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RHB

PHILLIP SECURITIES

OUE Hospitality Trust(OUEHT SP)

Proposed Merger; Accept Offer

 

 TAKE PROFIT (previously Buy) and accept offer. OUE Commercial REIT’s proposed merger offer is fair, in our view, as the effective offer price is close to our adjusted fair value. With room for upside from a larger diversified asset base, cost savings and inorganic growth potential, we recommend investors to accept offer. Investors seeking a pure-play on hospitality should TAKE PROFIT and switch to CDL Hospitality Trusts (CDREIT SP, BUY, TP: SGD 1.80).

 

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Ascott Residence Trust

Best of both worlds - stability and growth

SINGAPORE | REAL ESTATE (HOSPITALITY) | INITIATION

 

 Income stability through geographic diversification and lease structure

 Inorganic growth from S$880mn debt headroom, ROFR pipeline of 20 properties and tapping on sponsor’s growth trajectory

 Less Capex and Opex intensive requirements for Serviced Residences

 Initiate coverage with BUY rating and S$1.36 target price, implying a 21.5% upside

 

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OCBC UOB KAYHIAN

Soft commodities: CPO recovery

 

After a 35% fall from early 2017 to end 2018, crude palm oil prices are up about 6% this year. Related stocks have also seen more interest and better price performance in the past few trading sessions. On 27 Mar, Reuters reported that a senior Indonesia minister had warned that the country could consider exiting the Paris climate deal if the EU goes ahead with its plan to phase out palm oil in renewable transportation fuel. Following this and coupled with a likely decline in Malaysian CPO inventories in Mar, CPO prices have risen steadily MTD. Looking ahead, OCBC Treasury Research and Strategy are forecasting CPO to average RM2,400/MT in 4Q19. This would mean a ~13% upside from current levels, and are likely to support CPO related stocks as well. Though Golden-Agri [HOLD, FV: S$0.29] which is more exposed to the CPO sector may move more in tandem with CPO prices, its stock is currently trading at 0.72x forward P/B, close to the +1 s.d level over the past five years. In comparison, Wilmar [HOLD, FV: S$3.44] is trading at 0.93x P/B, close to its five-year historical mean. A proposed spin-off of its China business operations would also unlock value and inject more transparency to valuations.

 

 

Koufu Group (KOUFU SP)

Beneficiary Of MBS Expansion Plans

 

LVS announced a S$4.5b commitment to expand MBS by adding a 1,000-suite hotel tower, a 15,000-seat entertainment arena and additional MICE space. LVS expects a lift in visitor volume and spending once the expansion is completed. With its existing food court within MBS, Koufu will be a potential beneficiary. Reiterate BUY and PE-based target price of S$0.95.

 

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LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM Holdings1.070-0.010
Alliance Mineral0.170-
Anchor Resources0.018-
AusGroup0.029-
Avi-Tech Electronics0.290-
Best World Int.1.870-0.060
China Sunsine1.2300.020
CSE Global0.520-
Food Empire0.5550.010
Geo Energy0.1800.003
Golden Energy0.220-0.005
GSS Energy0.1010.001
HMI0.545-0.005
ISDN Holdings0.2300.005
KSH Holdings0.530-0.015
Miyoshi0.0560.004
Moya Asia0.088-
Nordic Group0.3250.005
Oxley Holdings0.295-0.005
REX International0.0790.001
Riverstone1.080-0.030
Roxy-Pacific0.410-
Sing Holdings0.405-
SingMedical0.460-0.010
Sino Grandness0.055-0.001
Straco Corp.0.780-
Sunningdale Tech1.3400.010
Sunpower Group0.525-0.010
The Trendlines0.0860.001
Tiong Seng0.2450.005
Uni-Asia Group1.180-
XMH Holdings0.185-
Yangzijiang Shipbldg1.580-0.020

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