|
UOB KAYHIAN |
UOB KAYHIAN |
|
Keppel (KEP SP) 2024: Solid Numbers With Much To Look Forward To This Year
KEP’s 2024 profit from continuing operations beat expectations with strong growth in its asset management and connectivity segments being the key highlights. Dividends were flat on a yoy basis. In our view, the company’s outlook remains bright with capital recycling news likely to focus on real estate, legacy rigs and Bifrost (and possibly other fibre cable projects) in the near to medium term. Maintain BUY. Target price: S$9.25.
|
CapitaLand Integrated Commercial Trust (CICT SP) 2H24: Portfolio Reconstitution Generates Growth With Lower Gearing
CICT clocked a positive rental reversion of 8.8% for retail and 11.1% for office in 2024. Occupancy at ION Orchard has improved 2ppt to 98% after the acquisition. CICT recognised a revaluation gain of S$153m as its portfolio valuation increased 1.4% on a same-store basis. Aggregate leverage improved 0.9ppt qoq to 38.5%. Phase 3 and 4 of AEI for IMM Building should complete in 3Q25 while Gallileo would be handed over to tenant ECB starting 2H25. Maintain BUY. Target price: S$2.37.
|
|
CGS CIMB |
CGS CIMB |
|
Frasers Logistics & Commercial Trust L&I segment continues to shine
■ FLCT’s portfolio occupancy remains high, at 94.3% at end-1QFY9/25 ■ FLCT achieved +1.6% rental reversion in 1QFY25, underpinned by the +21.3% rental uplift from its L&I portfolio ■ Maintain Add rating with an unchanged TP of S$1.35
|
CapitaLand Integrated Commercial Strong FY24 performance
■ 2H/FY24 DPU of 5.45/10.88 Scts was in line, at 50.5%/100.9% of our FY24F forecast. ■ CICT achieved positive rental reversions amid higher portfolio occupancy in FY24. ■ Maintain Add rating with unchanged DDM-based TP of S$2.45.
|
| CGS CIMB | MAYBANK KIM ENG |
Keppel LtdEyeing large monetisation opportunities■ KEP’s FY24 net profit of S$832m was in line with our/Bloomberg consensus forecasts, driven by revaluation gains from Real Estate and Connectivity.■ FY24 asset monetisation reached S$1.5bn, returning to the average levels seen in FY20-22. We expect sizeable monetisation to be the key catalyst.■ We expect Connectivity division to be the main profit driver in FY25F (+14% yoy) with Bifrost Cable System ready for service in 2H25F.■ We raise our TP to S$9.28 (from S$8.78), still based on SOP valuation, rolling forward to FY26F. Key risk: slower pace of asset monetisation.
|
CapitaLand Int. Comm. Trust (CICT SP) Resilient performance
Stable distribution, priming for flexibility CICT reported 2H24 DPU of SGD5.45c, +0.4% HoH/flat YoY. Organic and inorganic growth offset the impact of higher financing expense and increased number of units. Portfolio metrics were steady with occupancy inching up for retail and office assets. Positive reversions continued despite on-going sequential normalization. Portfolio value inched up, anchored by local assets. Gearing fell from portfolio reconstitution. Refinancing in FY25E is likely to result in higher cost of debt. Maintain BUY due to stable distribution profile, strong credit and fair valuation.
|
