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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Far East Hospitality Trust RevPAR growth is expected to continue in FY25e
• FY24 gross revenue is in line with expectations, inching up by 1.8% YoY to S$108 on the back of broad-based tailwinds,. Notably, revenue from commercial premises surged by 7.3% YoY while hotel RevPAR improved by 5.7% YoY, leading to a 0.9% YoY increase in hotel. NPI increased by 0.2% YoY to S$99.3mn, meeting our FY24e forecast despite higher property tax.
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First REIT Impacted by FX headwinds
▪ 4Q24/FY24 DPU of 0.58/2.36 Singapore cents (-6.5%/-4.8% YoY) was in line with our estimates, forming 25%/100% of our FY24e forecast. The YoY decline in DPU was due to the depreciation of the IDR and JPY against the SGD, partially offset by higher rental income in local currency terms. 4Q24 DPU of 0.58 cents was unchanged QoQ.
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UOB KAYHIAN |
OCBC |
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Oiltek International (OTEK SP) 2024: Record-High Revenue And Earnings; Bright Future Ahead
Oiltek’s 2024 revenue of RM230m (+15% yoy) was largely in line with our forecast, while net profit of RM30m (+55% yoy) beat our and consensus estimates by 12% and 14% respectively on better-than-expected margins. The edible & non-edible oil refinery segment continues to be the key growth driver, surging 23% yoy from new projects secured. We remain positive on its outlook, backed by its strong orderbook and macro trends. Maintain BUY with a higher target price of S$1.37 (S$1.22 previously).
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Summary of First REIT Equity Research Report (12 Feb 2025)Rating: HOLD Key Highlights:
Investment Thesis:
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| UOB KAYHIAN | UOB KAYHIAN |
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Internet – China Potential Implications Of De Minimis Tax Exemption
On 5 February, the USPS temporarily suspended the receipt of parcels from mainland China and Hong Kong. However, on 7 February, Trump signed an order delaying the cancellation of the de minimis trade exemption. We think PDD’s valuation will be partially overshadowed by the potential tariff pressures on Temu but supported by ongoing strategic mitigation efforts. As such, we believe that the uncertainties in policy changes will remain as the key concern throughout 2025.
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Internet – China Potential Implications Of De Minimis Tax Exemption
On 5 February, the USPS temporarily suspended the receipt of parcels from mainland China and Hong Kong. However, on 7 February, Trump signed an order delaying the cancellation of the de minimis trade exemption. We think PDD’s valuation will be partially overshadowed by the potential tariff pressures on Temu but supported by ongoing strategic mitigation efforts. As such, we believe that the uncertainties in policy changes will remain as the key concern throughout 2025.
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