |
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Mapletree Pan Asia Comm.Trust(MPACT SP) Tempered optimism
Challenging operating environment; maintain HOLD MPACT reported 2QFY25 DPU of SGD1.98cts, -5.3% QoQ/-11.6% YoY, in the absence of a one-off property tax refund recorded in 2QFY24. FX headwinds, Mapletree Anson divestment, and higher vacancy from overseas portfolio more than offset stable Singapore portfolio performance and interest cost savings. We lower our FY25/26E DPU forecasts by 1.8%/0.9%, respectively, to factor in the divestment and falling overseas contribution. We trim our TP to SGD1.29, while applying a lower risk-free rate of 2.75% (vs.3.0%). Maintain HOLD.
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CapitaLand Ascendas REIT (CLAR SP) Continued strength
Stable financial metrics, mid-teens reversions CLAR’s 3Q24 business update confirmed the unchanged trend of steady operations and stable financial metrics. Rent reversion was mid-teens, led by logistics with management reiterating full-year guidance of high single digit positive reversion. Occupancy in Singapore was stable while overseas slipped, as expected. Gearing inched up while cost of debt and coverage ratio was stable. CLAR’s focus is on capital recycling with recent divestment of a logistics asset in Singapore above book to a DC operator. Maintain BUY and TP of SGD3.10.
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