| PHILLIP SECURITIES |
UOB KAYHIAN |
| Frasers Centrepoint Trust Primed and awaiting imminent growth • 4Q19 and FY19 NPI and DPU in line with our forecast. • Positive rental reversions, higher footfall and increase in FY19 revenue (excluding noncash accounting adjustments). • Growth catalysts include FCT’s pipeline assets, intensification of Woodlands and Punggol will benefit CWP and WWP, renewed strength in fringe retail rents and possible acquisition of PGIM’s assets. • Maintain ACCUMULATE with higher TP of S$3.11 (prev. S$2.77). Higher target price due to the addition of the 6.7% stake in Waterway Point and FCT’s increased stake in PGIM. Read more.... |
Eagle Hospitality Trust (EAGLEHT SP) |
|
UOB KAYHIAN |
UOB KAYHIAN |
| Genting Singapore (GENS SP) A Timely Smart Bet GENS’ share price should trend up as the bidding process for the Japan gaming concession progresses to its finale in 2020. GENS is a shortlisted candidate for Osaka, which promises a good payback period. Failure to clinch the concession could also mean better dividends from the cash-flushed company. Meanwhile, Resort World Sentosa’s 5-year expansion plan is on track and we continue to project a moderate GGR contraction for 2H19. Maintain BUY. Target price: S$1.11. Read More ... |
Suntec REIT (SUN SP) 3Q19: Growth From Suntec City And MBFC SUN reported 3Q19 DPU of 2.365 S cents, down 5.1% yoy. Revenue from Suntec City grew 4.5% yoy while contribution from MBFC expanded 18% yoy. However, capital distribution declined 35% yoy to S$6.5m. Suntec City Office, MBFC and ORQ will benefit from positive rental reversion for offices in Singapore. Development projects 9 Penang Road and 477 Collins Street are scheduled to complete in 4Q19 and mid-20 respectively. Maintain HOLD. Target price: S$1.99. Entry price: S$1.82. Read more... |
Check out our compilation of Target Prices
