CGS-CIMB

High expenses, potential competition remain concerns for SGX this year

SINGAPORE (April 29): OCBC Investment Research is downgrading its call on Singapore Exchange (SGX) to “hold” while lowering its fair value estimate to $7.60 from $7.98 previously, in view of a muted outlook.

Meanwhile, DBS Vickers Securities and CGS-CIMB Research are maintaining their “hold” and “add” calls on the stock with price targets of $7.05 and $7.90, respectively.

Brokers unanimously bullish on Far East Hospitality Trust after a stellar 4Q

SINGAPORE (Feb 14): DBS Group Research, CGS-CIMB Securities and Maybank Kim Eng are maintaining their “buy” calls on Far East Hospitality Trust with the respective price targets of 70 cents, 68 cents and 75 cents.

This comes after the REIT manager on Wednesday posted a 3.1% increase in 4Q distribution per stapled security (DPS) to 1 cent, with expectations for the trust to enjoy even stronger growth momentum going into FY19.

Is Ascott Residence Trust's Raffles Place divestment a bane or a boon?

SINGAPORE (Jan 10): OCBC Investment Research is upgrading its call on Ascott Residence Trust (Ascott REIT) to “buy” from “hold” upon raising its fair value estimate for the REIT to $1.18.

The move comes after adjusting for its divestment of Ascott Raffles Place Singapore at 2 Finlayson Green for $353.3 million – representing a 64.3% premium to the property’s valuation of $215 million as at end-2018.

Ascott REIT good for stable income growth, but lacks catalysts: CGS-CIMB

SINGAPORE (Nov 2): CGS-CIMB Securities continues to rate Ascott Residence Trust (Ascott REIT) at “hold” at an unchanged $1.12 target price on limited re-rating catalysts, after the trust’s latest 9M DPU of 5.01 cents came in line with expectations.

China Aviation Oil target price slashed on crude oil & currency risks

SINGAPORE (Nov 2): CGS-CIMB Securities is maintaining its “add” call on China Aviation Oil (CAO), lowering its target price on the stock to $1.83 from $2.03 to account for a wider discount of 30% of peer average compared to 25%.

Innovation is key to staying relevant in brick & mortar, says CGS-CIMB

SINGAPORE (Oct 23): CGS-CIMB Research is maintaining “overweight” on the consumer staples sector after a recent visit to Habitat, honestbee’s tech-enabled grocery and dining destination in Pasir Panjang.

In a Tuesday report, analyst Cezzane See describes the online-to-offline (O2O) retail experience as “akin to shopping at an upmarket grocery store” – and says the move by honestbee proves that physical retail is still relevant despite the onset of the “new retail” phenomenon.

Frasers Commercial Trust lacks near-term catalysts despite positive developments, say analysts

SINGAPORE (Oct 22): CGS-CIMB Securities and RHB Research are maintaining their respective “hold” and “neutral” calls on Frasers Commercial Trust (FCOT), both with a $1.50 price target each.

The former has tweaked its FY1920 DPU marginally and introduced FY21 estimates, while latter is expecting operational weakness to persist in FY19 before a recovery is due in FY20.

This comes after the trust’s manager last week declared a 4Q DPU of 2.40 cents, down 0.4% from a year ago and in line with both research houses’ estimates.

CapitaLand Mall Trust's AEI positives have been priced in with limited catalysts in sight: CGS-CIMB

SINGAPORE (Oct 1): CGS-CIMB Research is maintaining “hold” on CapitaLand Mall Trust (CMT) with an unchanged target price of $2.21, as it sees limited catalysts from the stock after factoring in expected contributions from the new Funan DigitaLife Mall, which is expected to open in 2Q19.

The research house is nonetheless positive on the trust’s prospects with Funan after attending the mall’s topping out ceremony last week.

Jumbo started at 'add' for strong brand equity & regional growth prospects

SINGAPORE (June 25): CGS-CIMB Securities is initiating coverage on Jumbo Group with an “add” recommendation and target price of 62 cents, which is based on 23 times CY19F earnings, below its regional peer average of 24.7 times against a three-year EPS CAGR of 13.9% for CY17-20F.

This is in view of the group’s strong earnings growth outlook for FY19F, which the research house believes could see Jumbo opening its sixth Singapore outlet at the upcoming Jewel Changi Airport complex.

Analysts in favour of Sembcorp Industries' latest UK acquisition for earnings & growth prospects

SINGAPORE (June 4): CGS-CIMB Research and DBS Vickers Securities are maintaining their “add” and “buy” calls on Sembcorp Industries as they like the group’s latest acquisition of UK Power Reserve (UKPR), the UK’s largest flexible distributed energy generator.

The deal marks one of the first major steps the group has taken in recycling its utilities assets post its strategic review in early-2018.

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