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UOB KAYHIAN |
UOB KAYHIAN |
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Keppel DC REIT (KDCREIT SP) Enlargement Of Pipeline; Attractive Yield From Netco Bonds
Highlights • Sponsor Keppel has built an extensive pipeline of data centres with power capacity of 1.0GW, including Singapore, Japan, South Korea and Australia. These will be ready for acquisitions in 2028 at the earliest. • In the interim, KDCREIT relies on acquisition of hyperscale data centres in Japan (yield: 4%), South Korea (yield: 5-6%) and Europe (yield: 5-6%) from third-party vendors. Its debt headroom is sizeable at S$550m. • The divestment of M1 NetCo bonds for S$79.2m was terminated in May 26. Thus, KDCREIT continues to benefit from a stable income stream of S$11m annually, which represents an IRR of 9%. • Maintain BUY on resiliency of the data centre market in Singapore (62.7% of AUM) and support from sponsor Keppel. Target price: S$2.99.
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China Property New-Home Sales Momentum Softens In Late-Jun 26, Land Market In 1H26 Sees Lower Volume And Competition Becomes More Rational
Highlights • During 1-28 June, new-home sales momentum weakened further. Secondhand transactions in core cities continued to post resilient sales growth. Meanwhile, overall housing prices continued to trend downward. • The aggregate land sales revenue across the five major cities fell 49.6% yoy to Rmb164.8b in 1H26. Overall, the land markets across major cities in 1H26 were characterised by lower volume, with competition becoming more rational. • Maintain UNDERWEIGHT. Our top picks are COLI and CR Mixc.
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| UOB KAYHIAN | CGS |
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Healthcare Gradual Policy Transition; Growth Drivers Intact
Highlights • The DRG implementation appears to be evolutionary, not disruptive, with larger hospital groups better placed as pilots, coding and tariff calibration mature gradually. • Policy risk appears manageable, while hospitals retain multi-year growth visibility from brownfield expansion, daycare growth and medical tourism. • Maintain MARKET WEIGHT as growth is tempered by elevated valuations. Our top picks for the sector are KPJ Healthcare and Duopharma.
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Wee Hur Holdings Ltd High likelihood of extension for Tuas View ■ We believe the land lease of Tuas View Dormitory will be extended at endSep 26, lifting the overhang on WHUR’s share price. ■ 47,400 beds are likely to come online over 2028F-30F but a bed shortage in the meantime makes Tuas View’s renewal highly probable, in our view. ■ Reiterate Add. We believe WHUR is a beneficiary of Singapore’s construction upcycle as well as strong demand for PBWAs and PBSAs. Read more... |
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