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CGS CIMB |
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Sasseur REIT Hitting a speed bump
■ 4Q/FY19 DPU of 1.629/6.533 Scts was within our expectations. ■ We expect 1Q20F earnings to be dragged by Covid-19-related outlet closures. ■ Reiterate Add rating with a lower DDM-based target price of S$0.85.
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Wilmar International 4Q dividend and earnings beat expectations
■ Wilmar International’s FY19 core net profit came in at 8% above our and consensus’ estimates, thanks to better-than-expected tropical oils earnings. ■ FY19 dividend of S$0.125/share was also above our forecast of S$0.105. ■ Wilmar is pushing ahead with plans to list its China operations this year. Reiterate Add, with an unchanged SOP-based TP of S$4.58.
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| CGS CIMB | CGS CIMB |
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Sembcorp Marine Revenue first, margin second
■ SMM’s S$2.42bn order book (1-year’s revenue) puts pressure on the yard to replenish orders at the expense of margins. FY19 EBIT loss margin: 4.8%. ■ In the 4Q19 earnings call, management said it hoped to see narrower losses in FY20F on better order visibility. We pen in S$1.5bn order target for FY20F. ■ Half-yearly earnings announcements (less negative newsflow) could be a blessing. M&A is key catalyst. Reiterate Hold and lower TP to S$1.20.
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Lippo Malls Indonesia Retail Trust Stable qoq
■ 4Q/FY19 DPU of 0.52/2.23 Scts was in line with our projections ■ 4Q19 portfolio average positive rental reversion was 4.4% ■ Reiterate Hold with a lower DDM-based TP of S$0.24
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Check out our compilation of Target Prices
