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CGS CIMB

OCBC

Property Devt & Invt

Better Sep sales

 

■ Primary home sales were higher in Sep, underpinned by two new launches.

■ YTD overall transaction volumes are down yoy, while price momentum has slowed.

■ Maintain sector Neutral. We prefer diversified developers such as City Dev, UOL and HoBee.

 

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Singapore Press Holdings: Cut in income is the outcome

 

SPH’s FY18 operating revenue dipped 4.8% YoY to S$982.6m, with the group’s media segment being (unsurprisingly) the main drag, as the latter fell 9.6% YoY. Notably, DPS was cut from 15 S-cents in FY17 to 13 S-cents in FY18; this represents the sixth consecutive year of cuts, and came in below ours and the median consensus expectation of 15 S-cents. With newsprint charge-out prices expected to increase, and the narrowing of the YoY % decline in media operating revenue seemingly lacking, margins moving forward could face some headwinds. Apart from the generic Brexit worries, we remain concerned about what we believe to be elevated supply in Plymouth, which is a large constituent in the group’s recently acquired portfolio of student accommodation assets in the UK. We fine-tune our assumptions and roll-forward our valuations, thus increasing our fair value marginally from S$2.52 to S$2.55. Maintain HOLD.

UOB KAYHIAN DBS VICKERS

Keppel REIT (KREIT SP)

3Q18: Steady Momentum In Singapore Office Segment

 

Results came in broadly in line, with 9M18 DPU of 4.20 S cents/share at 72% of our full-year estimate. KREIT continues to achieve high overall occupancy (98.0%) on the back of rising office rents and firm leasing momentum. During the quarter, KREIT secured HSBC’s HQ relocation to MBFC Tower 2 on a 10-year lease. Maintain BUY and target price of S$1.35.

 

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Hi-P International (HIP SP) : BUY

 

Lowers guidance for 3Q18

• Expects lower revenue and profit for 3Q18 compared to 3Q17, vs previous guidance of higher revenue and similar profit

• Revised guidance mainly due to project delays, lower manufacturing yields

• To book in about S$7.4m in FY18 from partial sale of subsidiary

• Maintain BUY call and TP of S$1.30; current valuations attractive

 

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RHB 

REITS

 

Still a Better Place Amidst Uncertainties

Maintain OVERWEIGHT. We believe selective SREITs still offer value for investors despite lingering concerns over rising interest rates. While we do not expect a broad-based sector outperformance, we believe SREITs with stock-specific catalysts continue to find favour. Key reasons supporting SREITs: a favourable demand-supply outlook, inorganic growth potential from recent acquisitions, and well-equipped balance sheets to mitigate rising borrowing costs. While valuations are closer to mean, we do not think they are stretched. Among the sub-sectors, our preference is for industrial and hospitality REITs (Ascendas, CDL Hospitality Trust) – we believe they are well-poised to tap into demand growth.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.190-0.030
Alliance Mineral0.1790.001
Anchor Resources0.0210.001
AusGroup0.028-
Avi-Tech Electronics0.285-
Best World Int.2.390-0.030
China Sunsine1.150-0.030
CSE Global0.5450.005
Food Empire0.5650.005
Geo Energy0.182-
Golden Energy0.2350.005
GSS Energy0.1010.002
HMI0.5400.005
ISDN Holdings0.240-
KSH Holdings0.505-0.005
Miyoshi0.043-0.002
Moya Asia0.077-
Nordic Group0.325-
Oxley Holdings0.310-0.005
REX International0.0770.001
Riverstone1.100-
Roxy-Pacific0.3950.005
Sing Holdings0.3900.005
SingMedical0.4500.005
Sino Grandness0.058-0.003
Straco Corp.0.780-0.010
Sunningdale Tech1.350-
Sunpower Group0.5750.005
The Trendlines0.0870.001
Tiong Seng0.2400.005
Uni-Asia Group1.220-
XMH Holdings0.200-
Yangzijiang Shipbldg1.500-

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