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UOB
Jonathan Koh ...
  • Loke Pei Hao

CapitaLand Commercial Trust (CCT SP) - 2Q19: Steady growth; Deepens presence in Germany; Downgrade to HOLD

2Q19 results were in line with expectations. CCT benefitted from the up-cycle in the office market with average office rent increasing 3.5% qoq to S$10.05psf pm, although committed office occupancy dipped slight by 0.7ppt qoq to 98.3%. CCT will embark on AEIs for 21 Collyer Quay and Six Battery Road in 2020. The acquisition of MAC in Frankfurt, Germany is accretive to 1H19 DPU by 1.0% (40% debt) to 2.5% (100% debt). Share price has already outperformed. Downgrade to HOLD. Target price: S$2.17. Entry price: S$1.98.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Singapore Daily - Thursday, July 18, 2019

KEY HIGHLIGHTS Results CapitaLand Commercial Trust (CCT SP/HOLD/S$2.17/Target: S$2.17): 2Q19: Steady growth; deepens presence in Germany; downgrade to HOLD. The stock has already outperformed and upside could be limited. TRADERS’ CORNER Capitaland Mall Trust (CT SP): Trading Buy Oversea-Chinese Banking Corp (OCBC SP): Trading Buy

UOB
Eric Wang Zhen ...
  • Jason Wong Chun Sang
  • Jayson Kong
  • Jonathan Koh
  • Kader Farhan Bin Kader Ridzwan
  • Loke Pei Hao
  • Malaysia Research Team
  • Nick Liu Sunliang
  • Raphon Prima
  • Tham Mun Hon

Regional Morning Notes - Tuesday, July 16, 2019

KEY STORY CHINA Initiate Coverage Insurance: Good timing for P&C segment as car sales are expected to rebound in 2H19. CHINA Economics Economic Activity: Jun 19 economic activity indicators top estimates but 2Q19 GDP growth trends lower. Initiate Coverage Insurance: Good timing for P&C segment as car sales are expected to rebound in 2H19. Sector Property: Weekly: Financing channel may not tighten further. HONG KONG Small/Mid Cap Highlights Union Medical Healthcare (2138 HK/BUY/HK$7.01/Target: HK$8.32): Enjoying health and beauty. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp765/Ta...

UOB
Jonathan Koh ...
  • Loke Pei Hao

Keppel REIT (KREIT SP) - 2Q19: Decent performance despite high base

2Q19 DPU of 1.39 cents is in line with our expectations and a decent performance despite the high base created by one-off income of S$12m from the early termination of leases in 2Q18. We expect KREIT to maintain positive rental reversion for its Singapore office portfolio. 311 Spencer will start contributing upon completion in 1H20. KREIT has capital gains of S$105m available to top up distribution or be deployed in share buyback. Maintain BUY and target price of S$1.37.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Singapore Daily - Tuesday, July 16, 2019

KEY HIGHLIGHTS Results Keppel REIT (KREIT SP/BUY/S$1.26/Target: S$1.37): 2Q19: Decent performance despite high base. TRADERS’ CORNER Frencken Group (FRKN SP): Trading Buy ComfortDelGro Corp (CD SP): Trading Sell

UOB
Benyamin Mikael ...
  • Jonathan Koh
  • Kong Ho Meng
  • Malaysia Research Team
  • Napat Vorajanyavong
  • Nick Liu Sunliang
  • Robin Yuen
  • Shaun Tan
  • Vincent Khoo Boo Aik

Regional Morning Notes - Friday, July 12, 2019

CHINA Sector Property: Embracing megacity clusters. Update Anta Sports (2020 HK/BUY/HK$51.30 /Target: HK$60.00): 2Q19 operational data in line while management rebuts short-seller allegations. INDONESIA Update Erajaya Swasembada (ERAA IJ/SELL/Rp2,090/Target: Rp1,680): 2Q19 results preview: To record higher qoq profit. Downgrade to SELL on high downside risk. MALAYSIA Update My EG Services (MYEG MK/BUY/RM1.57/Target: RM1.66): Long-term prospects remain intact while pending various watershed events to materialise in near term. Serba Dinamik Holdings (SDH MK/BUY/RM4.16/Target: RM5.20): Upgrade...

UOB
Jonathan Koh

DBS Group Holdings - 2Q19 results preview: Continued NIM expansion, stable asset quality

We expect DBS to report net profit of S$1,452m for 2Q19, up 9% yoy but down 12% qoq (1Q19 boosted by S$100m write-back in general provisions). We expect NIM to expand 2bp qoq due to higher mortgage rates. Wealth management fees were affected by poor market sentiment. Asset quality is stable and specific provisions remain within guidance of 20-25bp. Maintain BUY. Target price: S$30.50.

UOB
Jonathan Koh

Singapore Daily - Friday, July 12, 2019

KEY HIGHLIGHTS Update DBS Group Holdings (DBS SP/BUY/S$25.61/Target: S$30.50): 2Q19 results preview: Continued NIM expansion, stable asset quality. TRADERS’ CORNER Keppel Corp (KEP SP): Trading BUY ComfortDelGro Corp (CD SP): Trading SELL

UOB
Chaiwat Arsirawichai ...
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Keith Wee Teck Keong
  • Ken Lee
  • Loke Pei Hao
  • Lucas Teng Yao Yang
  • Raphon Prima
  • Tanaporn Visaruthaphong

Regional Morning Notes - Wednesday, July 10, 2019

CHINA Sector Automobile: PV retail sales growth returns to positive territory in June. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/ Rp4,410/Target: Rp4,900): Potential 20% net income growth in 2020 has not been priced in; upgrade to BUY. MALAYSIA Update Hong Leong Bank (HLBK MK/HOLD/RM19.00/Target: RM20.45): Moderating revenue trends and relatively rich valuations at 1.48x FY20F P/B against ROE of 10.4% (sector P/B: 1.18x, ROE: 10.2%) prompt us to maintain HOLD. SINGAPORE Update ComfortDelGro Corporation (CD SP/BUY/S$2.84/Target: S$3.08): Positives from regulatory changes. Suntec ...

UOB
Jonathan Koh ...
  • Loke Pei Hao

Suntec REIT - Continued expansion in Australia

The proposed acquisition of 21 Harris Street in Sydney, Australia will deepen SUN’s Australia exposure from 11% to 14% of its total AUM. The acquisition is expected to be DPU-accretive (boosting pro-forma FY18 DPU by 0.5%). The transacted price is fair and in line with the independent valuation by JLL. Maintain HOLD with a higher target price of S$2.00 (previously S$1.99). Entry price: S$1.82.

UOB
Jonathan Koh ...
  • Loke Pei Hao
  • Lucas Teng Yao Yang

Singapore Daily - Wednesday, July 10, 2019

KEY HIGHLIGHTS Update ComfortDelGro Corporation (CD SP/BUY/S$2.84/Target: S$3.08): Positives from regulatory changes. Suntec REIT (SUN SP/HOLD/S$1.95/Target: S$2.00): Continued expansion In Australia.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Ascott Residence Trust - Acquisition of AHT enlarges capacity to generate growth

The merger of ART and AHT will create Asia Pacific’s largest hospitality trust with assets of S$7.6b. The acquisition will enlarge ART’s capacity to acquire more quality assets and take on more development/conversion projects. Debt headroom has increased by 25% to S$1b. The deal provides DPU accretion of 2.5%. With enhanced liquidity and concentration in developed markets, ART is on course for inclusion into the FTSE EPRA NAREIT Developed Index. Maintain BUY. Target price: S$1.46.

UOB
Jonathan Koh ...
  • Loke Pei Hao

REITs - Well-balanced approach to provide more flexibility

The MAS has initiated industry consultation on allowing higher leverage of 50% if S-REIT meets the minimum ICR of 2.5x. S-REITs with good financial discipline could have higher leverage of 55%. The slight relaxation, if implemented, will enable S-REITs to respond faster and make more sizeable acquisitions. These new limits remain well below those in many other jurisdictions. S-REITs are unlikely to depart from their culture of prudence in managing capital structure. Maintain OVERWEIGHT.

UOB
Jonathan Koh ...
  • Loke Pei Hao

Singapore Daily - Thursday, July 4, 2019

KEY HIGHLIGHTS Sector REITs: Well-balanced approach to provide more flexibility. Update Ascott Residence Trust (ART SP/BUY/S$1.28/Target: S$1.46): Acquisition of AHT enlarges capacity to generate growth. TRADERS’ CORNER Parkwaylife Real Estate (PREIT SP): Trading BUY Singapore Airlines (SIA SP): Trading BUY

UOB
Arandi Ariantara ...
  • Arsit Pamaranont
  • Carol Dou Xiao Qin
  • Chaiwat Arsirawichai
  • Charles Wong Kok Min
  • Jonathan Koh
  • K Ajith
  • Loke Pei Hao
  • Michael Cheung Ho Bun
  • Neo Chen Wentao
  • Philip Wong
  • Sandra Huang Jieqiong
  • Tanaporn Visaruthaphong

Regional Morning Notes - Thursday, July 4, 2019

CHINA Initiate Coverage Machinery: Building up to another good year. Sector Healthcare: Drug monitoring list puts drug prescription behaviour in check. Update Spring Airlines-A (601021 CH/BUY/Rmb46.80/Target: Rmb53.00): Demand outpaces capacity expansion; upgrade to BUY. INDONESIA Update Acset Indonusa (ACST IJ/BUY/Rp1,375/Target: Rp2,510): Jakarta-Cikampek Elevated II toll road to be completed in September, maintain BUY. MALAYSIA Update British American Tobacco (ROTH MK/HOLD/RM28.94/Target: RM27.60): Upgrade to HOLD; valuations could be supported by decent dividend yields. Elevated illicit ...

UOB
Jonathan Koh

Banking - Promoting Fintech by issuing digital bank licenses

MAS will issue up to five new digital bank licences to non-bank players (two DFBs and three DWBs). Singapore banks are digital savvy and can compete effectively against new entrants due to their comprehensive omni-channel approach. New entrants are subject to similar risk-based capital and liquidity requirements but do not have physical branches, nor access to ATMs and CDMs. We find requirements for DFB and DWB rather restrictive. Maintain OVERWEIGHT.

UOB
Jonathan Koh

Singapore Daily - Monday, July 1, 2019

KEY HIGHLIGHTS Sector Banking: Monthly Statistics: May 19 – Pick-up in loans to businesses. Banking: Promoting fintech by issuing digital bank licences.

UOB
Chaiwat Arsirawichai ...
  • Jonathan Koh
  • Malaysia Research Team
  • Stevanus Juanda
  • Vincent Khoo Boo Aik

Regional Morning Notes - Monday, July 1, 2019

INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/HOLD/Rp1,275/Target: Rp1,300): EPS growth of >30%, but +1.5SD PE. Maintain HOLD, MALAYSIA Strategy Alpha Picks: Entering An Optimistic Period: June picks were up 9.2% mom vs FBMKLCI’s 1.5% gain, led by Yinson, VS Industry and Tenaga. For July, we retain our picks: CIMB, GAQRS, IHH, TNB, VS Industry and Yinson. SINGAPORE Sector Banking: Monthly Statistics: May 19 – Pick-up in loans to businesses. Banking: Promoting fintech by issuing digital bank licences. THAILAND Update Advanced Info Service (ADVANC TB/BUY/Bt218.00/Target: Bt220.00): Expec...

UOB
Chaiwat Arsirawichai ...
  • Johnny Yum Chung Man
  • Jonathan Koh
  • Kader Farhan Bin Kader Ridzwan
  • Ken Lee
  • Loke Pei Hao
  • Philip Wong
  • Zhifeng Shen

Regional Morning Notes - Monday, June 24, 2019

CHINA Sector Automobile: Weekly sales data: Retail sales up 25% yoy in second week of June amid ongoing destocking. Results China Gas (384 HK/BUY/HK$27.85/Target: HK$36.39): FY19: Strong gas sales and rural connections. MALAYSIA Results MyNews Holdings (MNHB MK/BUY/RM1.37/Target: RM1.64): 2QFY19: Within expectations; delivers yet again. Highly-anticipated food processing facility commissioned and will commence contribution in 3QFY19. Update Gamuda (GAM MK/HOLD/RM3.83/Target: RM3.47): Likely to accept the takeover bid as valuation is deemed fair; focus on existing businesses. SINGAPORE Initia...

UOB
Jonathan Koh ...
  • Loke Pei Hao

Mapletree Commercial Trust (MCT SP) - Prime beneficiary of rejuvenation of Sentosa and Pulau Brani

VivoCity is the gateway to Sentosa. It achieved positive rental reversion of 24.9% in FY12 after Resorts World Sentosa opened in Jan 11. It will similarly benefit from the government’s plan to develop new tourism attractions at Sentosa and Pulau Brani going forward. We estimate the acquisition of MBC 2 would raise pro forma 2020 DPU by 2.8% to 9.65 S cents. Initiate coverage on MCT with BUY and target price of S$2.22.

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