| PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Wilmar International Slow recovery in profits, but worst is over
■ At an analyst briefing on 30 Oct 23, Wilmar (WIL) guided for a gradual improvement in profitability given the slow recovery in consumption. ■ Nevertheless, the sales volume growth of its food products segment in 3Q23 suggests WIL is continuing to gain market share in China, management said. ■ Maintain Add with unchanged SOP TP of S$4.05 as underlying assumptions of a gradual recovery in profitability remains intact post analyst briefing.
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CDL Hospitality Trust More even, broad-based recovery
■ 9M23 NPI of S$101.8m (+23% yoy) missed expectations at 65% of our FY23F, mainly due to lower-than-forecast Singapore non-room revenue. ■ Six out of its eight markets posted higher yoy 3Q revenue per available room. ■ Reiterate Add on CDREIT as a hospitality recovery play.
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CGS CIMB |
CGS CIMB |
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CapitaLand Ascendas REIT Resilient operations
■ CLAR enjoyed high portfolio occupancy of 94.5% and healthy rental reversion of 10.2% in 3Q23. ■ Acquisition of the data centre in the UK and completion of its development property in Australia in Oct 23 should bolster CLAR’s earnings going forward. ■ Reiterate Add with an unchanged TP of S$3.06.
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Starhill Global REIT Another quarter of occupancy growth
■ 1QFY6/24 NPI rose 0.4% yoy to S$37.4m, in line at 25% of our FY24F. ■ 1Q NPI growth was driven by positive reversions in Singapore and higher occupancy in the Australian portfolio, partially offset by forex movements. ■ Reiterate Add. SGREIT is on track to deliver FY24F DPU growth of c.3.7%, translating to FY24F DPU yield of 8.8%.
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| UOB KAYHIAN | UOB KAYHIAN |
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CDL Hospitality Trusts (CDREIT SP) 3Q23: Singapore And Europe Leading The Recovery
RevPAR for Singapore hotels increased 19.9% yoy to S$238 in 3Q23, which is 32% above pre-pandemic levels. Four hotels in Singapore achieved record 3Q RevPAR. CDREIT will benefit from the continued recovery in Germany and Italy. Residential Build-to-Rent project The Casting in the UK will start contributing in 2H24. Maintain BUY for 2024 distribution yield of 7.2%. Target price: S$1.41.
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CapitaLand Ascott Trust (CLAS SP) Broad-based Recovery In 3Q23 Across Key Markets
Portfolio RevPAU grew 17% yoy and 3% qoq to S$154 in 3Q23, which is 2% above prepandemic levels. Key markets in Japan (+198% yoy), Australia (+18% yoy) and the US (+12% yoy) registered the strongest sequential growth in RevPAU on a same-store basis. Balance sheet is resilient with interest coverage ratio at 4.2x and weighted average debt maturity at 3.7 years. CLAS provides 2024 distribution yield of 6.7%. Maintain BUY. Target price: S$1.25.
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