tag:blogger.com,1999:blog-48091402072047010152024-03-18T11:03:49.236+08:00BUAYASGSINGAPORE CROCODILEbuayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.comBlogger506125tag:blogger.com,1999:blog-4809140207204701015.post-60451811924664305372023-09-09T20:18:00.000+08:002023-09-09T20:18:19.537+08:00Frasers Logistics & Commercial Trust โ Dividend yield = 6%<p><span style="background-color: white; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px;"><br /></span></p><p><span style="background-color: white; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px;">The Europe- and Australia-focused</span><span style="background-color: white; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px;"> </span><span style="box-sizing: border-box; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px; font-weight: bolder;">Frasers Logistics & Commercial Trust</span><span style="background-color: white; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px;"> </span><span style="background-color: white; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px;">(SGX: BUOU) owns 107 logistics & industrial (L&I) as well as commercial properties.</span></p><p style="background-color: white; box-sizing: border-box; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px; margin: 0px 0px 20px;">Valued at a total of S$6.9 billion, 99 of these properties are in the L&I segment meaning the REIT is primarily focused in the industrial space.</p><p style="background-color: white; box-sizing: border-box; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px; margin: 0px 0px 20px;">Frasers Logistics & Commercial Trust, also known as FLCT, saw an overall positive rental reversions of +9.8% (on an incoming vs outgoing basis) in Q3 FY2023 (for the three months ended 30 June 2023).</p><p style="background-color: white; box-sizing: border-box; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px; margin: 0px 0px 20px;">It has a low gearing ratio of just 28.6% and its cost of borrowing is also relatively low at just 2.0%. Its low gearing means the REIT has debt headroom of around S$3 billion to make accretive acquisitions if it wants.</p><p style="background-color: white; box-sizing: border-box; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px; margin: 0px 0px 20px;">At its current share price, FLCT shares are offering investors a 12-month forward dividend yield of <span style="box-sizing: border-box; font-weight: bolder;">6%</span>.</p><p style="background-color: white; box-sizing: border-box; color: #273b87; font-family: "Open Sans", Arial, Helvetica, sans-serif; font-size: 15px; margin: 0px 0px 20px;">With commercial and retail properties that span Singapore, Hong Kong, China, South Korea, and Japan, the REITโs share price is down around 12% so far in 2022.</p>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-38563723601726025442022-11-09T20:21:00.001+08:002022-11-09T20:24:03.702+08:00AC Milan in Singapore<p><span style="background-color: white; color: #050505; font-family: inherit; font-size: 15px; white-space: pre-wrap;"><br /></span></p><p><span style="background-color: white; color: #050505; font-family: inherit; font-size: 15px; white-space: pre-wrap;">AC Milan fans, brace yourself! Join us for the exclusive meet and greet to get up close with club legend Daniele Massaro. Don't miss the opportunity to take a selfie with the Series A Trophy! </span></p><div class="x11i5rnm xat24cr x1mh8g0r x1vvkbs xtlvy1s x126k92a" style="animation-name: none; background-color: white; color: #050505; font-family: "Segoe UI Historic", "Segoe UI", Helvetica, Arial, sans-serif; font-size: 15px; margin: 0.5em 0px 0px; overflow-wrap: break-word; transition-property: none; white-space: pre-wrap;"><div dir="auto" style="animation-name: none; font-family: inherit; transition-property: none;"><span class="x3nfvp2 x1j61x8r x1fcty0u xdj266r xhhsvwb xat24cr xgzva0m xxymvpz xlup9mm x1kky2od" style="animation-name: none; display: inline-flex; font-family: inherit; height: 16px; margin: 0px 1px; transition-property: none; vertical-align: middle; width: 16px;"><br /></span></div></div><div class="x11i5rnm xat24cr x1mh8g0r x1vvkbs xtlvy1s x126k92a" style="animation-name: none; background-color: white; color: #050505; font-family: "Segoe UI Historic", "Segoe UI", Helvetica, Arial, sans-serif; font-size: 15px; margin: 0.5em 0px 0px; overflow-wrap: break-word; transition-property: none; white-space: pre-wrap;"><div dir="auto" style="animation-name: none; font-family: inherit; transition-property: none;"><span class="x3nfvp2 x1j61x8r x1fcty0u xdj266r xhhsvwb xat24cr xgzva0m xxymvpz xlup9mm x1kky2od" style="animation-name: none; display: inline-flex; font-family: inherit; height: 16px; margin: 0px 1px; transition-property: none; vertical-align: middle; width: 16px;"></span><span style="font-family: inherit;">PUMA 313@Somerset Flagship Store</span></div><div dir="auto" style="animation-name: none; font-family: inherit; transition-property: none;"><span style="font-family: inherit;"><br /></span></div><div dir="auto" style="animation-name: none; font-family: inherit; transition-property: none;"><span class="x3nfvp2 x1j61x8r x1fcty0u xdj266r xhhsvwb xat24cr xgzva0m xxymvpz xlup9mm x1kky2od" style="animation-name: none; display: inline-flex; font-family: inherit; height: 16px; margin: 0px 1px; transition-property: none; vertical-align: middle; width: 16px;"></span><span style="font-family: inherit;">11 Nov, 6:30pm โ 9pm</span></div><div dir="auto" style="animation-name: none; font-family: inherit; transition-property: none;"><span style="font-family: inherit;"><br /></span></div><div dir="auto" style="animation-name: none; font-family: inherit; transition-property: none;"><br /></div><div dir="auto" style="animation-name: none; font-family: inherit; transition-property: none;"><br /></div><div dir="auto" style="animation-name: none; font-family: inherit; transition-property: none;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgccXnxSfgLdpTc525_oWem_hryxDAhvpqaa_3U2DyU8lWwK0khXTfFp2pgutJI-fascAWxJKgoHJqikNz1Bo74w1K5MOIZsrzmfvBaqRkOSicHx7KU897wZMUUqNB5GDNjhYHVzt5wGiL4FeU2UGMTWkaonvtQ5FHN-w12J1ps0SBNJpvLEE9oPCGR" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="843" data-original-width="843" height="240" src="https://blogger.googleusercontent.com/img/a/AVvXsEgccXnxSfgLdpTc525_oWem_hryxDAhvpqaa_3U2DyU8lWwK0khXTfFp2pgutJI-fascAWxJKgoHJqikNz1Bo74w1K5MOIZsrzmfvBaqRkOSicHx7KU897wZMUUqNB5GDNjhYHVzt5wGiL4FeU2UGMTWkaonvtQ5FHN-w12J1ps0SBNJpvLEE9oPCGR" width="240" /></a></div><br /><br /></div></div>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-65966976787537123162022-09-29T09:25:00.000+08:002022-09-29T09:25:00.208+08:00๐๐ฎ๐๐ฐ๐ต ๐๐ช๐ง ๐๐น๐ฝ๐ถ๐ป๐ฒ ๐๐ญยฎ ๐ง๐ฒ๐ฎ๐บ ๐๐ฟ๐ถ๐๐ฒ๐ฟ๐, ๐๐ฒ๐ฟ๐ป๐ฎ๐ป๐ฑ๐ผ ๐๐น๐ผ๐ป๐๐ผ ๐ฎ๐ป๐ฑ ๐๐๐๐ฒ๐ฏ๐ฎ๐ป ๐ข๐ฐ๐ผ๐ป @ ๐๐ข๐ก ๐ข๐ฟ๐ฐ๐ต๐ฎ๐ฟ๐ฑ<p><span class="_aacl _aaco _aacu _aacx _aad7 _aade"> </span></p><p><span class="_aacl _aaco _aacu _aacx _aad7 _aade">๐ฐ๐ฝ๐บ ๐ผ๐ป ๐ฎ๐ต ๐ฆ๐ฒ๐ฝ๐ ๐ฎ๐ฌ๐ฎ๐ฎ (๐ง๐ต๐)<br />๐๐น๐ฝ๐ถ๐ป๐ฒ ๐๐ ๐ฝ๐ฒ๐ฟ๐ถ๐ฒ๐ป๐ฐ๐ฒ @ ๐๐ข๐ก ๐ข๐ฟ๐ฐ๐ต๐ฎ๐ฟ๐ฑ, ๐๐ญ ๐๐๐ฟ๐ถ๐๐บ<br /></span></p><p><span class="_aacl _aaco _aacu _aacx _aad7 _aade"><br />F1ยฎ
Weekend is just around the next chicane. Join us to witness the
official unveiling of the new Alpine A110 by two-time Formula One World
Championship winner Fernando Alonso and winner of the 2021 Hungarian
Grand Prix, Esteban Ocon.<br /><br />Also, clock the fastest lap in our F1ยฎ
racing simulator during the race week and stand to win autographed
Alpine merchandise by the BWT Alpine F1ยฎ Team Driver. ๐ </span></p>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-53265272896634776682022-08-22T10:36:00.003+08:002022-08-22T10:36:40.677+08:00Helping their shareholders beat inflation by increasing dividend payouts.<p> </p><p>Sheng Siong (SGX: OV8) is a Singapore-grown supermarket chain with 66
outlets in our country. The company has also expanded into China to
grow its business further.</p>
<p>For Sheng Siongโs first half of 2022, revenue dipped 0.7%
year-on-year to S$676.8 million as COVID-19 measures were lifted earlier
this year. The company explained that the easing โled to increased
outdoor dining and overseas travel, especially during the June school
holidays, which in turn returned sales revenue to more normalised
pre-pandemic levelsโ.</p>
<p>However, despite the lower revenue, Sheng Siongโs net profit rose
2.1% to S$67.5 million for 2022 first-half. This resulted in its net
profit margin improving from 9.7% to 10%.</p>
<p>The company has maintained its practice of paying stable dividends.
For the latest period, Sheng Siongโs interim dividend per share
increased to 3.15 Singapore cents, up 1.6% from 3.10 Singapore cents
last year.</p>
<p>Sheng Siong shares are trading at S$1.63 each at the time of writing,
translating to a P/E ratio of 18x and a dividend yield of 3.9%.</p>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-86513007383070942462022-08-02T18:53:00.000+08:002022-08-02T18:53:32.247+08:00Consumers chose to dine at home to reduce excessive spending<p> </p><p></p><p></p><p><img alt="" class="yiv4485573632mobile100" src="https://ecp.yusercontent.com/mail?url=https%3A%2F%2Fcontentz.mkt8898.com%2Fra%2F2022%2F15888%2F08%2F6189734%2Fstock-highlights-edm-sheng-siong-singtel_c1.png&t=1659437321&ymreqid=57bc2fbb-0a03-e42c-1c2b-4b0039013500&sig=R1Kwi7cLFV4HLC7PqECUIQ--~D" style="width: 550px;" width="550" /><img alt="" src="https://ecp.yusercontent.com/mail?url=https%3A%2F%2Fcontentz.mkt8898.com%2Fra%2F2022%2F15888%2F08%2F6189734%2Fstock-highlights-edm-sheng-siong-singtel_block.png&t=1659437321&ymreqid=57bc2fbb-0a03-e42c-1c2b-4b0039013500&sig=iqxT4_vF9HP6WhK1Imd0Xw--~D" style="display: block; width: 30px;" />
</p><table cellpadding="0" cellspacing="0" style="width: 100%px;"><tbody><tr>
<td align="left" style="color: #484848; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px;" valign="top" width="17">โข</td>
<td align="left" style="color: #484848; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px;" valign="top">Analysts positive on Sheng Siong as inflationary pressures rise (13 Jul 2022, The Business Times)</td>
</tr>
<tr>
<td align="left" style="color: #484848; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px;" valign="top" width="17"> </td>
<td align="left" style="color: #484848; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px;" valign="top">
<table cellpadding="0" cellspacing="0" style="width: 100%px;">
<tbody><tr>
<td align="left" style="color: #484848; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px;" valign="top" width="17">โข</td>
<td align="left" style="color: #484848; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px;" valign="top">With
rising inflation, Sheng Siong Group will see an increase in demand for
its groceries, as consumers switch to more economical home-cooked meals,
rather than spend on dining out</td>
</tr>
<tr>
<td align="left" style="color: #484848; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px;" valign="top" width="17">โข</td>
<td align="left" style="color: #484848; font-family: Arial, sans-serif; font-size: 14px; line-height: 18px;" valign="top">The
easing of Covid-19 restrictions, which has led to a moderation in
demand, will be offset by a boost in inflation-induced demand for the
value-for-money supermarket chain, as consumers choose to dine at home
to reduce excessive spending</td></tr></tbody></table></td></tr></tbody></table>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-44183279534046341692022-05-05T08:39:00.000+08:002022-05-05T08:38:59.999+08:00Ascott Residence Trust โ Pick-up in demand upon relaxation<p> <span></span></p><ul><li style="-ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; mso-line-height-rule: exactly;">No
financials provided in this business update. 1Q22 RevPAU grew 22% YoY,
currently at 65% of pre-pandemic levels, on the back of higher ADRs and
occupancy.<br /><br /> <br /></li><li style="-ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; mso-line-height-rule: exactly;">RevPAU
declined 23% QoQ due to tightening of restrictions in Jan-Feb22 in
several of ART's key markets due to resurgence of Omicron cases,
seasonal lull, as well as three properties transitioning out of
government block bookings.<br /><br /><br /></li><li style="-ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; mso-line-height-rule: exactly;">Maintain
ACCUMULATE, DDM-TP raised from S$1.23 to S$1.24. FY22e-26e DPUs raised
by 0.3-0.9% as we pencil in acquisition of Japan portfolio of rental
housing and student accommodation assets, resulting in a slight increase
in our DDM-TP. Catalysts include faster than anticipated recovery,
opportunistic divestments and acquisitions of extended stay assets.</li></ul><p></p>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-4860876528266468192020-11-17T08:35:00.000+08:002020-11-17T08:35:05.386+08:00 PropNex Ltd โ More resilient than expected<p><br /></p><p><span></span></p><ul><li style="-ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; mso-line-height-rule: exactly;"><span style="font-size: 15px;"><span style="font-family: source sans pro,helvetica neue,helvetica,arial,sans-serif;">3Q20
PATMI rose 10.6% YoY to S$6.8mn, far exceeding our forecast. 9M20
earnings form 111% of our FY20e forecast. Despite lockdown, new project
revenue was more resilient than expected. <br /></span></span></li><li style="-ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; mso-line-height-rule: exactly;"><span style="font-size: 15px;"><span style="font-family: source sans pro,helvetica neue,helvetica,arial,sans-serif;">Revenue
from new projects rose 15% YoY to S$51.9mn. Higher market share,
billing of earlier projects and successful virtual selling were some of
the reasons.</span></span></li><li style="-ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; mso-line-height-rule: exactly;"><span style="font-size: 15px;"><span style="font-family: source sans pro,helvetica neue,helvetica,arial,sans-serif;">Net cash of S$94.7mn, up from 3Q19โs S$74.5mn.</span></span></li><li style="-ms-text-size-adjust: 100%; -webkit-text-size-adjust: 100%; mso-line-height-rule: exactly;"><span style="font-size: 15px;"><span style="font-family: source sans pro,helvetica neue,helvetica,arial,sans-serif;">Maintain
BUY with a higher DCF TP of S$0.85, from S$0.70. Circuit breaker might
have affected resale and rental revenue but not new project sales.
Yields of 6% and cash flows of S$28mn p.a. with modest capex and
working-capital requirements are what we like about PropNex.</span></span></li></ul><p></p>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-35899346122285869952020-07-09T14:15:00.001+08:002020-07-09T14:15:35.498+08:00AmBank 'overweight' on Malaysia's glove makers <br />
AMBANK has maintained its "overweight" call on Malaysia's glove
sector and raised its fair value (FV) of Top Glove - the world's largest
rubber glove maker.<br />
<br />
This comes as it expects the sales volume and average selling price
(ASP) of gloves to "grow exponentially" in the second-half year amid the
Covid-19 pandemic, wrote AmBank analyst Nafisah Azmi in a sector report
on Tuesday.<br />
<br />
"We believe that selling prices will continue to soar in the next six
months as lead time stretches up to 12 months. The glove companies'
earnings will be further boosted by expanded margins as raw material
prices remain low, selling prices continue to grow, US dollar (USD)
continues to strengthen over the Malaysian ringgit (MYR), and expansion
plans remain intact for the glove producers," said Ms Nafisah.<br />
<br />
In the light of the recent spike in Covid-19 cases worldwide, AmBank
has raised its ASP assumptions for Malaysia-listed glove producers
including Top Glove, Hartalega and Kossan.buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-74755630923275456552020-06-15T11:43:00.001+08:002020-06-15T11:43:16.536+08:00Top Glove โ top performer<br />
<b>Malaysian glove maker Top Glove last week reported a 365% jump in net
profit to RM348m and a 42% rise in revenue to RM1.69b for its third
quarter ended 30 May thanks to a surge in demand for its gloves because
of the virus pandemic.</b><br />
<br />
<br />
<b>
</b><b>Earnings per share was up from 2.92 sen to 13.59 sen. Its shares
jumped 14 Singapore cents to S$5.70 on Friday on cum-dividend trading.
The company is paying an interim dividend of 10 sen on 9 July.</b>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-51945378056424017862019-10-23T09:09:00.002+08:002019-10-23T09:09:53.514+08:00Meet and Greet with Moses Chan, Ali Lee and Derek Chang<br />
<br />
<b>Date:</b> Sunday, 3 November 2019<br />
<b>Time:</b> 6pm<br />
<b>Venue:</b> Causeway Point, Level 1 Atrium<br />
<br />
<img class="fit-width" height="225" src="https://www.starhub.com/content/dam/starhub/2019/personal/promotions/night-of-stars/artistes.jpg" width="400" />buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-27358548799846684682019-10-06T20:58:00.000+08:002019-10-06T20:58:25.047+08:00Time to Play Defense<br />
<br />
<a aria-label="Netlink NBN Trust (SGX: CJLU) (opens in a new tab)" href="https://www.drwealth.com/data/sgx/cjlu-netlink-nbn-trust" rel="noreferrer noopener" target="_blank">Netlink NBN Trust (SGX: CJLU) </a>is the sole appointed โNetwork Companyโ for Singaporeโs Next Generation National Broadband Network (NBN).<br />
<br />
<br />
The trust groupโs network, which spans nationwide, delivers
high-speed internet access throughout Singapore. It also designs,
builds, owns and operates passive fibre network infrastructure for
Singaporeโs NBN.<br />
<br />
<br />
Netlink is listed as a business trust, which means that it does not
have any restrictions on borrowing levels and it also pays out 100% of
its cash available for distribution as a dividend.<br />
<br />
<br />
Dividends paid out in FY18 amounted to 4.88 Singapore cents per share, which translates to a dividend yield of <strong>5.4% at the last traded price of S$0.90. </strong>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-68913685818849660942019-09-26T09:11:00.003+08:002019-09-26T09:12:24.691+08:00Meet and Greet with Sung Hoon<br />
<br />
<b>Date:</b> Friday, 27 September 2019<br />
<br />
<br />
<b>Time:</b> 6pm<br />
<br />
<br />
<b>Venue:</b> City Square Mall, Level 1 Atrium<br />
<br />
<br />
<img class="fit-width" height="225" src="https://www.starhub.com/content/dam/starhub/2019/personal/promotions/night-of-stars/sung-hoon.jpg" width="400" />buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-32998086305424909662019-09-22T11:16:00.003+08:002019-09-22T11:16:35.683+08:00Suntec REIT - Upgraded Stock<br />
<br />
Amid the expectations of further cuts in interest rates, real estate
investment trusts (Reits) should continue to perform well. Within the
Reits sector, Suntec REIT is the top pick.<br />
<br />
<br />
The analyst sees better earnings clarity from the flow through of
positive rental reversions, completion of three development assets (9
Penang Road, Olderfleet and 21HS) by 1H20 as well as higher income
contribution from two Australian asset acquisitions. Meanwhile, the
recent placement that raised gross proceeds of $158.9 million (of which
79.5 percent of the gross proceeds are used to finance the Australian
acquisitions) also removed an overhang of any imminent fund raising.<br />
<br />
<br />
At the current share price of $1.94, Suntec REIT is trading at a
price-to-book (P/B) value of 0.91 and a forward-FY19 distribution yield
of 5.2 percent.buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-50688687487362140062019-06-11T11:25:00.003+08:002019-06-11T11:27:42.210+08:00Open Press Conference (FREE Entry) - The Boyz Asia Fan-Con<br />
<br />
The Boyz, one of the most anticipated rising K-pop group is coming to Singapore for their first Asia tour - The Boyz Asia Fan-Con [The Castle] in Singapore 2019!<br />
<br />
<br />
Come meet The Boyz on 15th June (Saturday) at their Open Press Conference; 7:30pm at Gain City Megastore @ Sungei Kadut (FREE Entry)! - Queue begins at 5:00pm<br />
<br />
<br />
<img alt="Image may contain: 11 people, text" aria-busy="true" class="spotlight" height="225" src="https://scontent.fsin9-1.fna.fbcdn.net/v/t1.0-9/62364004_10157248160809941_1700850763393138688_n.jpg?_nc_cat=111&_nc_oc=AQn1a7bUHpQoH0CEihcYwmBl_dRsioHOH0a4oXFbHMkxIBkquulPkj1icyzZQKGjMA0&_nc_ht=scontent.fsin9-1.fna&oh=5ae37983001a742058996853d14d0b2e&oe=5D97DC5B" width="400" />buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com1tag:blogger.com,1999:blog-4809140207204701015.post-78099088465608067512019-05-11T09:30:00.005+08:002019-05-11T09:31:44.764+08:00Netlink NBN Trust: Your Go-To Stock For High Yield<div style="text-align: justify;">
<b><br />According to DBS, the market is now on a
search for high yield with the Fed turning more dovish. This contrasts
with previous concerns on higher than expected 10-year bond yields.<br /><br /></b></div>
<b>
</b>
<div style="text-align: justify;">
<b><a href="http://www.sharesinv.com/CJLU/">Netlink NBN Trust</a>
is currently trading at approximately 6.3 percent FY20F yield compared
to the average yield of 6.0 percent offered by large-cap industrial
S-REITs. DBS notes that given the regulated nature of its business and
no lack of debt headroom to fund acquisitions, Netlink NBN Trust should
be trading at a lower yield. This means that there is room for Netlink
NBN Trustโs share price to take off.<br /><br /></b></div>
<b>
</b>
<div style="text-align: justify;">
<b>Moreover, one unique advantage of the
over REITs and Business Trusts is that a potential rise in the cost of
capital might lead to higher regulated returns from 2022 onwards,
translating into higher distributions.</b></div>
buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-20900144722605681452019-04-24T14:19:00.000+08:002019-04-24T14:20:13.346+08:00Up Close with A.C.E at Wisma Atria Saturday 27th April, 3pm<img height="266" src="https://ci6.googleusercontent.com/proxy/FO3IZlgjfbmlS1Lf0chfz_uXs-52SiOTZId5U6nNsNVabu7IYEk0nYyy5lVA6wGBwWCJQw6YEL_tTEi6q49IRPIwyEYVUUHL6OipVPIV9MkPeuGuZ9kAFnbyyW6ERD0Ob0spdTYEZoLoXkVgBNzJYlCHS8CmqYGpCcY=s0-d-e1-ft#https://gallery.mailchimp.com/3d6121b7dfc5f451525cc5d90/images/bf1f7c7c-14c2-4835-acb5-fd5ae7b8de8f.png" width="400" />buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-73812202593182271172018-10-29T11:52:00.000+08:002018-10-29T11:52:12.340+08:00RAMPANT - Hyun Bin, Jang Dong-Gun<div class="separator" style="clear: both; text-align: center;">
<a href="https://4.bp.blogspot.com/-g8DRv_lP5Ng/W9aDp4MwPmI/AAAAAAAAAww/jiEeX2KonOsb0PvxeE2_4oNMGYAN8Bb6QCLcBGAs/s1600/SUNTEC.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="960" data-original-width="960" height="320" src="https://4.bp.blogspot.com/-g8DRv_lP5Ng/W9aDp4MwPmI/AAAAAAAAAww/jiEeX2KonOsb0PvxeE2_4oNMGYAN8Bb6QCLcBGAs/s320/SUNTEC.jpg" width="320" /></a></div>
<br />
<br />
Omo! <span class="_5mfr"><span class="_6qdm" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/fc1/1/16/1f62e.png"); font-size: 16px; height: 16px; width: 16px;">๐ฎ</span></span>
Oppas are almost here! Meet Hyun Bin, Jang Dong-Gun and director Kim
Sung-Hoon as they make special appearances at two events here in
Singapore for RAMPANT!<br />
๐๐๐๐ญ-&-๐๐ซ๐๐๐ญ ๐๐๐ฌ๐ฌ๐ข๐จ๐ง<br /> <span class="_5mfr"><span class="_6qdm" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/f7e/1/16/1f4c5.png"); font-size: 16px; height: 16px; width: 16px;">๐ </span></span>: 30 Oct 2018 (Tue), 7:00PM<br /> <span class="_5mfr"><span class="_6qdm" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/f2d/1/16/1f4cd.png"); font-size: 16px; height: 16px; width: 16px;">๐</span></span>: Level 1, North Atrium, Suntec City<br />
<div class="text_exposed_show">
๐๐๐ ๐๐๐ซ๐ฉ๐๐ญ ๐๐ฏ๐๐ง๐ญ<br /> <span class="_5mfr"><span class="_6qdm" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/f7e/1/16/1f4c5.png"); font-size: 16px; height: 16px; width: 16px;">๐ </span></span>: 30 Oct 2018 (Tue), 8:00PM<br /> <span class="_5mfr"><span class="_6qdm" style="background-image: url("https://www.facebook.com/images/emoji.php/v9/f2d/1/16/1f4cd.png"); font-size: 16px; height: 16px; width: 16px;">๐</span></span>: Resorts World Theatre, Resorts World Sentosa<br />
See you there!</div>
buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-18547986528726803062018-09-16T21:56:00.000+08:002018-09-16T21:57:05.422+08:00Sheng Siong Group - Undemanding Valuation<br />
<br />
<span style="font-size: large;">With 48 stores located across the island, <a href="http://www.sharesinv.com/OV8/">Sheng Siong Group (Sheng Siong)</a>
operates the third largest supermarket chain in Singapore that caters
to the countryโs mass market. Since its IPO listing in 2011, bottom line
growth has continued to remain steady, driven by margin expansion from
efficiency gains in the supply chain. Given its defensive business model
and almost no foreign exposure, Sheng Siongโs business is relatively
sheltered from global economic uncertainty.</span><br />
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<span style="font-size: large;">
</span>
<div style="text-align: justify;">
<span style="font-size: large;">Sheng Siong currently trades around a
price-to-earnings multiple of 22.5 times, which is just slightly above
its 7โyear average of 22.3 times. At its current valuation, KGI finds
that it offers a good entry point given Sheng Siongโs resilience amid an
uncertain economic environment. It also offers a dividend yield of
about 3.3 percent.</span></div>
buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-53549681613938051952018-08-26T09:35:00.000+08:002018-08-26T09:35:06.798+08:00Singapore Post <br />
<div style="text-align: justify;">
MBKE highlights <a href="http://www.sharesinv.com/S08/">SingPost</a>
as one of the best placed logistics companies in ASEAN that is poised
to benefit from the rapid growth in e-commerce. The recent continued
growth in international mail volume through its partnership with Alibaba
is evidence of the rapid growth in ecommerce. Although SingPost has had
its fair share of results disappointment lately, MBKE believes this is
mainly due to the implementation of revised terminal dues. Its ability
to ride on the growing ecommerce trend continues to be strong.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<strong>BUY, TP $1.50; Current share price $1.13</strong></div>
buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-63695932622119078292018-08-23T12:46:00.003+08:002018-08-23T12:46:53.938+08:00Sheng Siong Group | BUY<br />
<h3>
BROKERS' TAKE </h3>
<h3>
</h3>
<b>Aug 20 close: S$1.11</b><br />
<b>
</b><b>Target price: S$1.30</b><br />
<b>
</b><b>RHB Research, Aug 20</b><br />
<b>
</b><b>Sheng Siong is our top pick in the Singapore consumer sector. We
reiterate our "buy" call with a higher target price of S$1.30 from
S$1.27 previously, implying a 19 per cent upside.</b>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-47169340959853493412018-07-02T09:46:00.000+08:002018-07-02T09:46:06.580+08:00Brother of the Year Meet-&-Greet Session<span>Get up close with Nichkhun of <a href="https://www.facebook.com/2pm.jype/" target="_blank">2pm</a>, Sunny and Yaya at the BROTHER OF THE YEAR meet-and greet session!</span><br />
<br />
<span style="color: red;"><b><span></span>Bugis+ Atrium, L2 on 2 Jul (Mon), 6pm.</b></span>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-88134810593128639972017-10-26T22:26:00.003+08:002017-10-26T22:26:31.593+08:00Mapletree Commercial Trust - Mixed results <span style="font-size: large;"><span id="yui_3_16_0_ym19_1_1509027427896_21296" style="font-family: Arial;"><b id="yui_3_16_0_ym19_1_1509027427896_21295">2Q performance boosted by better retail
contributions</b></span>
<br /><span id="yui_3_16_0_ym19_1_1509027427896_21290" style="font-family: Arial;">MCTโs 2Q and 1HFY3/18 DPU of 2.24 Scts/4.47
Scts was in line with our projections, accounting for 25.6%/51.2% of our
FY18 forecast. The 9.3% rise in DPU was due to a 22%/23% expansion in revenue
and NPI respectively, thanks to the acquisition of Mapletree Business City
1 (MBC1) and better performance at VivoCity. This was partly offset by
weaker contributions from Merrill Lynch Harbourfront (MLHF), PSA Building
(PSAB) and Mapletree Anson. Portfolio occupancy stood at 97.6%, slightly
weaker qoq. </span>
<br /><span style="font-family: Arial;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1509027427896_21409" style="font-family: Arial;"><b id="yui_3_16_0_ym19_1_1509027427896_21408">Robust performance at VivoCity</b></span>
<br /><span id="yui_3_16_0_ym19_1_1509027427896_21391" style="font-family: Arial;">VivoCity posted a 4% rise in revenue to S$102.2m
in 1HFY3/18 (+3.2% in 2Q) led by positive rental reversions of 2% from
new and renewed leases post the completion of AEI at B2, L1 and 3. Tenant
sales rose 1.1% yoy in 1H while shopper traffic held steady. The uplift
in rents was slightly higher than the 1.7% reported in 1Q. It has a remaining
2.5% of retail income expiring in 2HFY3/18 and another 18.4% in FY3/19.
We expect rental outlook to remain positive but modest over the medium
term. </span>
<br /><span style="font-family: Arial;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1509027427896_21301" style="font-family: Arial;"><b id="yui_3_16_0_ym19_1_1509027427896_21300">Office revenue could stabilise in coming
quarters</b></span>
<br /><span id="yui_3_16_0_ym19_1_1509027427896_21377" style="font-family: Arial;">Office/business park portfolio saw a 9.2%
decline in 1H. Excluding MBC1, other office assets experienced a 4.4% dip
in re-contracted rents. Inclusive of rents from a replacement tenant for
a pre-terminated lease, office portfolio rental reversion would have been
+0.1%. Looking ahead, we believe office rental revenue should remain relatively
stable on higher pre-committed occupancy of 97.4-100% (vs. 91.6-94.4% </span><span id="yui_3_16_0_ym19_1_1509027427896_21377" style="font-family: Arial;"> </span></span><br />
<span id="yui_3_16_0_ym19_1_1509027427896_21377" style="font-family: Arial; font-size: large;">as
at end 2Q). The trust has 0.6% of office lease to be renewed in 2HFY3/18
and 7.2% in FY3/19</span><br />
<br />
<span id="yui_3_16_0_ym19_1_1509027427896_21389" style="font-family: Arial; font-size: large;"><b id="yui_3_16_0_ym19_1_1509027427896_21388">Healthy balance sheet</b></span><span style="font-size: large;">
<br /><span id="yui_3_16_0_ym19_1_1509027427896_21303" style="font-family: Arial;">Gearing is at a healthy 36.4% with no refinancing
needs for the remainder of FY18. About 78% of its debt is in fixed rates
and all in cost of debt is at 2.7%. MCT plans to conduct a new AEI to add
a 3,000 sq m library on L3 of VivoCity. This will free up some bonus GFA
for the property which can be used to extend the leaseable area at B1.
This exercise is expected to cost c.S$10m and can be funded with its robust
balance sheet. When completed in 3QFY19, this could further boost earnings
and property returns at VivoCity. </span>
<br /><span style="font-family: Arial;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1509027427896_21386" style="font-family: Arial;"><b id="yui_3_16_0_ym19_1_1509027427896_21385">Retain Add rating</b></span>
<br /><span id="yui_3_16_0_ym19_1_1509027427896_21313" style="font-family: Arial;">We tweak our FY18-20 DPU estimates post results
as we update the portfolio lease expiry profile. Accordingly, our DDM-based
target price is lowered slightly to S$1.75. We believe MCTโs earnings
are likely to remain stable underpinned by better performance at VivoCity
and office rental income. In the longer term, a lack of new business parks
supply should be supportive of rents. Risks are continued drag on retail
and office rents. </span></span>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-89833995457234399372017-10-10T12:29:00.002+08:002017-10-10T12:33:33.668+08:00Frasers Logistics & Industrial Trust - Why you can keep FLT in your pocket<span id="yui_3_16_0_ym19_1_1507607438392_45297" style="font-family: "arial"; font-size: small;"><b id="yui_3_16_0_ym19_1_1507607438392_45296">Why you can keep FLT in your pocket</b></span>
<br />
<span id="yui_3_16_0_ym19_1_1507607438392_45305" style="font-family: "arial"; font-size: small;">FLTโs ability to tap FCL's Australian development
pipeline (via FPA), and a favourable Australian industrial market are two
key investment merits for the REIT. This is especially as there is an increasingly
low availability of prime assets in Australia, mopped by capital chasing
core assets. This puts FLT at an advantage vs. the other S-REITs which
are diversifying into Australia. Further, its maiden portfolio acquisition
of seven properties (mix of completed and development assets) demonstrates
strong sponsor commitment.</span>
<br />
<span style="font-family: "arial"; font-size: small;"> </span><span style="font-size: small;">
</span><br />
<span style="font-family: "arial"; font-size: small;"><b>FLT could maintain A$150m-200m acquisition
rate over FY18F-19F</b></span>
<br />
<span id="yui_3_16_0_ym19_1_1507607438392_45302" style="font-family: "arial"; font-size: small;">Given FPAโs development pipeline of A$850m
(based on completed value), we believe FLT could maintain an acquisition
rate of A$150m-200m over the next two years. If we were to incorporate
this, we would derive a DDM-based TP of S$1.23. Thinking longer term (>three
years), as Australian property market peaks and contingent on market cycles,
we cannot exclude the possibility that FLT could acquire European assets
from Geneba Properties, FCLโs newly acquired European logistics and industrials
platform. </span>
<br />
<span style="font-family: "arial"; font-size: small;"> </span><span style="font-size: small;">
</span><br />
<span style="font-family: "arial"; font-size: small;"><b>Australian industrials in an up-cycle</b></span>
<br />
<span id="yui_3_16_0_ym19_1_1507607438392_45320" style="font-family: "arial"; font-size: small;">Our desktop research found the Australian
industrials remaining firmly in an up-cycle. We highlight some of the metrics
tracked by Knight Frank which include vacancy, take-up and average letting
up period. These metrics all point to an โupโ. In summary, Sydney remains
the strongest market, thanks to limited available space and strong economic
activity. Melbourne is also benefiting from good demand and population
growth. Brisbane remains challenging but the worst is likely over, in our
view. </span><br />
<span style="font-size: small;"><br /></span>
<span id="yui_3_16_0_ym19_1_1507607438392_45418" style="font-family: "arial"; font-size: small;"><b id="yui_3_16_0_ym19_1_1507607438392_45417">Raising FY18F-19F DPU by 2.8-4.6%</b></span>
<br />
<span id="yui_3_16_0_ym19_1_1507607438392_45413" style="font-family: "arial"; font-size: small;">We incorporate FLTโs first portfolio acquisition
of seven properties (valued at A$169.3m or initial portfolio yield of 6.41%)
as well as the accompanying equity fund raising (private placement of 78m
new units at S$1.01/unit) into our earnings model. To reiterate, we view
the portfolio acquisition positively given the quality characteristics
(long WALE of 9.6 years, 100% take-up) as well as the evident sponsor commitment.
</span>
<br />
<span style="font-family: "arial"; font-size: small;"> </span><span style="font-size: small;">
</span><br />
<span style="font-family: "arial"; font-size: small;"><b>Maintain Add with higher TP of S$1.2</b></span>
<br />
<span id="yui_3_16_0_ym19_1_1507607438392_45312" style="font-family: "arial"; font-size: small;">Along with our DPU upgrade and the rolling
forward of our DDM valuation, our target price is raised from S$1.10 to
S$1.20. We maintain our Add rating, projecting total returns of 17% for
FY18F (upside of 10.3% + FY18F yield of 6.7%). FLT is due to report its
4QFY17 results before trading hours on 2 Nov 2017. Nearer-term re-rating
catalysts could be portfolio cap rate compression. We believe FLT's operations
would remain steady. Downside risk could be an unexpected downturn in Australian
industrials.</span>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-90873012243167303962017-09-30T12:30:00.000+08:002017-09-30T12:30:21.354+08:00Aspen (Group) Holdings Ltd - A gem in the North <br />
<span id="yui_3_16_0_ym19_1_1506743568691_20995" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1506743568691_20994">Company background</b></span>
<br /><span id="yui_3_16_0_ym19_1_1506743568691_20980" style="font-family: Arial; font-size: xx-small;">Aspen (Group) Holdings (Aspen) is a property
development and real estate investment group based in Malaysia. Aspenโs
key value proposition is its niche in the value-added affordable mass residential
market in Penang. It also has a strategic relationship with Ikano Pte Ltd
as the joint owner of the Bandar Cassia Shopping Centre and joint master
developer for the mixed development Aspen Vision City (AV City) in Bandar
Cassia, Batu Kawan. </span>
<br /><span style="font-family: Arial; font-size: xx-small;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1506743568691_20989" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1506743568691_20988">Unique value-added residential development
model</b></span>
<br /><span id="yui_3_16_0_ym19_1_1506743568691_20979" style="font-family: Arial; font-size: xx-small;">In addition to understanding its customer
needs and aspirations, Aspenโs unique business model of providing value-added
packages to its homebuyers allows it to upgrade its development margins
while maintaining its exposure to the large affordable housing market.
Tri Pinnacle, the first of such projects, was well received and is currently
82.2% pre-sold. </span>
<br /><span style="font-family: Arial; font-size: xx-small;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1506743568691_21011" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1506743568691_21010">Riding the Batu Kawan growth wave, strategic
Ikano partnership</b></span>
<br /><span id="yui_3_16_0_ym19_1_1506743568691_20975" style="font-family: Arial; font-size: xx-small;">AV City is a joint development between Aspen
and Ikano. In addition to being located in the up-and-coming Batu Kawan
area, the mixed development will have an IKEA store and Bandar Cassia Shopping
Centre. This IKEA store is likely to be the only one in the North of Peninsula
Malaysia. These two complexes would increase the attractiveness of this
township, in our view. In addition, an attractive land payment structure
would ensure an asset-light landbanking strategy.</span><br />
<br />
<span id="yui_3_16_0_ym19_1_1506743568691_21137" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1506743568691_21136">Strong earnings CAGR, high ROE</b></span>
<br /><span id="yui_3_16_0_ym19_1_1506743568691_20966" style="font-family: Arial; font-size: xx-small;">Based on the schedule of project completions,
we expect Aspen to post 245% revenue CAGR in FY16-18F and 228% gross profit
CAGR in FY16-18F. We arrived at these figures based on the RM1.26bn unrecognised
locked-in residential sales at end-Jun 2017, largely from Tri Pinnacle
and Vervea. Owing to the groupโs strong profit recognition profile, we
believe its FY17-18F ROE is likely be superlative at 35.4%. </span>
<br /><span style="font-family: Arial; font-size: xx-small;"> </span>
<br /><span style="font-family: Arial; font-size: xx-small;"><b>Initiate coverage with Add rating</b></span>
<br /><span id="yui_3_16_0_ym19_1_1506743568691_20971" style="font-family: Arial; font-size: xx-small;">We value Aspenโs RNAV at S$0.53/share, taking
into account the discounted potential profits and the IPO proceeds raised
recently. Our target price of S$0.29 is premised on a 45% discount to end-FY17F
RNAV, in line with Singapore and Malaysia developer discounts. This offers
investors potential 26.7% upside. Key risks include large concentration
of earnings on AV City and forex translation risk. </span>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com0tag:blogger.com,1999:blog-4809140207204701015.post-12900693342875454632017-08-01T19:49:00.002+08:002017-08-01T19:49:15.217+08:00Mapletree Greater China Commercial Trust - Another good quarter <br />
<span id="yui_3_16_0_ym19_1_1501586199494_48483" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1501586199494_48482">1QFY3/18 results highlights</b></span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48480" style="font-family: Arial; font-size: xx-small;">MAGIC posted a 0.1% yoy rise in 1QFY3/18
DPU to 1.851 Scts on a 4.6% yoy improvement in gross revenue thanks to
positive rental reversions and a slight uptick in portfolio occupancy to
98.8%. Results are in line, making up 25.2% of our FY3/18 forecast. NPI
margin was relatively stable at c.81% as higher property tax at Gateway
Plaza (GP) was offset by lower marketing cost at Festival Walk (FW). </span>
<br /><span style="font-family: Arial; font-size: xx-small;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48478" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1501586199494_48477">FW benefiting from tenant remixing and
good shopper patronage</b></span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48537" style="font-family: Arial; font-size: xx-small;">FW continues to do well with rental revenue
up 2.9% yoy to S$61.8m and rental reversion of 9% over previous levels.
Tenant sales and shopper footfall rose 2.1% yoy/4.6% yoy due to contributions
from two mini-anchors โ MUJI and Festival Grand cinema. 80% of FY18 retail
expiries have been renewed/leased and the tenant mix has been strengthened
with more international and popular brands such as Dr Kong, eGG, LACOSTE
and Michael Kors. As such, we anticipate a continued strong showing. </span>
<br /><span style="font-family: Arial; font-size: xx-small;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48488" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1501586199494_48487">GW and SP supported by positive rental
reversions</b></span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48475" style="font-family: Arial; font-size: xx-small;">GW posted a slight 1.6% lower NPI due to
additional property taxes, partly offset by a 1.9% pts hike in occupancy
to 98.8% and 10% positive rental reversions. Contributions from Sandhill
Plaza (SP) remained flat as higher achieved rents, thanks to 13% uplift
on renewals, were moderated by a dip in occupancy. About 70% of GP and
54% of SP FY18 expiries have been renewed. As such, we expect a stable
performance over the coming quarters. </span>
<br /><span style="font-family: Arial; font-size: xx-small;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48569" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1501586199494_48568">No refinancing needs till FY19</b></span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48492" style="font-family: Arial; font-size: xx-small;">In terms of capital management, gearing and
effective interest cost held steady qoq at 39.4% and 2.74% respectively.
The trust has fixed 76% of its debt cost, mitigating impact of interest
rate volatility. With the recent rollover of HK$510m of debt, there are
no refinancing needs till FY19. About 58% of the trustโs FY18 distribution
income has been hedged into Singapore dollars, giving investors good earnings
visibility.</span>
<br /><span style="font-family: Arial; font-size: xx-small;"> </span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48564" style="font-family: Arial; font-size: xx-small;"><b id="yui_3_16_0_ym19_1_1501586199494_48563">Maintain Add</b></span>
<br /><span id="yui_3_16_0_ym19_1_1501586199494_48496" style="font-family: Arial; font-size: xx-small;">Our FY18-20 DPU estimates are intact. But
we update our blended risk free rate assumption from 2.8% to 2%, to closer
reflect current levels. Accordingly, our DDM-based target price is raised
slightly to S$1.17. We keep our Add call with a potential total return
of 12%. We like MAGIC for its exposure to the HK retail sales recovery
and resilient performance of FW. Downside risks include slowdown in rental
reversion or a decline in occupancy rate. </span>buayasghttp://www.blogger.com/profile/01905760293277485405noreply@blogger.com1