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StarHub Engage Enterprise
It’s not rocket science, just good risk/reward. Upgrade to BUY We upgrade StarHub to BUY on a good risk-reward profile. Our base and best-case DCF-derived TPs of SGD4.15(WACC 6.5%, LTG 1%) and SGD4.30suggest18% and 22% upside vs downside of 8% to worst-case TP of SGD3.23. Further, the high-margin enterprise business, which has overtaken Pay TV as StarHub’s second largest contributor and…
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Raffles Medical Group Uncharted waters in China
Raffles Medical Group Uncharted waters in China
We downgrade RFMD from Hold to Reduce, as we think too much positivity has been priced into China
At 25.8xCY16 EV/EBITDA,RFMD is currently trading above its 1 s.d. level. These are rich valuations given that FY15 core earnings growth was its lowest in a decade.
Cost pressures from expansion plans are already showing. We could see further pressure in mid-17 and FY18 when the hospital extension and…
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PACC Offshore Services Holdings Petrobras renews Xanadu
PACC Offshore Services Holdings Petrobras renews Xanadu
Xanadu’s renewal eases near-term concerns PACC Offshore Services Holdings said that it has successfully renewed its semisub accommodation vessel (SSAV), POSH Xanadu,for another year with Petrobras. It did not disclose the renewed day rate,but we believe that it would likely be about 30% below the previous rate of c.USD175k/day. We have already accounted for a reduced rate of USD125k/day in our…
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Koh Brothers Group Pursuing M&A opportunities and new hotel assets
Koh Brothers Group Pursuing M&A opportunities and new hotel assets
Eyeing M&A opportunities post its construction business restructuring
Aims to develop private condominiums priced at SGD900-1,500/sq ft
Seeking new hotel assets in Singapore and the UK
Koh Brothers is primarily a construction company focused on infrastructure projects. It also has businesses in building materials, property development,and leisure and hospitality. We met with management to discuss…
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Ezra Holdings EMAS AMC-Chiyoda JV finalised
Ezra Holdings EMAS AMC-Chiyoda JV finalised
Ezra announces the completion of EMASAMC -Chiyoda Subsea Joint Venture
Cash receipts by Ezra will be used to repay standby credit facilities and lead to lower gearing
TP adjusted up to S$0.11; maintain HOLD as the industry outlook remains lacklustre
EMASAMC-Chiyoda JV finally sees the light of day. The JV will start functioning from 1stApril 2016. To recap, Ezra and Chiyoda Corporation had back in…
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Ezra Holdings Chiyoda JV finalised
Ezra Holdings Chiyoda JV finalised
Ezra announces the completion of EMASAMC -Chiyoda Subsea Joint Venture
Cash receipts by Ezra will be used to repay standby credit facilities and lead to lower gearing
TP adjusted up to S$0.11; maintain HOLD as the industry outlook remains lacklustre
EMASAMC-Chiyoda JV finally sees the light of day. The JV will start functioning from 1stApril 2016. To recap, Ezra and Chiyoda Corporation had back in…
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CAPITALAND MALL TRUST STILL HOLDING THE FORT
CAPITALAND MALL TRUST STILL HOLDING THE FORT
1Q16 DPU grew 1.9% YoY
Robust footfall and tenants’ sales
But rental reversions moderated
1Q16 results met our expectations CapitaLand Mall Trust (CMT) reported a 7.4% YoY increase for its 1Q16 gross revenue to S$179.8m and this formed 25.2% of our FY16 forecast. Growth was largely driven by the acquisition of Bedok Mall on 1 Oct 2015 which contributed S$14.6m of revenue during the quarter,…
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FRASERS COMMERCIAL TRUST A RESILIENT PERFORMANCE
FRASERS COMMERCIAL TRUST A RESILIENT PERFORMANCE
2QFY16 DPU rose 2.9% YoY
Minimal leasing risks
Valuations still attractive
2QFY16 results met our expectations Frasers Commercial Trust (FCOT) reported its 2QFY16 results which met our expectations. Gross revenue jumped 12.0% YoY to S$39.0m, while DPU increased 2.9% to 2.45 S cents. Growth was underpinned by the completion of the acquisition of 357 Collins Street in Australia on 18 Aug 2015,…
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UMS Holdings Play on dividendsahead of recovery
UMS Holdings Play on dividendsahead of recovery
Initiate with BUY and TP of S$0.73 based on DCF; entrenched relationship with Applied Materials provides earnings stability and underpins high yield
UMS Holdings (UMS) has partnered with Applied Materials for more than a decade. Notably, despite its exposure to a cyclical industry, UMS’ earnings have stabilised significantly since it was awarded the Endura contract in 2010. The Group has also…
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M1 1Q16 SLIGHTLY SOFTER THAN EXPECTED
M1 1Q16 SLIGHTLY SOFTER THAN EXPECTED
M1 Fair value S$2.90
1Q earnings met 23% of FY forecast
Stable earnings guidance; S$140m capex
Post-paid ARPUs could trend lower
Slow 1Q16 start M1 reported its 1Q16 results last night, with revenue slipping 13% YoY (-16% QoQ) to S$257.6m, meeting about 22% of our full-year estimate; this primarily due to lower handset sales (-40% YoY, -45% QoQ). Mobile revenue was also down slightly, -2% YoY…
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First REIT No surprises
First REIT No surprises
First REIT’s 1Q16 DPU increased by 2.4% yoy to 2.11 cents due to additional contributions from the Kupang property acquired last December.
Expect little organic growth in base rental for Indonesian properties this year due to lacklustre CPI First REIT’s Indonesian hospitals have an annual base rental increment pegged to the Singapore CPI (with a floor of 0% and cap of 2%). The CPI number came in…
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HPH TRUST 1Q16 RESULTS IN LINE WITH EXPECTATIONS
HPH TRUST 1Q16 RESULTS IN LINE WITH EXPECTATIONS
Weak fundamentals expected for 1H16
FY16 throughput expected to remain flat
Maintain HOLD
Results in line with expectations 1Q16 core NPAT attributable to unitholders fell 27% to HK$210.1m, after stripping away the one-off government refund of HK$430.0m, and the additional depreciation due to a change in accounting estimate in 2015. This comes up to 13% of our full year forecast, which is in line…
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Keppel REIT Reducing renewal risks
Keppel REIT Reducing renewal risks
Higher contributions from OFC and income top-up filled vacuum from 77 King St sale.
Active leasing and tenant retention strategy kept portfolio occupancy at 99.4%, lowers lease expiries to 3% for rest of FY16.
Enjoyed an average 7% positive reversion for 430ksf of space renewed or leased.
Balance sheet healthy with no debt refinancing till 2H17.
Maintain Add and target price of S$1.08.
1QFY16…
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Q & M Dental Group The Tooth Fairy: A Tooth for A Coin
Q & M Dental Group The Tooth Fairy: A Tooth for A Coin
The impending spin-off listing of Aidite is deemed positive for both Aidite and Q&M as capital could be channelled to focus on growing respective core businesses.
Q&M Dental Holdings (China) is next in the pipeline for spin-off.
Favorable demographics and business landscape support its effort to build up presence in Northeast China; while its expansion plans in Singapore and Malaysia could shift…
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CITYNEON HOLDINGS To Infinity And Beyond
CITYNEON HOLDINGS To Infinity And Beyond
With the acquisition of VHE, an exhibition production and distribution company, Cityneon has propelled itself into the forefront of the business of immersive attractions. The company is poised to ride the wave of the Avengers and Transformers blockbuster movie titles. Together with VHE’s relationships with big name partners such as Hasbro Inc, Marvel Entertainment and The Walt Disney Company,…
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CapitaLand Retail China Trust Continues to deliver
CapitaLand Retail China Trust Continues to deliver
Over-reaction to China slowdown. CapitaLand Retail China Trust has corrected since end-Jun-15 on the back of China growth fears. We believe this is an over-reaction as CapitaLand Retail China Trust continues to perform, delivering positive DPU growth over the past few quarters. With CapitaLand Retail China Trust trading at 0.8x book and offering attractive FY16-17F yields of 7.5%-7.7%, we maintain…
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Keppel DC REIT Awaiting acquisitions
Keppel DC REIT Awaiting acquisitions
Riding on the global data boom. Keppel DC REIT offers investors a unique exposure into the highly specialised and resilient data centre market. With close to 70% of NPI derived from co-location leases, the Trust is poised to ride on rising global usage of data and demand for data centres. The stock offers an attractive total return of 15% from current levels.
Visible earnings growth profile…
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