| MAYBANK KIM ENG | UOB KAYHIAN |
A strong finish Strong results, better fundamentals in FY22E SASSR’s 4Q21 DPU dipped 1.8% YoY but rose 3.8% QoQ, with 2.2% YoY/6.5% QoQ growth in its entrusted management agreement (EMA) rental income. FY21 DPU at +8.7% YoY was strong, even with c.8% of distributions retained, and ahead of ours and consensus’ estimates. Occupancies rose QoQ, and should improve further in FY22E, after AEIs and tenant remixing efforts. We raise DPUs by 3-4%, and our DDM-based TP rises 5% to SGD1.10 (COE: 9.8%, LTG: 3.0%). We see catalysts from better-than-expected sales growth, and DPU upside from potential acquisitions, backed by a strong balance sheet and visible sponsor pipeline. BUY. |
STRATEGY – SINGAPORE 2022 Budget – All About The GST
The key surprise of the budget was the slight delay in the implementation of the GST hike over 2023 and 2024, giving the domestic economy a little breathing room to continue its pace of recovery. In our view, the budget has a limited impact to our universe of listed companies with its focus very much on supporting workers, small- and medium-sized enterprises, digitalising the economy and ensuring that Singapore continues to remain relevant in the future.
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OCBC |
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RAFFLES MEDICAL GROUP (RFMD SP) Recommendation : BUY Fair Value : SGD 1.65
FY2021 RESULTS BEAT .
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