buysellhold july.23

CGS CIMB

CGS CIMB

CapitaLand Ascott Trust

Room rates supported by events and AEIs

 

■ 1H24 DPU was 2.55 Scts (-8% yoy), in line at 42% of our FY24F. Excluding non-periodic items, 1H24 adj. DPU was stable despite portfolio rebalancing.

■ 2Q24 portfolio RevPAU was 102% of 2Q19 levels, key markets at 107-141%.

■ Reiterate Add. Portfolio rebalancing remains a key strategy for CLAS.

 

 

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Keppel DC REIT

Portfolio rebalancing opportunities

 

■ 1H24 DPU 4.549 Scts (-10% yoy/+5% qoq) is in line at 52.6% of our FY24F.

■ Strong reversions on leases renewed at SGP3 (above 40%) bode well for 2H24F/FY25F; most reversions came from Singapore DCs (SGP 2, 4 & 5).

■ Reiterate Hold. We await clarity on portfolio rebalancing and Bluesea arrears.

 

 

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CGS CIMB

CGS CIMB 

Mapletree Industrial Trust

A robust 1Q performance

 

■ 1QFY3/25 DPU of 3.43 Scts was in line at 24.6% of our FY25F forecast.

■ Portfolio occupancy rose to 91.9% while rental reversions averaged +9.2% in 1QFY25.

■ Maintain Add with an unchanged DDM-based TP of S$2.61.

 

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Parkway Life REIT

Business as usual

 

■ PREIT’s 1H24 DPU of 7.54 Scts was in line, at 50% of our FY24F forecast.

■ 1H24 revenue/NPI were dragged down by a weaker yen vs. S$ but offset by realised forex gains from income hedge.

■ Maintain Add rating with an unchanged DDM-based TP of S$4.50. 

 

 

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UOB KAYHIAN UOB KAYHIAN

REITs – Singapore

1H24: Results Of PREIT (In Line) And SUN (Below Expectations)

 

BUY PREIT (Target: S$4.70) for a 25.3% rent step-up for its Singapore hospitals in 2026 after it upgrades MEH to a modern and integrated multi-service medical hub. HOLD SUN (Target: S$1.13) as its 2024 distribution yield of 5.3% looks fairly valued but aggregate leverage is elevated at 42.3%. Maintain OVERWEIGHT on the sector.

 

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Raffles Medical Group (RFMD SP)

1H24: Results Slightly Below Expectations, Margins Remain Soft

 

RFMD reported a sharply lower 1H24 PATMI of S$30.6m (-48.8% yoy), slightly below our expectations. The healthcare services segment outperformed as patient load improved. The hospital services segment posted a strong performance, but this was offset by the strong Singapore dollar and stiff regional competition. RFMD’s China operations continue to perform. With a lack of any near-term catalysts, we opine that RFMD remains fairly valued at current price levels. Maintain HOLD with a lower target price of S$1.01.

 

 

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