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SmallCaps Who says Singapore is boring?
■ We list six reasons why Singapore is fun and identify four entertainment stocks to give investors the best bang for their buck – mm2, Cityneon, Unusual, KMEN. ■ mm2’s core production business is currently priced at 60% discount to peers’ average of 21x FY18F P/E. We also see earnings growth potential in all its other segments. ■ We like Cityneon for its strong IP portfolio, growth prospects and attractive valuation. ■ Unusual is a proxy for increasing global demand for live events, in terms of product offering and geographical reach. ■ We keep Kingsmen Creatives (KMEN) on our radar for NERF delivery and foray into IP business.
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REITs – Singapore Hospitality Sees Revival From 2018 Onwards
We expect hotel RevPAR expansion of 4-9% p.a. as occupancy inches towards 90% and boosts room rates. Backend-loaded 4Q17 supply was well-absorbed, with new luxury hotels sticking to their price aspirations. Amid a muted supply pipeline from 2018, demand is expected to remain robust supported by a surge of Chinese/Indian outbound travellers and returning corporate demand. Prefer Singapore-centric hospitality stocks with CDREIT as our top pick. Maintain OVERWEIGHT.
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Check out our compilation of Target Prices
