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Aviation – Singapore

SIA And SATS Moving Up The Value Chain Via E-Commerce JV With DFAAS


WE applaud SIA’s attempt to boost ancillary revenue by teaming up with SATS and DFAAS. Given the latter’s attractive procurement cost, SIA will be able to offer better pricing on alcohol and fragrances compared with other retail outlets. If Krisflyer members choose to utilise their miles for such purchases, SIA will generate better margins than if they choose to redeem flights. SATS could benefit via expanded co-operation with DFAAS at other hubs. Maintain MARKET WEIGHT.


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ComfortDelGro (CD SP)

Potential Positive Developments


Potential Grab-Uber merger & positive regulations

Potential acquisition of Uber by Grab, reported by Bloomberg, could be positive for Comfort if it happens in Singapore, as the consolidation could reduce competition for the taxi industry. However, regulatory hurdles could block the deal. Also, the Ministry of Transport raised two positive points in the budget debate on 7 Mar 2018: 1) the rail fare could increase; and 2) further regulation of private-hire car services. Maintain BUY and DCF-based TP of SGD2.35 (WACC 9%).


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SG Hospitality: Ma’am, where would you like to extend your stay?


Given the improving supply-demand dynamics, we are optimistic about Singapore RevPAR growth in 2018, especially the second half. However, we believe operational upside has largely been priced in for the hospitality REITs under our coverage. In addition, we expect that the unit price movement for the hospitality REITs will likely be dominated by fund flows into or out of the S-REITs space in the next few months, rather than by sub-sector specific factors, as the focus turns to the pace of interest rate hikes. We recognize that REITs remain vulnerable to the dynamic interest rate environment and suggest focusing on names with clearer value propositions at this price point. Far East Hospitality Trust [BUY; FV: S$0.75] remains our favored pick within the sector. In addition, we continue to like Hotel Properties Limited [BUY; FV: S$4.74], which we see as a neglected proxy to a stronger hospitality market worldwide. Maintain NEUTRAL.

Hongkong Land Holdings Ltd

Central assets selling for only half price


■ Core profit rose 14% in FY17, slightly missed on higher operating expenses and tax.

■ HK portfolio remained stable. Office vacancy declined to 1.4%. We expect faster rental growth for both office and retail.

■ Proactive land banking in FY17, especially in China, which could be a medium-term earnings driver. Maintain Add, with a TP of US$9.1.


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City Developments


Undisputed residential champion

Maintain BUY; TP revised to S$15.40.

We maintain our BUY call on City Dev with TP of S$15.40 as we fine-tune our residential sales and investment property valuation assumptions. With the Singapore property market in the nascent stages of an upturn, City Dev is largely seen as a key proxy to upward trends in the Singapore residential market and has historically traded up to 1.2-1.3x P/NAV, which our TP implies.


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LionelLim8.16Check out our compilation of Target Prices

Share Prices

Counter NameLastChange
AEM Holdings7.470-0.120
Alliance Mineral0.385-0.010
Avi-Tech Electronics0.525-0.005
Best World Int.1.830-0.010
China Sunsine1.4900.040
DISA Limited0.009-
Dutech Holdings0.270-
Federal Int. (2000)0.360-
Food Empire0.680-
Geo Energy0.225-0.005
Golden Energy0.3800.010
GSS Energy0.171-0.001
Heeton Holdings0.575-
KSH Holdings0.700-0.010
Lian Beng Group0.6750.005
Nordic Group0.575-0.005
Oxley Holdings0.530-0.025
REX International0.051-0.002
Serial System0.172-
Sing Holdings0.4300.005
Sino Grandness0.196-0.004
Straco Corp.0.785-0.010
Sunningdale Tech2.0100.010
Sunpower Group0.5700.005
The Trendlines0.130-0.001
Tiong Seng0.390-
Trek 2000 Int.0.260-
Uni-Asia Group1.430-0.020
XMH Holdings0.250-
Yangzijiang Shipbldg1.3400.040

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