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UOB KAYHIAN |
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Mapletree Commercial Trust Steady as she goes
■ MCT’s 1HFY20 DPU of 4.63 Scts (2.9% yoy) came in within expectations. ■ Both VivoCity and office/business park portfolio delivered positive reversion. ■ Maintain Hold; we believe near-term catalysts have been priced in.
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Property – Singapore A Stellar September
URA data showed another month of strength as private home-buying sentiment remained strong in Sep 19; private new-home sales jumped 36% yoy and 13% mom. In our view, demand-side policy is even further from the government’s mind, given this data. Maintain MARKET WEIGHT as we believe the sector is reasonably valued.
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DBS VICKERS |
DBS VICKERS |
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Keppel Infrastructure Trust (KIT SP) : BUY Distributable cash flow buffer provides confidence in DPU sustainability
• 3Q19 DPU of S$0.93 in line • Newly acquired Ixom delivers seasonally strong quarter, drives distributable cash flows up 22% q-o-q • Divestment of DC One strengthens coffers for future M&A ambitions • Maintain BUY with TP of S$0.58; stock still offers around 15% total return including 7% yield
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Keppel Pacific Oak US REIT (KORE SP): BUY Riding the Technology boom
• 3Q19 results in line with expectations • Positive leasing momentum; reversions up 13.4% YTD • Key cities of Seattle, Austin and Denver seeing strong absorption • Awaiting positive contribution from proposed acquisition of One Twenty Five in Dallas
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Check out our compilation of Target Prices
