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UOB KAYHIAN |
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Mapletree North Asia Commercial Trust Continues to shine
■ 2Q/1HFY19 DPU of 1.926/3.807 Scts was in line, at 25%/50% of our FY3/19F forecast. ■ In 2QFY19, there was positive rental reversion across all properties, in particular at Festival Walk (FW) that saw the renewal of an anchor tenant. ■ Maintain Add with a slightly lower TP of S$1.28.
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Raffles Medical Group (RFMD SP) 9M18: Results In Line; Building Up To Chongqing’s Launch
RFMD posted 9M18 net profit of S$49.1m (+0.8% yoy), in line with and accounting for 76% of our full-year estimate. The group is building up to the launch of its hospital in Chongqing, expected by end-18. At the same time, it has kept costs relatively in check, with 3Q18 staff cost down 0.5% yoy. Maintain BUY with a revised DCF-based target price of S$1.27.
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| DBS VICKERS | DBS VICKERS |
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Singapore Property The new 'Bishan' dream
• 667-unit integrated development, Woodleigh Residences, finally opened its doors for preview over the weekend • Indicative pricing from c.S$1,900psf (averaging at S$2,000psf) is a notch higher than prices transacted at Park Colonial averaging at S$1,700-1,800psf • Target official launch date is on 10 November • All eyes on sales volume of Whistler Grand and Kent Ridge Hill, and the soft launch of Parc Esta this weekend
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iFAST Corporation
Growth amidst volatility • 3Q18 results in line; 9M18 net profit rose 40% y-o-y • AUA increased 18.7% y-o-y to S$8.5bn, achieving ninth consecutive quarter of record AUA levels • Raised AUA growth assumption to 12% for FY18F; maintained 5% for FY19F and FY20F • Maintain BUY with a higher TP of S$1.33
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Check out our compilation of Target Prices
