|
PHILLIP SECURITIES |
PHILLIP SECURITIES |
|
United Overseas Bank Limited Higher allowances hurt earnings
▪ 4Q24 adjusted earnings of S$1.54bn were slightly below our estimates from lowerthan-expected fee income and higher provisions. FY24 adjusted PATMI was 97% of our FY24e forecast. 4Q24 DPS was up 8% YoY to 85 cents; the full-year FY24 dividend rose 6% YoY to 180 cents. A S$3bn capital distribution package (50 cents special dividend in FY25 and S$2bn share buyback) was announced.
|
Sasseur REIT FY25e sales to grow by low-single-digit
• Total rental income for FY24 slipped 0.4% YoY to S$124.5mn due to a 3.9% YoY decline in outlet sales and a weaker RMB against the SGD. Rental is 98% of our forecast. • DPU declined by 2.7% YoY to 6.08 cents, which is 97% of our FY24 forecast. Tenant sales rebounded in 4Q24, driven by Golden Week sales, rising 4.8% YoY in RMB terms. However, FY24 sales declined across all four outlet malls as operations were disrupted by extreme heatwaves in Chongqing, earthquakes in Hefei in 3Q, and cautious consumer spending.
|
|
CGS CIMB |
CGS CIMB |
|
Genting Singapore Tale of two halves in FY25F
■ 4Q24 adj. EBITDA of S$225.4m brought FY24 EBITDA in line with expectations at 103.0%/96.4% of our/Bloomberg consensus estimates. ■ Ramp-up of operations ahead of new attractions opening in 2H25F likely to pressure 1H25F profitability before a recovery in 2H25F. ■ We reiterate our Add call ahead of new RWS attractions coming on stream in 2H25F; TP unchanged at S$1.05, pegged to 7.8x FY26F EV/EBITDA.
|
Singapore Airlines SIA may pay another strong final dividend
■ 9MFY3/25 core net profit of S$1.262bn made up 83.5% of our full-year forecast, in line with expectations as the 4QFY25F is seasonally weaker. ■ Reiterate Hold with an unchanged TP of S$6, still pegged to P/BV of 1.1x (+1 s.d. above the mean since 2011). ■ We raise our final DPS assumption from 18 Scts to 30 Scts as we believe SIA will pay one-third of the 37 Scts/share gain from the disposal of Vistara.
|
| UOB KAYHIAN | UOB KAYHIAN |
|
Prime US REIT (PRIME SP) 2H24: Higher Portfolio Valuation And Recapitalisation Lead To Lower Gearing
PRIME registered a positive rental reversion of 1.8% and portfolio WALE was extended by 0.4 years to 4.4 years. Portfolio valuation increased 2.2% and aggregate leverage improved 1.1ppt qoq to 46.7%. PRIME sees positive leasing momentum and is working on notable lease signings at Waterfront at Washingtonian, Park Tower and Village Center Station 1 in the coming months. PRIME provides attractive distribution yields of 2%/23% for 2025/26 respectively and P/NAV at 0.29x. Maintain BUY. Target price: US$0.29.
|
Wilmar International (WIL SP) 2024: Results In Line With Expectation
Wilmar’s 2H24 results are in line with our but below consensus expectations. Sales volume growth was seen across all divisions with the exception of sugar milling, while there was also lower sugar merchandising activities. While we expect earnings improvement for 2025 on better refining margins, share price may be subdued due to the ongoing case involving the 2021-22 palm oil fraud allegations in Indonesia. Total DPS declared was 6% lower at S$0.16. Maintain HOLD with a target price of S$3.18.
|
