| RHB | CGS CIMB |
|
Venture Corp (VMS SP) Positive Outlook Ahead; U/G To BUY
Upgrade to BUY from Neutral, new SGD22.60 TP from SGD20.60, 9% upside with c.4% FY20F yield. Venture should chart a steady recovery in 2H20, on a brighter outlook. The company is now fulfilling its backlog of orders, while its research & development laboratory plans to release some new products for the manufacturing segment in early 2021. On its resilience during this COVID-19 pandemic, we upgrade our call and lift our TP, which is pegged to 19x FY21F P/E.
|
Keppel DC REIT Committed to grow
■ 9M20 DPU of 6.73 Sct (+16.5% yoy) was within expectations, driven mainly by acquisitions. ■ The REIT continued to see good demand and it is committed to scout for good acquisitions. ■ We maintain our DDM-based target price of S$2.88. We believe the market has priced in potential catalysts. Maintain Hold.
|
|
CGS CIMB |
UOB KAYHIAN |
|
Keppel REIT Higher operational income in 3Q
■ KREIT’s 3Q20 income was boosted by new Australian contributions and lower interest expenses. ■ KREIT continues to enjoy positive reversions; gearing healthy at 35%. ■ Reiterate Add with an unchanged DDM-based TP of S$1.25.
|
Mapletree Logistics Trust (MLT SP) 2QFY21: Sizeable But Only Marginally Accretive Acquisitions
MLT demonstrated resiliency with portfolio occupancy edging higher by 0.3ppt qoq to 97.5% while maintaining positive rental reversion at 1.5%. The acquisitions of 100% of seven properties and a 50% stake in 15 properties in China, one property in Malaysia and one property in Vietnam deepen its presence in core markets. The deals are only marginally accretive to FY20 DPU by 1.3% due to the sizeable equity fundraising exercise. Maintain HOLD. Target price: S$2.08. Entry price: S$1.88.
|
Check out our compilation of Target Prices
