DBS Group Research

DBS says exposure by REITs to CWT default more manageable than thought
SINGAPORE (Apr 17): DBS Group Research is not overly worried about the local industrial REITs – AIM APAC REIT (AA REIT), Mapletree Logistics Trust (MLT) and Cache Logistics Trust (CacheLog Trust) – that have exposure to Hong Kong-listed CWT International (CWTI). To recap, CWTI, controlled by Chinese conglomerate HNA Group which is facing liquidity challenges, on Tuesday announced that it ...
UOL upgraded to 'buy' on timely acquisition of Marina Centre
SINGAPORE (Apr 16): DBS Group Research is upgrading UOL Group to “buy” from “hold” and raising its target price by 20% to $8.58, after UOL’s 50%-owned subsidiary United Industrial Corporation (UIC) raised its stake in Marina Centre. UIC on Apr 12 announced it is acquiring the remaining 24.27% stake in Marina Centre Holdings (MCH) and 25% stake in Aquamarina Hotel (AHPL) for a total ...
Indofood Agri shareholders should accept 28 cents per share offer to delist, says DBS
SINGAPORE (Apr 12): DBS Group Research recommends that shareholders of Indofood Agri Resources (IFAR) accept the 28 cents per share offer to delist, even though the offer is at the lower end of acquisition multiples for plantations. IFAR’s parent company PT Indofood Sukses Makmur on Thursday announced a voluntary conditional cash offer to acquire all the shares in IFAR that it does not ...
Analysts mostly bullish on Genting Singapore's $4.5 bil investment for RWS 2.0 as price plunges to 3-month low on fears
SINGAPORE (Apr 4): Analysts are generally positive on Genting Singapore (GENS) following the announcement of plans to invest $4.5 billion to renew and refresh Resorts World Sentosa (RWS). In view of this investment, the government has agreed to extend the exclusivity period for the two casinos at RWS and Marina Bay Sands (MBS) to end-2030. MBS also committed to a $4.5 billion investment to ...
Will potential white knight investor rescue Ezion from the red?
SINGAPORE (Mar 11): DBS Vickers Securities is reiterating its “hold” call on Ezion Holdings with a target price of 5 cents, which is based on 10 times FY20 fully-diluted earnings after lowering FY20 earnings forecasts by 45%. The lower estimates come on the back of slower-than-expected ramp-up in utilisation and revenue, as Ezion remained in the red over 4Q18 with core losses of about ...
SembMarine at 'turning point' but future order wins critical: analysts
SINGAPORE (Feb 21): Analysts believe Sembcorp Marine (SMM) could be on the cusp of a turnaround, after swinging out of the red with earnings of $5.9 million for 4Q18. While the group’s 4Q performance was a long way off its restated 4Q17 earnings of $117.3 million, it had beat expectations of another net loss in the latest quarter. “4Q18 net profit of $5.9 million beat our expectation of ...
DBS keeps faith with Perennial's 'hidden gems' to drive longer-term growth
SINGAPORE (Feb 14): DBS Group Research is keeping the faith in Perennial Real Estate Holdings (PREH), despite the real estate and healthcare company posting a 22.2% drop in full-year earnings. Perennial on Wednesday reported a 42% plunge in 4Q18 earnings to $16.0 million, bringing FY18 revenue to $78.1 million – more than one-fifth lower than $100.3 million a year ago. See: Perennial ...
S-REITs poised to ride on wings of dovish Fed
SINGAPORE (Feb 11): DBS Group Research is keeping its “overweight” rating on Singapore REITs following more dovish comments from the US Federal Reserve. In a statement on Jan 30, the US central bank said it “will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate”. Notably, the Fed also discarded its promise of ...
Suntec REIT to see brighter days ahead, analysts say
SINGAPORE (Jan 24): Analysts believe Suntec REIT could see better days ahead with retail continuing to improve and office rents expected to be on a multi-year upturn. “Since early 2018, more sell-side analysts have joined us in being bullish on Suntec,” DBS Group Research lead analyst Mervin Song says in a report on Thursday. “As there is mounting evidence of a sustained turnaround at ...
Too early to call sustained turnaround for Mapletree Industrial Trust: analysts
SINGAPORE (Jan 23): DBS Group Research says it is still “too early to call a sustained turnaround” for Mapletree Industrial Trust (MINT), even as a general improvement in occupancy rates across most of its industrial sub-segments is a positive sign. “This… should allay concerns that occupancy rates will dip further given the uncertain macro climate,” DBS says in a flash note led by ...