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Lendlease Global Commercial REIT (LREIT SP)
2HFY22: Benefitting From Recovery In Retail Sales
LREIT delivered good results with 2HFY22 DPU increasing 4.9% yoy to 2.45 S cents. 313@Somerset achieved positive rental reversion of 3.6% in FY22 and tenant sales
exceeded pre-pandemic levels in 4QFY22. Jem contributed as a subsidiary for two months in May and June. Being a pure play on Singapore, LREIT benefits from the reopening of the economy and return of tourists to Orchard Road. LREIT provides an attractive FY23 distribution yield of 6.1%. Maintain BUY. Target Price: S$0.96.
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Yangzijiang Shipbuilding (Holdings) (YZJSGD SP)
1H22: Operationally Strong, With Higher Margins Expected In 2H22
Operationally, YZJ reported a strong 1H22 with 35 vessels delivered and nearly US$1.1b in new orders, which brought its net orderbook to US$8.13b. Sequentially its shipbuilding margin expanded by 2ppt to 12.8% − the company expects this to continue to rise over the next 12-18 months. One-fifth of YZJ’s market capitalisation is in cash, and it trades at an inexpensive 2023F PE of 5.4x. Maintain BUY. Target price: S$1.16.
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Wilmar International (WIL SP)
Good Performance Despite Volatile Agri-MarketWilmar’s 1H22 core net profit was a huge positive surprise, and was also a record-high profit for 1H. We raise our 2022 earnings forecast by 12% to a net core profit of US$1.8b
(-3% yoy) to factor in stronger-than-expected 1H22 PBT margins across all three segments. Despite this upward revision, we deem our earnings estimate for 2022 relatively conservative because 2H is usually the stronger half of the year. Maintain BUY. Target price: S$5.50. |
Credit Bureau Asia Ltd
Steady growth
■ 1H22 PATMI of S$4m (+2% yoy) was in line with our expectations. CBA declared an interim DPS of 1.7Scts in 1H22, representing a 98% payout ratio.
■ Growth was steady across both FI and non-FI segments. Contributions from Cambodia picked up, but the political situation in Myanmar remains a hurdle.
■ Reiterate Add. The commencement (and growth) of digital banks in Singapore should support stronger credit info demand and is a key catalyst.
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Lendlease Global Commercial REIT
Recovery in tenant sales outstripping market
■ 2H/FY22 DPU of 2.45/4.85 Scts were in line at 51%/102% of our FY22F.
■ Portfolio occupancy was high at 99.8% with more organic growth expected.
■ Reiterate Add with lower DDM-based TP of S$1.02.
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Parkway Life REIT
Steady ship
■ 1H22 DPU of 7.06 Scts was in line, at 49.9% of our FY22F forecast.
■ Stronger Singapore contributions with inbuilt rental escalation, Japan net
income hedged till 1Q27.
■ Reiterate Hold rating with an unchanged TP of S$5.05.
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