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UOB KAYHIAN |
UOB KAYHIAN |
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Mapletree Logistics Trust (MLT SP)
3QFY25: Cautious Stance In View Of Upcoming Uncertainties
China incurred a negative rental reversion of -10.2% in 3QFY25 and the weakness is expected to persist in the near term. MLT also cautioned moderation in positive rental reversion in Hong Kong (weak consumption) and South Korea (excess supply). Management is closely monitoring trade policies under the Trump administration and the potential negative impact on international trade and logistics. MLT provides FY26 distribution yield of 6.4% (FLT: 7.3%). Maintain HOLD. Target price: S$1.35.
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Sunny Optical (2382 HK) Smartphone And Automobile Businesses To Support Growth In 2025
Sunny is expecting the smartphone market in 2025 to remain robust due to the ongoing spec upgrades and the recently-announced trade-in subsidy programme. In particular, the mid-to-high-end segment is likely to be the key volume driver. For the automobile business, the rapid advancements of ADAS systems are a boon for VLS shipments, which are expected to outpace vehicle shipments growth in the year. Maintain BUY and target price of HK$85.00.
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CGS CIMB |
MAYBANK KIM ENG |
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Singapore Strategy Capital goods could stand out
■ We expect the majority of the companies (~80%) under our coverage to report 4Q24 results in line with our initial forecasts. ■ Companies with potential to surprise on the upside: SCI, STM, IFAST, DBS, FLT, KDCREIT, ST, and SIA. ■ Names that could see downside: WIL, SGX, CDREIT, EREIT and FEHT.
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Mapletree Logistics Trust (MLT SP) Continued portfolio rebalancing
Slight uptick in operating data MLT reported 3QDPU of SGD2.003c, -1.2% QoQ/-11.1% YoY. Key headwinds of negative reversion in China, higher borrowing expense and adverse FX were unchanged but intensity was sequentially less. Portfolio occupancy inched up while reversions, including China, were positive. Borrowing cost was stable while leverage inched up. Focus remains on portfolio reconstitution with unchanged annual divestment target. Maintain BUY and SGD1.60 DDM-based TP on back of recycling, relative value and less intense headwinds.
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| MAYBANK KIM ENG | DBS RESEARCH |
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Malaysia Strategy JS-SEZ: Realising Opportunities
JS-SEZ: It is for “RRR”eal! Our recent visit to Johor, a week after the signing of the JS-SEZ agreement reaffirms our confidence of its success. The cherry on top of our trip is the meeting with the Chief Minister of Johor who shared his views and the commitment of both Malaysia and Singapore to see this agreement through. We met with JLand Group, and more importantly, a site visit to the data centre hotspot, Sedenak, a testimony of the burgeoning activity there. Not forgetting, sighting landbank of a handful of property companies, as we had identified the property sector as a key beneficiary of the JS-SEZ. A view of the progress of the RTS suggests that the project is on track to complete by end-2026. Our JS-SEZ proxies are ECW, ITMAX, DIALOG, YTLP while plantation beneficiaries are SDG, GENP and KLK.
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Fraser Centerpoint Trust
1QFY25 Update Summary: Growth Engine Restarts in Suburbs
Recommendation: Maintain BUY rating as a top sector pick, with a target price (TP) of SGD 2.75. |
