| UOB KAYHIAN | UOB KAYHIAN |
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Frasers Centrepoint Trust (FCT SP) 2HFY21: Deleveraged And Ready To Pounce
FCT’s retail occupancy improved 0.9ppt qoq to 97.3% in 4QFY21 while rental reversions were mildly negative at 0.6% in FY21. Tenant sales recovered to 98% of pre-COVID-19 levels in September. FCT divested of Bedok Point, Anchorpoint and YewTee Point to refocus on dominant suburban malls. It is well positioned to pursue acquisitions after lowering aggregate leverage to 33.3% as of end-Sep 21. Maintain BUY for its defensive distribution yield of 5.6% for FY22. Target price: S$2.98.
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Mapletree Industrial Trust (MINT SP) 2QFY22: Build Scale And Enhance Geographical Diversification In Data Centres
2QFY22 DPU grew 11.9% yoy due to acquisition of the remaining 60% stake in the first data centre JV, 8011 Villa Park Drive in Richmond, Virginia, and the latest acquisition of 29 US data centres. MINT aims to allocate two-thirds of AUM to data centres. Acquisition of the remaining 50% stake in the second data centre JV could materialise in 2HFY22. It plans to diversify geographically to Europe and the Asia Pacific region. MINT provides FY22F distribution yield of 5.2%. Maintain BUY. Target price: S$3.72.
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CGS CIMB |
PHILLIP SECURITIES |
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ESR-REIT Attractive dividend yield
■ EREIT’s 9M21 DPU of 2.266 Scts (+15.6% yoy) was in line (77% of FY21F). ■ Occupancy rate remained stable at 91.2%; YTD rental reversion was -2.2% due to renewals of large tenants in business parks. ■ Reiterate Add for its attractive yield and stable income.
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Alliance Healthcare Group Ltd – Innovative healthcare provider
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