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UOB KAYHIAN |
CGS CIMB |
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APAC Realty (APAC SP) Laggard Realty Play With Solid Foundation, Yield, And Growth Pipeline
With a 43-year track record, APAC Realty is a leading real estate brokerage in Asia Pacific. While 2024 core net profit fell, 4Q24 marked a clear inflection point as lower interest rates and pent-up demand spurred a rebound in its project activity. Its robust pipeline and strong early-25 sales reinforce earnings visibility. Its 4.6% 2024 yield and recent share buybacks also reflect management’s confidence. Trading at just 10x 2026F PE vs PropNex’s 14x, the stock offers potential valuation upside.
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Banks Loan and deposit growth ease in Apr 25
■ Banking system loan growth eased to +3.4% pts yoy in Apr 25, but we think loan demand in ASEAN could support loan growth for the rest of FY25F. ■ Despite buoyant deposit growth, we expect CASA ratio to pick up with lower interest rates, supporting lower funding costs in 2Q25F. ■ Reiterate Neutral on SG banks, with DBS as our top sector pick.
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CGS CIMB |
LIM & TAN |
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AIA Group Good memories
■ We see Mark Tucker’s appointment from 1 Oct 2025 as AIA’s new chairman as positive given his strong track record and knowledge of its operations. ■ During his tenure, AIA’s share price rose on average 4% over the 5-day trading window around the company’s results announcements (Fig 1). ■ Reiterate our Add rating and TP of HK$103. AIA remains one of our top sector picks.
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The Business Times reported that Ho Bee Land ($1.89, up 9 cents), usually thinly traded, were up yesterday after the company said founder and executive chairman Chua Thian Poh had upped his stake in the real estate company over the weekend. The counter opened at S$1.80 and gained as much as S$0.12 or 6.7 percent in the morning, before closing at S$1.89, up 5 percent on the day. Some 1.3 million shares were traded. Ho Bee Land’s market cap stands at $1.25bln and currently trades at 11.5x forward PE and 0.3x PB, with a dividend yield of 2.1%. There are currently no analysts covering Ho Bee Land. Given low valuations and backed by a strong recurring income stream in addition to recent insider purchases, we recommend an “Accumulate” on Ho Bee Land. |
| MAYBANK KIM ENG | DBS RESEARCH |
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Malaysia REITs Defending yield, unlocking value
1Q25 broadly steady; earnings mostly in line M-REITs delivered broadly in-line 1Q25 results, with notable YoY earnings growth from Axis REIT, Sunway REIT, CLMT and Pavilion REIT, driven by positive rental reversions, improved occupancy rates, and contributions from newly acquired assets. IGBREIT and KLCCP posted steady results. Hospitality REITs saw some seasonal softness due to Ramadan, though repatriation headwinds led to near-term DPU adjustments in YTL REIT. Operationally, the retail and industrial segments remained resilient, while office stayed challenging, though largely defended by long leases and stable occupancy. Our top pick remains Sunway REIT and our other BUYs are PavREIT and Axis REIT for income resilience and asset defensiveness. High-yield names include YTLREIT, Sentral, and CLMT.
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"Supermarket shake-up or savvy break-up? - Modern Grocery Retail"
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