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CGS CIMB

OCBC

ComfortDelGro

60 days after Go-JEK’s soft launch…

 

■ Go-JEK’s incentives were cut 50%, solidifying CD’s and Grab’s positions in the taxi/ride-hailing industry. It is better to be a taxi or Grab driver, in our view.

■ Our study shows that taxi drivers’ wages on a regular 10-hour workday are higher (3-75%) than those of Grab/Go-JEK drivers.

■ Of our 10% FY19F EPS growth forecast, 5% comes from acquisitions, 4% from public services transport business and 1% from taxi operations.

 

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Starhill Global REIT: Beneficiary of Orchard Road revitalisation

 

Starhill Global REIT’s (SGREIT) recent 2QFY19 results came in slightly short of our expectations. DPU declined by 3.4% YoY and 1.7% QoQ to 1.13 S cents. We had expected a sequential uptick in DPU. Operationally, Wisma Atria (retail)’s actual occupancy improved, but this came at the expense of rents. However, tenants’ sales grew 2.9% YoY. Another positive development came from Myer Centre Adelaide, which finally secured a new anchor tenant for its office component. On 30 Jan, STB, URA and NParks jointly announced plans to enhance Orchard Road as a lifestyle destination. While we trim our FY19 and FY20 DPU forecasts by 2.6% and 2.2%, respectively, we also lower our cost of equity assumption by 22 bps to 8.0%. This is due to a more risk-on market sentiment and concrete plans to improve the longer-term viability of Orchard Road which we believe would be beneficial to asset values in the precinct. Our fair value inches up from S$0.74 to S$0.75. Maintain BUY.

MAYBANK KIM ENG UOB KAYHIAN

Frasers Hospitality Trust (FHT SP)

More Than A Value Play

 

DPU in line, rising AUM repositioning potential

Our forecasts are unchanged following in-line 1Q19 (to consensus and our estimates) with DPU at SGD1.25cts (down 4.3% YoY, up 3.2% QoQ), largely on the back of a stronger UK performance (gross operating revenue/profit up 9.3% YoY/ 8.1% YoY). Our DDM-based TP of SGD0.80 is unchanged (COE: 7.6%, LTG: 2.0%). FHT remains undemanding on valuations both against history and peers at 0.8x FY19E P/B. And we see catalysts emerging from a potential portfolio reshuffle; a Sofitel Wentworth Sydney divestment could reap SGD110-150m in gains, to fund further opportunities in Europe, supported by its low 34.4% gearing and sponsor’s growing AUM. BUY.

 

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Sembcorp Industries (SCI SP)

4Q18 Earnings Preview: Reflections Of A Slow Quarter

 

SCI is expected to report 2018 net profit of S$321m and 4Q18 core net profit of S$77m. We expect most geographies to be stable, barring India and the UK. The former is expected to report a quarterly loss, while the latter is expected to report strong earnings on the back of UKPR. Divestments in 2018 totalled S$194m, or 39% of the S$500m divestment target over two years. We trim 2018 net profit forecast by 2% on lower Marine contributions. Maintain BUY; target price: S$3.20.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.040-0.030
Alliance Mineral0.168-0.002
Anchor Resources0.018-
AusGroup0.0310.002
Avi-Tech Electronics0.280-0.010
Best World Int.1.780-0.110
China Sunsine1.200-0.030
CSE Global0.515-0.005
Food Empire0.5600.005
Geo Energy0.178-0.002
Golden Energy0.220-
GSS Energy0.1030.002
HMI0.545-
ISDN Holdings0.225-0.005
KSH Holdings0.520-0.010
Miyoshi0.054-0.002
Moya Asia0.087-0.001
Nordic Group0.325-
Oxley Holdings0.295-
REX International0.0810.002
Riverstone1.080-
Roxy-Pacific0.405-0.005
Sing Holdings0.405-
SingMedical0.4650.005
Sino Grandness0.053-0.002
Straco Corp.0.8000.020
Sunningdale Tech1.330-0.010
Sunpower Group0.525-
The Trendlines0.0870.001
Tiong Seng0.2500.005
Uni-Asia Group1.170-0.010
XMH Holdings0.163-0.022
Yangzijiang Shipbldg1.5900.010

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