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CGS CIMB |
PHILLIP SECURITIES |
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Singapore Airlines Take the dividend and wait for better entry level
■ SIA’s 1QFY3/25 PATAMI of S$452m missed our preview of S$490m due to lower-than-expected pax and cargo yields, partially offset by lower CASK. ■ Downgrade from Hold to Reduce, as SIA’s share price had been supported by FY24’s final DPS of 38 Scts, but will trade ex-dividend tomorrow. ■ We cut our TP to S$5.88 on a lower CY24F P/BV of 1.1x (+1 s.d. from mean) against P/BV of 1.2x (+2 s.d.) previously, i.e. 6% total return downside.
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Raffles Medical Group Ltd Competition will cap upside
▪ 1H24 revenue and PATMI were within expectations at 57% / 52% of our FY24e estimates respectively. 1H24 PATMI declined 49% YoY to S$30.9mn ▪ 1H24 EBITDA margins collapsed 9% points YoY to 16.6% due to higher losses at the insurance operations, continued losses in China, lower margins from transitional care facilities, and lower government grants.
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UOB KAYHIAN |
UOB KAYHIAN |
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STRATEGY – SINGAPORE Alpha Picks: Solid Beat; Add SPOST And Remove SIAEC From Our Portfolio
For Jul 24, our Alpha Picks portfolio rose 4.7% mom on an equal-weighted basis, beating the STI by 1.0ppt. The strong outperformance was driven by CVL, CSE and ST, while FRKN, SCI and GENS underperformed. Our Alpha Picks portfolio has now outperformed the STI in six out of the past seven months. For Aug 24, we add SPOST while removing SIAEC from our Alpha Picks portfolio
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Keppel Pacific Oak US REIT (KORE SP) 2Q24: Overcoming Adversity To Achieve Higher Portfolio Occupancy
Portfolio occupancy improved 0.6ppt qoq to 90.7% in 2Q24 with higher occupancies at Westech 360 in Austin, One Twenty Five in Dallas and Iron Point in Sacramento. KORE had completed an early refinancing of loan facilities of US$55.0m and extended a loan facility of US$115.0m by 12 months in Jul 24. Management plans to resume distribution in 2026. KORE trades at 2026 distribution yield of 21.5% and P/NAV of 0.28x (72% discount to NAV). Maintain BUY. Target price: US$0.34.
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| UOB KAYHIAN | MAYBANK KIM ENG |
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Mapletree Pan Asia Commercial Trust (MPACT SP) 1QFY25: Steadfast Recovery, One Step At A Time
VivoCity generated impressive positive rental reversion of 19.9% in 1QFY25 and will be further enhanced with AEIs at basement 2. Other Singapore properties, such as mTower and Bank of America HarbourFront, achieved positive rental reversion of 10.2%. MPACT has deleveraged through the divestment of Mapletree Anson. It trades at FY26 distribution yield of 6.7% and P/NAV of 0.73x, which we deem attractive for a blue chip S-REIT. Maintain BUY. Target price: S$1.68.
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CapitaLand Ascott Trust (CLAS SP) Delivering resilience
Stability amid portfolio reconstitution CLAS reported 1H24 DPU of SGD2.55cts, -33% HoH/-8% YoY. 1H24 revenue & NPI of SGD386.4m and SGD172.9m are +11.4% and +12% YoY, respectively. Stable revenue from master lease and MCMGI underpinned topline gains, while divestments chipped away at management contract growth. Forward-booking metrics suggest a brighter 3Q24. Main themes across key markets in 2H24 are: Olympics and other events, summer travel seasons, continued recovery in corporate bookings in select markets. Near-term incremental upside: assets coming out of AEIs could potentially defy the headwinds from weaker market demand. We maintain our estimates, DDM-based TP and BUY rating.
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