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UOB KAYHIAN |
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Conglomerate 4Q18 preview: lacklustre and offering pockets of entry
■ KEP will be the first to report its earnings on Thurs (24 Jan) and is likely to be in line. STE and SCI could miss, but YZJ could beat consensus. ■ We maintain Overweight on the sector. Valuations are close to c. -1 s.d. of 5- year average. Earnings recovery in FY19F could be the key catalyst. ■ STE is our 12-month preferred pick on acquisition-led earnings growth.
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Mapletree Logistics Trust (MLT SP)
3QFY19: Slightly Above Expectations; Portfolio Showing Signs Of Resilience
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| PHILLIP SECURITIES | RHB |
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Frasers Centrepoint Trust Falling tenant sales hindrance to healthier reversions SINGAPORE | REAL ESTATE (REIT) | 1Q19 RESULTS
1Q19 NPI and DPU in line with our forecast. Improved NPI margins for Causeway Point and Changi City Point (CCP), with the latter performing exceptionally well. Secured refinancing and prepayment of certain 2019 borrowings and 2020 debt. Waning rental reversions for CCP and Northpoint North Wing. Flat same-store tenant sales growth during the Sep-Nov 2018 period, declining in excess of -1% YoY. Maintain Neutral with unchanged TP of S$2.21.
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Singapore Strategy 2019 Investors Seeking Defensive Stocks
Banks and REITs are finding favour with investors. During our recent Singapore equity strategy investor meetings in Malaysia and Singapore, we found investors agreeing with our stance of building defensive positions in Singapore. Banks are preferred for their more reasonable valuations and high dividend yields. REITs are also a favourite as investors are expecting a more benign interest rate environment in 2019.
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Check out our compilation of Target Prices
