ANALYSTS SAY: Buy, Sell, Hold (10 May)

buy sell hold 2021

MAYBANK KIM ENG	UOB KAYHIAN
Genting Singapore (GENS SP) Earlier recovery but return to pre-COVID-19 levels unlikely Maintain HOLD call and tweak TP to SGD0.86 (+2%) With borders reopening earlier than expected, we raise our FY22E/FY23E earnings by 163%/123%. Yet, our FY24E earnings are barely changed (-2%) as we doubt gaming operations will recover to 100% of pre-COVID-19 levels. We tweak our DCF-based TP to SGD0.86 from SGD0.84. Maintain HOLD. We have also introduced an expanded ESG tear sheet for GENS and assigned it an above average overall score of 80, based on its aggregated quantitative/qualitative/target-based metrics. Read More ...	Manulife US REIT (MUST SP) US Office Recovery Underway Amid Challenging Outlook For 1Q22, MUST’s overall portfolio occupancy dipped slightly to 91.7%. New leases formed 54% of total leases signed while about 68,000sf of leases were executed at +3.9% positive rental reversion. MUST continues to highlight its plans to capture demand from high-growth trade sectors such as tech and healthcare tenants. Maintain BUY with the same target price of US$0.80. Read More ...
CGS CIMB	MAYBANK KIM ENG
Manulife US REIT Focus on portfolio resilience ■ MUST saw a dip in portfolio occupancy in 1Q22 but reversions improved qoq to +3.9%. ■ In the near-term, it is focusing on boosting leasing activity in addition to exploring inorganic growth opportunities. ■ Reiterate an Add rating with a lower DDM-based TP of US$0.86. Read More ...	Manulife US REIT (MUST SP) Improving Reversion Slow quarter, stronger rental outlook MUST reported lower occupancy in 1Q22, and better rental reversion, with management staying with its guidance of a low-to-mid single-digit positive FY22 rental reversion. We see tailwinds from recovering US office fundamentals, but cut our DPUs by 3-4% on lower occupancies. DPU visibility remains high, cushioned by a 5.0-year WALE, low FY22-23E lease expiries and quality tenancies. We see valuations as undemanding at c.8.9% FY22E yield, with deal upside, as management initiates capital recycling, while deepening its ‘high-growth’ sector AUM. Maintain BUY with a 5% lower DDM-based USD0.90 TP (COE: 7.8%, LTG: 2.0%). Read More ...

Counter Name	Last	Change
AEM Holdings	1.840	-0.020
Best World	2.480	-
Boustead Singapore	0.950	-0.005
Broadway Ind	0.145	0.005
China Aviation Oil (S)	0.865	-0.005
China Sunsine	0.390	-0.005
ComfortDelGro	1.390	-0.010
Delfi Limited	0.875	-
Food Empire	1.120	-0.010
Fortress Minerals	0.310	-
Geo Energy Res	0.300	0.005
Hong Leong Finance	2.420	-0.010
Hongkong Land (USD)	3.420	0.010
InnoTek	0.505	-
ISDN Holdings	0.300	-0.005
ISOTeam	0.047	-
IX Biopharma	0.039	-0.004
KSH Holdings	0.245	-
Leader Env	0.049	-
Ley Choon	0.055	-0.001
Marco Polo Marine	0.068	-0.003
Mermaid Maritime	0.135	0.002
Nordic Group	0.305	-
Oxley Holdings	0.090	0.001
REX International	0.124	-
Riverstone	0.930	0.005
Southern Alliance Mining	0.480	-
Straco Corp.	0.490	-
Sunpower Group	0.230	-
The Trendlines	0.063	-
Totm Technologies	0.019	-0.002
Uni-Asia Group	0.810	-0.035
Wilmar Intl	3.160	-
Yangzijiang Shipbldg	1.750	-0.020

Counter Name

Last

Change

AEM Holdings

1.840

-0.020

Best World

2.480

Boustead Singapore

0.950

-0.005

Broadway Ind