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CGS CIMB |
PHILLIP SECURITIES |
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Sasseur REIT Benefiting from robust EMA structure
■ 1Q25 EMA rental income of S$32.5m is in line, at 25.4% of our FY25 forecast ■ Portfolio occupancy was stable at 98.9% as at end-1Q25 although tenant sales dipped 0.9% yoy during the quarter ■ Maintain Add rating with unchanged TP of S$0.85
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Sasseur REIT FX headwind to weigh on performance
• While the 1Q25 DPU was not disclosed, EMA rental income in SGD terms declined by 0.2% YoY to S$32.5mn due to the weaker RMB, which is in line with our forecast and accounts for 26% of our FY25e estimates. Weaker performance of outlet sales(-0.9%YoY), which led to a 1.2% drop in variable component in RMB terms, was cushioned by a 3% fixed escalation in the fixed component of EMA rental income.
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PHILLIP SECURITIES |
CGS CIMB |
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Singapore Banking Monthly Loading on the provisions
▪ April’s 3M-SORA was down 15bps MoM to 2.47%, the lowest since Oct 2022 and 33bps lower than the 1Q25 average, reflecting the Fed Rate cuts. Singapore loans growth holding at mid-single digit (Mar24: 4.8%), but we might see a slight slowdown due to the trade war.
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Centurion Corporation Ltd Cautiously optimistic outlook
■ Centurion’s (CENT) 1Q25 revenue grew by 13% yoy, driven by strong financial occupancies and positive rental reversions in Singapore. ■ The Purpose-Built Worker Accommodation (PBWA) business (mainly from Singapore) was the key revenue driver in 1Q25, growing 15% yoy. ■ Reiterate Add as we see CENT riding on favourable industry dynamics amid ongoing regulatory reforms to improve migrant worker housing standards.
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| CGS CIMB | UOB KAYHIAN |
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Singapore Airlines Final DPS of 30 Scts as expected
■ FY25 core net profit was 12% better than forecast due to positive taxes in 2HFY25; pretax profit was 6% below forecast due to higher depreciation. ■ Reiterate Hold with a higher TP of S$6.88, after raising our target end-CY25F P/BV multiple from 1.1x (+1 s.d. from mean since 2011) to 1.3x (+2 s.d.) ■ We expect the share price to be supported until its ex-dividend date on 8 Aug 2025F; SIA declared a 30 Scts final DPS, which is in line with our forecast.
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Frasers Logistics & Commercial Trust (FLT SP) 1HFY25: Decent Yield Even After Stripping Out Capital Distribution
FLT’s 1HFY25 results demonstrated continued strong positive rental reversion of 33% for its logistics properties in Australia. It maintained full occupancy for its logistics properties in Australia, Europe and the UK. FLT’s ability to acquire is supported by a low aggregate leverage of 36.1% and large debt headroom of S$447m. FLT provides FY25 yield of 7.4% (MLT: 7.2%). After stripping out capital distribution, FLT still provides a decent FY27 yield of 6.6%. Maintain BUY. Target price: S$1.10.
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