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Manulife US REIT (MUST SP)

A Play On Work

 

Stable core with embedded growth; Initiate at BUY

Manulife US REIT (MUST), with its seven freehold US office assets backed by high-quality tenancies, remains a good proxy for favourable US macroeconomic fundamentals, in our view. DPU visibility is supported by stable income growth and low leasing risks, with: 1) 94% of its leases embedded with either annual rental escalations averaging 2.5% or mid-term, periodic rental increases; 2) a long 5.8-year WALE with 48.7% of gross rental income expiring after 2023; and 3) a diversified 116-strong tenant base. MUST offers 6.9-7.1% FY19-20E DPU yields vs 4.6-6.6% promised by its office S-REIT peers. We initiate coverage with BUY and a DDM-based TP of USD1.00 (COE: 7.7%, LTG: 2.0%). Key risks are: 1) adverse changes to its US REIT status; 2) changes to tax regimes; and 3) a slower US office sector outlook.

 

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Fortress Mineral (FMIL SP)

High-grade Iron Ore Play

 

FMIL produces high-grade iron ore concentrate mined from deposits in the Bukit Besi mine at Terengganu, Malaysia. With an estimated output capacity of 40,000 wet metric tonnes per month, FMIL is well-positioned to ride on increasing demand from Chinese steel mills as China addresses the twin problems of pollution and inefficient steel mills.

 

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PHILLIP SECURITIES CGS CIMB

 

Geo Energy Resources Ltd

Lacklustre outlook in 2019

SINGAPORE | MINING | 4Q18 RESULTS

 

 4Q18 revenue and net profit missed our expectations due to lower production volume and ASP

 We lower our FY19e sales volume to 8mn tonnes (previously 10mn tonnes) and revise down the ASP to US$40.2/tonne (previously US$41/tonne). Meanwhile, we lower the cash cost to US$29.5/tonne (previously US$30/tonne). Accordingly, FY19e EPS is cut to 1.6 US cents (previously 3.3 US cents). Based on an unchanged forward PER of 10x (average of regional peers) and the exchange rate (USD/SGD) of 1.35, we downgrade to ACCUMULATE recommendation with a lower target price of S$0.215 (previously S$0.245).

 

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Y Ventures Group Ltd

At a potential inflection point

 

■ Sell-off in YVEN could be overdone after 75% decline in price YTD.

■ YVEN will focus more on books and differentiated merchandise and is looking to monetise its data analytics in a bid to turn around to profit.

■ We upgrade YVEN from Reduce to Add with a higher TP of S$0.15 as we look to a possible turnaround on strong sustained sales growth ahead.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings0.995-0.005
Alliance Mineral0.162-0.004
Anchor Resources0.0140.003
AusGroup0.0290.003
Avi-Tech Electronics0.270-
Best World Int.1.360-
China Sunsine1.130-0.010
CSE Global0.475-0.005
Food Empire0.500-
Geo Energy0.156-0.002
Golden Energy0.191-
GSS Energy0.077-0.003
HMI0.640-
ISDN Holdings0.235-
KSH Holdings0.425-
Miyoshi0.041-
Moya Asia0.076-
Nordic Group0.290-
Oxley Holdings0.320-
REX International0.069-0.002
Riverstone0.9300.010
Roxy-Pacific0.400-
Sing Holdings0.380-
SingMedical0.375-0.005
Sino Grandness0.044-0.003
Straco Corp.0.7600.020
Sunningdale Tech1.3400.010
Sunpower Group0.465-0.015
The Trendlines0.080-
Tiong Seng0.245-
Uni-Asia Group0.755-0.005
XMH Holdings0.153-
Yangzijiang Shipbldg1.470-

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