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Keppel Telecommunications & Transportation (#KPTT SP) - UOB Kay Hian 2017-10-19: 3Q17 Logistics Turnaround Could Be On The Horizon.

#KeppelTT’s 3Q17 results came in below expectations.
Due to an absence of contribution from KDC SG3, datacentre profits were down, but management fees and occupancy remain healthy with a pipeline of possible incoming deals. With cost rationalisation and the launch of its Courex omnichannel, we believe a logistics turnaround is on the horizon.

We lower 2017-19 earnings forecasts by 3-6% on datacentre fee margin adjustment. Maintain BUY with unchanged target price of S$1.90.

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#KeppelREIT -
DBS Research 2017-10-19: Tracking The Recovery In Office Rents.

#KREIT’s share price typically leads a recovery in spot office rents by 6-12 months. With Grade A CBD rents increasing for the first time in 10 quarters according to CBRE, we believe we are on the cusp of an upturn and the rally in KREIT’s share price can be sustained despite over 30% increase over the past 18 months.

While acknowledging that KREIT’s DPU will likely remain flat over the coming couple of years and is supported by capital distributions, there remains upside to KREIT’s share price as its implied price per sqft for its Singapore portfolio of c.S$2,550 remains below that of recent market transactions of S$2,700- 3,500 psf.

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#ChipEngSeng -
DBS Research 2017-10-19: Too (Chip) To Ignore.

Founded in the 1960s as a construction company, Singapore-based Chip Eng Seng Corporation (CES) has expanded its scope and scale over the past five decades, and has gradually diversified into property development, investments and hospitality businesses.

Initiating coverage with BUY and SOTP-based TP of S$1.18; attractive prospective yield of 4.4%.
Chip Eng Seng #CES is trading at a substantial 52% discount to RNAV and 0.7x P/NAV.

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Maybank Kim Eng 2017-10-18: Awaiting A Better Entry Point.

#KREIT’s results were a slight miss due to the lack of capital distributions. Beyond the headline miss, underlying performance was in line with our expectations with a small 3% negative rental reversion.

While its gearing inched up by 30bps for higher debt taken to fund the acquisition of 311 Spencer Street, it remains comfortably below the regulatory limit.

We cut our FY17E DPU for this, but kept FY18-19E largely unchanged. We rolled forward our valuation basis and trimmed TP to SGD1.16.

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#SingaporeExchangeLimited -
Phillip Securities 2017-10-17: Strong Start To FY18.

We are revising our FY18e SDAV to c.S$1.16bn from previous estimate of S$1.08bn as stock market capitalisation and trading volumes improve.

Expect stronger performance from China A50, USD/CNH and INR/USD futures as changes in domestic regulation make SGX a favourable overseas trading platform.
Number of new IPOs remain lacklustre compared to peers and delistings have accelerated.

Expect #SGX's total DPS to increase from previous S$0.28 in FY17 to S$0.32 in FY18. Maintain Accumulate with higher TP of S$8.39.

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#KeppelDCREIT -
Phillip Securities 2017-10-17: Acquisition Driven Growth.

Keppel DC REIT #KDCREIT's gross revenue beat our forecast by 7.5%, on higher than expected gross rental and one-off other income. Portfolio remains stable with no major surprises.

The possibility of an equity fund raising exercise soon is at the back of our mind. Current aggregate leverage of 32.1% is close to the historical high of c.32.5%.

Maintain Neutral, higher target price of $1.36.

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CIMB Research 2017-10-17: 3Q17: DPU Decline Narrows.

#ESR REIT's 9M17 DPU of 2.924 Scts (-8% yoy) was within consensus and our expectations, at 74% of our full-year forecast.

Quarterly DPU decline narrowed from double digits in the past quarters to low-single digit in 3Q, reflecting the REIT is reaching an inflection point. Otherwise, 3Q trends were in line with previous quarters, with the exception of a larger decrease in occupancy offset by an improvement in gearing.

Management continues to look for acquisitions to take ESR REIT to next growth stage. We believe what it does next would have a significant bearing on the unit price. Until then, we expect ESR REIT’s unit price to trade sideways.

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#M1 (M1 SP) -
UOB Kay Hian 2017-10-17: 3Q17 Steady Growth From Post-Paid Mobile And Fixed Services.

M1 cleaned up its subscriber base in 3Q17, which resulted in the purging of 14,000 post-paid and 47,000 pre-paid dormant subscribers. Net addition for post-paid subscribers was a positive 5,000 qoq. Unfortunately, net addition for pre-paid subscribers was a negative 41,000 qoq and its pre-paid subscriber base contracted 3.4% yoy. Post-paid ARPU was stable at S$55.40.

The growth momentum in M1’s fixed services business was maintained.

While our 2017 and 2019 net profit forecasts are relatively unchanged, we raise our net profit forecast for 2018 by 13% as TPG is expected to commence commercial operations only in late-18.Maintain BUY.

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#KeppelREIT -
CIMB Research 2017-10-17: 3Q17 Uneventful Quarter.

Keppel REIT's 3Q/9MFY17 DPU of 1.4 Scts/4.27 Scts slightly below our expectations.

Higher portfolio occupancy and slight negative reversion in 3Q. Pick up in office leasing sentiment to underpin FY18F renewals. Construction of 311 Spencer St has commenced, scheduled to complete in 4Q19.

Maintain Hold, with a slightly higher Target Price of S$1.20.

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#M1 -
DBS Research 2017-10-17: Depreciation, Interest Hit Bottom Line.

M1's 3Q17 net profit of S$32.7m (-5% y-o-y, -1% q-o-q) was in line with expectations.
Profit subdued by depreciation, interest and tax.
Service revenue supported by fixed, Circles.Life contributions.
Maintain FULLY VALUED with an unchanged Target Price of S$1.49.
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