| PHILLIP SECURITIES | UOB KAYHIAN |
Singapore REITs Monthly – From defensive to offensive – More acquisitions to come
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StarHub (STH SP) A Recovery Plan, Telco Deemed Essential Spending; Upgrade To BUY
StarHub sees recovery trends in 2H20 and appears well positioned to defend market share by activating customer acquisition activities and new products. Its recently launched 5G product have been encouraging and the proliferation of handsets will yield higher 5G adoption. The 18% share price retracement has largely priced in weak 2020 earnings. Upgrade to BUY with an unchanged DCF-based target price of S$1.40. The stock offers 5% dividend yield.
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CGS CIMB |
CGS CIMB |
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SingTel 5G & Optus tower sale may be silver lining
■ We hosted Singtel for Malaysia virtual investor meetings on 8 Sep. ■ Still challenging near-term outlook but 5G may help to stabilise competition in Singapore and Australia. Potential Optus tower sale may not be far off. ■ Reiterate Add, with an unchanged SOP-based target price of S$3.10.
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Ho Bee Land New investments in Singapore and Australia
■ HoBee’s investment property portfolio is growing with Biopolis P6 land win. ■ Development income visibility improving with replenished Australia pipeline. ■ Reiterate Add rating with a higher TP of S$2.70.
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Check out our compilation of Target Prices
