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PHILLIP SECURITIES |
CGS CIMB |
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First REIT A buyer for Indonesian hospitals
▪ FIRT received a preliminary non-binding letter of intent (LOI) from PT Siloam International Hospitals Tbk (Siloam) to acquire FIRT’s portfolio of 14 Indonesian hospitals (72% of AUM). We view this positively as (i) Siloam’s interest in the assets supports the inherent value of the Indonesian hospitals, (ii) the proceeds from the sale could provide FIRT with more financial capacity for future acquisitions in developed markets such as Australia and Japan, and (iii) the sale could unlock considerable value for unitholders. Siloam is the current tenant and operator of the hospitals and is 65% owned and controlled by CVC Capital Partners.
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Property Devt & Invt Sales momentum to continue in 1Q25F
■ Sales of private homes (ex-ECs) fell 92% mom but rose 50% yoy in Dec 24. ■ We project home sales of 6,000-7,000 units in 2025F, with sales likely to be front-loaded due to the planned launch of two major projects in 1Q25F. ■ Retain sector Neutral. Our sector picks, ranked by preference: CLI, UOL, CIT.
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UOB KAYHIAN |
UOB KAYHIAN |
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Singapore Airlines (SIA SP) Expect Decent Core Earnings In 3QFY25; But Valuation Still On The High Side
SIA’s Dec 24 pax data was in line but cargo load data missed our expectation. We forecast SIA’s 3QFY25 core earnings at S$500m-600m, a significant qoq rebound from S$290m in 2QFY25, due to strong seasonality and a qoq decline in jet fuel prices. While supply-demand balance for pax capacity may stay favourable for yields in 2025, we do not see any strong catalysts to sustain SIA’s valuation at the current level of 1.18x FY26F P/B (0.5SD above historical mean). Maintain SELL. Target price: S$5.80.
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Lenovo Group (992 HK) Management Expects IDG Business’ Growth To Accelerate In 2025-26
Lenovo hosted a post CES call yesterday and provided insights to its IDG business’ outlook in 2025. The company expects a 5-10% yoy shipment growth for the global PC market as the Windows 10 EOS replacement cycle kicks in and AI PC penetration accelerates. The company also sees strong double-digit growth in smartphones being sustainable in the coming 1-2 years as it penetrates more new markets. Maintain BUY and keep target price unchanged at HK$12.00.
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MAYBANK KIM ENG |
MAYBANK KIM ENG |
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Malaysia REITs 2025: Strong recovery and yield expansion
Driven by a confluence of positive factors We maintain a POSITIVE outlook on MREITs in 2025. The MREITs are expected to be driven by several factors, in particular strong consumer spend, tourism recovery and sustained demand for industrial property assets. Collectively, we project CY25E earnings growth of +9.6% YoY, driven by sustained occupancy levels and rental rates, alongside several new asset injections (SunREIT, PavREIT, Axis REIT, YTLREIT). Besides that, we forecast average CY25E net DPU yield of 5.9% (CY24E: 5.3%). Our top BUY is CLMT, with other BUY calls on PavREIT, Axis REIT, and SENTRAL.
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Malaysia Tourism Tourism upcycle begins now
Preferred picks are GENM, PREIT and AAX History tells us that Malaysian tourism industry upcycles begin not during Visit Malaysia Years (VMY) but the years preceding them. Funded with a record tourism promotion budget and barring major incidents, we are positive on the Malaysian tourism industry. We expect Chinese, Indian and domestic tourists to drive growth. Our preferred picks for this theme are GENM, PREIT and AAX. GENT is also a BUY but its exposure to Malaysian tourism is immaterial. KLCCS and CAPITALA are HOLDs.
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