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PHILLIP SECURITIES |
UOB KAYHIAN |
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Lendlease Global Commercial REIT Cost of borrowing peaks
• No financials was provided in 1Q25. LREIT achieved resilient retail rental reversion of 11.4% (4Q24: +12%) and office rental saw 1.2% uplift (4Q24: +1.2%). The portfolio occupancy rate stands at 89.5%, with Sky Complex at 75% occupancy.
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Riverstone Holdings (RSTON SP) 3Q24: Results In Line; Healthy Outlook Ahead With Capacity Expansion
Riverstone’s 3Q24 net profit (flat qoq, +22% yoy) was in line. Higher ASPs and sales volumes were recorded for both cleanroom and healthcare gloves, leading to a 21% qoq top-line growth. 4Q24 volume outlook is healthy, in anticipation of further demand recovery in the electronics sector and greater demand from the US due to the upcoming trade tariffs on China-made gloves. New capacities are expected to contribute from 1Q25. Maintain BUY with an unchanged target price of S$1.16.
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UOB KAYHIAN |
UOB KAYHIAN |
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SEA (SE US) 3Q24: Robust Quarter As Shopee Returns To Profitability
SEA posted strong 3Q24 results that were in line with our expectations, driven by a better profit profile from all business segments. This was on the back of: a) better profitability from higher take-rates for the e-commerce segment, b) strong growth momentum from the DFS segment, and c) increased bookings from a highly engaged user base for the group’s Free Fire game. Given the group’s improving outlook, we maintain BUY with a higher target price of US$138.70.
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Lendlease Global Commercial REIT (LREIT SP) 1QFY25: Resiliency From Singapore; Progressively Backfilling Building 3 In Milan
Rental reversion was stable at high single digits for Jem but eased slightly to high teens for 313@Somerset. Management has secured new electricity tariff contracts for Jem and 313@Somerset, which will reduce utilities expenses by 30% or S$4m-5m per year. LREIT provides FY25 distribution yield of 6.8%. Occupancy at Building 3 of Sky Complex will rise above 30% if leases with two prospective new tenants are successfully concluded. Maintain BUY. Target price: S$0.77.
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MAYBANK KIM ENG |
MAYBANK KIM ENG |
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Grab Holdings (GRAB US) 3Q24 beat; raising TP and U/G to BUY
Upgrade to BUY; Raising TP to USD5.40 (from USD4.0) Following a relatively muted 2Q24, Grab made a solid come back in 3Q24 with an across-the-board improvement, beating ours/Street est by 1-36% across its key metrics. Grab’s scale, supportive growth factors (healthy spending across digital platform & tourism growth) as well as support from new/nascent verticals (lending, Grab Mart, restaurant reservation) should help to sustain the momentum in 4Q & 2025. Competition as well remains under check allowing for incentive optimization. We raise our 2024-26 adj EBITDA estimates by 23-27% (MIBG 2025-26 NPAT estimates 29-62% ahead of street). Raise SoTP-based TP to USD5.40 after factoring in the new estimates and applying a higher target multiple (in line with global peers).
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Lendlease Global Comm REIT (LREIT SP) Seeking financial flexibility
Healthy reversions, focusing on capital management LREIT’s 1Q business update underscored a steady operations, underpinned by low-teens positive retail reversion, fully occupied Singapore assets and slow backfilling of space of Milan office. Gearing was little changed, while debt cost rose and coverage fell. Commentary suggests debt cost has likely peaked while rent reversions are sustainable. Management reiterated focus remains on unlocking asset value and simplifying capital structure in a meeting with investors. Rising yields pose headwinds but we believe current valuation (6.4% FY25 yield, 0.6x PB) discounts such risks. BUY.
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