Brokers' Call

Singapore Exchange

We reiterate our positive view on Singapore Exchange (SGX) given improved sentiment on the market, and higher volumes for both equities and derivatives businesses...
 

Frencken Group

A high-tech manufacturer with a diversified portfolio of blue chip customers in various industries, Frencken represents an excellent proxy to Europe's economic recovery...
 

Mapletree Logistics Trust

Our "hold" rating on Mapletree Logistics Trust was premised on valuations...
 

Frasers Centrepoint Trust

We raised our rental growth assumptions at key assets over the next few years, and we lifted the target price by 4.7 per cent as a result...
 

Suntec REIT - Retail Re-jig a Theme to Watch

FY17 in line. While rental reversions for its offices could remain negative in 2018, the magnitude of weakness should be less with the stronger office sentiment...
 

Mapletree Logistics Trust - Recycling Gains

DPU grew 2.0% from its Tsing-Yi acquisition completed in Oct 2017, which offset divestments in Japan and Singapore,..
 

Mapletree Industrial Trust - Hi-Tech Driven

We raise DPUs by 3% following stronger-than-expected 3Q18 results, which were largely driven by the HP build-to-suit (BTS) contribution...
 

Mapletree Commercial Trust - Mall Moderation Not Priced In

MCT's 3Q18 results were in line with MKE and the street, with DPU at S2.90cts, up 0.9% YoY and 2.7% QoQ...
 

Keppel REIT - Better Value in Developer Landlords

FY17 DPU was slightly below ours and consensus estimates. While KREIT continues to report negative rental reversions,..
 

Frasers Centrepoint Trust - Awaiting Acquisition Catalyst

FCT's 1Q18 DPU of S3.00cts, up 3.8% YoY and 1.0% QoQ, was largely driven by its Northpoint City North Wing post its AEI...
 

ComfortDelGro - Uberising Comfort

Comfort and Uber have jointly announced the details of their new service, UberFLASH...
 

CapitaLand Mall Trust - Minding The Store

CMT's 4Q/FY17 results were in line with both consensus and our estimates...
 

Cache Logistics Trust - An Improved Equilibrium

We raised FY18/19 DPU estimates by 6-9% following Cache’s better than expected 4Q/FY17 results...
 

Ascendas REIT - Another Steady Quarter

3Q18 DPU at S3.97cts is in line with consensus and our estimate. While portfolio occupancy was softer QoQ, its Singapore assets achieved +5.8% rental reversions..
 

Yongnam

Yongnam is our top pick in the construction sector. Other players of sizeable market cap highlighted are Wee Hur, Pan-United, Lum Chang and Koh Brothers...
 

Soilbuild Reit

When we published our last report, we noted Soilbuild Reit had $2.7 million in receivables. Since then, it has entered into an option agreement to divest the KTL Offshore property for $55 million in cash...
 

ESR-Reit

We are optimistic that investors will over time appreciate the Reit's strategy to reconstitute its portfolio, which would enhance returns. While fourth-quarter results for 2017 were weak, we believe that earnings have bottomed...
 

Food Empire Holdings

Caffe Bene is Food Empire's 22 per cent-owned associate. It has been undergoing financial difficulties due to excessive debts assumed prior to the group's investment...
 

Singapore Property - Recovering Housing Market

Latest data from the URA suggests that developers sold c.10,700 private homes in 2017 (+34% YoY). We see more upside in 2018 as households displaced in the enbloc process seek out replacement homes...
 

ComfortDelGro - NDR Highlights: A Better Year Ahead

We hosted a NDR for Comfort in Malaysia. Key takeaways included: 1) Uber tie-up should be earnings accretive, as Uber's car rental business is not loss-making on a core level; 2) revenue synergies, including vehicle maintenance and inspection from the tie-up could lift earnings; and 3) better prospects for the rail segment and overseas businesses in 2018...
 

Venture - Many Faces of Growth

We initiate coverage of VMS with a BUY and TP of SGD27.50. We believe VMS' estimated 39% revenue surge in FY17E is no fluke and the Street may be underestimating forward revenue and margins. ..