Post has attachment
#Singtel​, #StarHub​ & #M1​ have averaged annualised total returns of 7.4% from respective IPO dates to present. The 3 telcos are currently valued at similar discounts to their five year average P/E ratios.

Singtel, #NetLinkTrust, StarHub & M1 have all generated similar gains in the Sept18 quarter-to-date, averaging +5.5% total returns, which has trimmed their average year-to-date decline in total return to -12.5%.

Post has attachment
#ThaiBeverage (SGX:Y92) : Cannot Be More Sober; Maintain BUY

#ThaiBev​'s YTD share price has underperformed on weaker-than-expected alcohol consumption in Thailand and unfavourable deal-structure of the #SABECO acquisition. Still, we think most of the downside risks have been priced in at current price levels.

We expect 4Q18 alcohol volumes to still be on a decline due to the high base effect in 4Q17. But moving into FY19, we think improving rural income, coupled with positive vibes from the general election would offer more upside potential than downside risks to the stock.

- RHB Invest 2018-09-21.

Post has attachment
Keppel Corporation (SGX:BN4) : Makes First Foray Into The Nanjing Property Market

#KeppelCorporation (Keppel) has entered into a JV with #Gemdale (Group) Co Ltd to jointly develop an 8.8ha prime residential site in Nanjing. The site is located at the core of the Nanjing Jiangbei New Area, which is the only national-level new area in Jiangsu Province.
The acquisition provides a project that Keppel can quickly monetise.


- UOB Kay Hian 2018-09-21.

Post has attachment
#ThaiBeverage (SGX:Y92) : Lock-in Of Rates Should Allay Concerns.

#ThaiBev announced that it had issued Bt77bn in debentures. Including the Bt50bn issued earlier in March 2018, the group has now issued Bt127bn, with the proceeds to be used to refinance the loans undertaken last December (2017) for the acquisition of #Sabeco.

This refinancing move and fixing of coupon rates should allay investors' concerns on the group’s exposure in light of the rising interest rate environment. Looking ahead, we maintain our view that we are near or at the bottom of its operational performance, which should pick up in FY19.

- DBS Research 2018-09-20.

Post has attachment
#Valuetronics Holdings (SGX:BN2): Attractive Valuation; Expect Minimal Impact From The Flood At Danshui Plant.

➠ Impact from a flash flood at the Danshui plant is minimal as the plant manufactures lower-margin products and most of the production facilities were not affected

➠ Current valuations look attractive at 3.7x FY19F ex- cash PE and 7.3% dividend yield for FY19F while net cash of S$137.3m is equivalent to 51% of market cap.

➠ Maintain BUY and PE-based target price of S$0.96.

- UOB Kay Hian 2018-09-20.

Post has attachment
OUE Hospitality Trust (SGX:SK7) : Too Cheap To Ignore

📉 #OUEHT's unit price has declined 7.3% since the announcement of a related party’s acquisition of OUE Downtown office components through a dilutive rights issue.

We do note that OUEHT’s Mandarin Orchard Singapore​ has a high RevPAR base to cross in 3Q18.
On the other hand, 2019 prospects appear bright to us. We believe Crowne Plaza Hotel Changi Airport​ is at the cusp of surpassing its minimum rent and with the opening of the nearby Jewel Changi Airport, we see room for CPCA to contribute beyond this threshold.

As of 19 Sept’s close, OUEHT is trading at 7.3% FY18F yield and 7.5% FY19F yield. We upgrade OUEHT to BUY.


- OCBC Investment 2018-09-20.

Post has attachment
Ascott Residence Trust (SGX:A68U): Venturing Into Maiden Development Project

#AscottResidenceTrust has acquired a prime greenfield site for S$62.4m for its maiden development project. It will build the first co-living property in Singapore’s research and innovation business hub, one-north, Nepal Hill, branded and named as #lyf one-north Singapore.

This greenfield expansion will generate a higher net yield of 6% and will be fully funded by debt with earnings impact to be felt only in 2021.


- CGS-CIMB Research 2018-09-20.

Post has attachment
HongKong Land (SGX:H78): Central Offices In Demand.

China-based #HNAGroup reportedly surrendered 8 floors at #ThreeExchangeSquare in Central with lettable area of 88,000sf. The lease has just commenced in Jun-18 and will expire in May-27. According to the press, China Merchants Bank has agreed to take up 4 floors for business expansion based on market sources. Reportedly, new monthly rent reached HK$160psf, c.15% higher than those currently paid by HNA.

#HongkongLand is trading at 45% discount to our assessed current NAV. Valuation sounds inexpensive from the historical perspective.

- DBS Research 2018-09-19.

Post has attachment
LY Corporation Limited (SGX:1H8) : Brightening Bedrooms

#LYCorporation is a Malaysian-based manufacturer and exporter of wooden bedroom furniture. LY Corporation’s main export market is the US. Management believes furniture exports to the US in the near future will remain strong and thinks the US-China trade tension could be positive for LY Corporation.

The company is in a net cash position as at end-Jun 2018 and has committed to a minimum #dividend payout policy of 40% of net profit for FY18-20F.

- CGS-CIMB Research 2018-09-19.

Post has attachment
Soilbuild REIT (SGX:SV3U) : Positive On The Aussie Diversification

#SoilbuildBusinessSpaceREIT has dropped 5.9% since its announcement on the proposed acquisition of 2 Australian assets. While we note the expected DPU accretion is minimal, we see this proposed acquisition as a right step for #SoilbuildREIT’s portfolio.

We expect the industrial space in Singapore to remain challenging for most of 2018, but take comfort in that only 9.6% of gross rental income is due for renewal for the rest of the year.

Soilbuild REIT is trading at 8.5% FY18F dividend yield.

- OCBC Investment 2018-09-21.

Wait while more posts are being loaded