CapitaLand Mall Trust to deliver higher returns in near-term, but positives already priced in: OCBC

SINGAPORE (June 6): OCBC Investment Research is maintaining “hold” on CapitaLand Mall Trust (CMT) while raising its fair value estimate by a cent to $2.33 on the faster-than-expected ramp up of Funan.  

This comes after CMT’s manager announced the impending opening of the integrated development on June 28, two months ahead of the original scheduled date.  

OCBC says Soilbuild REIT has undemanding valuations, but still lacks catalysts

SINGAPORE (May 31): OCBC Investment Research is maintaining “hold” on Soilbuild Business Space REIT (SB REIT) with an unchanged fair value of 62 cents as the REIT continues to await rent payment due from its master lease tenant, NK Ingredients.

To recap, the distressed lanolin manufacturer is in the midst of restructuring.

SingPost's ongoing initiatives will take time to bear fruit, say analysts

SINGAPORE (May 9): UOB Kay Hian and OCBC Investment Research are maintaining their “hold” calls on Singapore Post (SingPost) with a $1.06 price target and $1 fair value estimate, respectively, after the group announced a 4Q19 loss of $75.1 million due to US business-related impairment charges and exceptional items. 

CDL Hospitality Trusts remains top sector pick for RHB, Maybank despite a weak 1Q

SINGAPORE (May 2): RHB Research and Maybank Kim Eng are maintaining “buy” on CDL Hospitality Trusts (CDL HT) with respective price targets of $1.77 and $1.80, while OCBC Investment Research reiterates its “hold” call as it places its $1.56 fair value under review, pending further details.

Maybank KE cuts Hi-P to 'sell' after share price run-up

SINGAPORE (April 9): Maybank Kim Eng is downgrading its call on Hi-P International to “sell” from “hold” previously with an unchanged price target of $1.22, which is based on 1.5 times FY19E price-to-book value.

This is because the research house now deems Hi-P as overvalued at 14 times FY19E P/E versus its global peers’ 10.5 times, and its own 1 SD above the three-year mean of 12.3 times.

Why Maybank KE prefers Frasers Centrepoint Trust over SPH REIT

SINGAPORE (Apr 8): Maybank Kim Eng is reiterating its “hold” call on SPH REIT with an unchanged target price of $1.05 on expectations of limited retail sales growth.

Instead, the research house prefers Frasers Centrepoint Trust (FCT), rated “buy” with a $2.60 target price, for its suburban-mall footprint and a 6% three-year DPU CAGR.

This comes post the release of SPH REIT’s 2Q19 results last Friday, which came in line with Maybank’s estimates with 0.7% y-o-y growth in quarterly DPU to $1.41 cents.

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 US$28 million. Its revenue for the quarter was mainly affected by a delay in redeployment due to working capital constraints and higher maintenance costs incurred.

ComfortDelGro started at 'hold' by Maybank with $2.45 target price; says acquisitions are key to re-rating

SINGAPORE (Mar 4): Maybank Kim Eng is starting coverage on ComfortDelGro (CDG) at “hold” with a target price of $2.45.

This comes on expectations the group’s transport focus and global expansion, which will provide a decent shelter amid private taxi-hailing competition, has been priced into valuations of 17 times 2019E-20E P/E.

OCBC downgrades Hutchison Port Holdings Trust to 'sell' after HK$12.3 bil impairment blow

SINGAPORE (Feb 13): OCBC Investment Research is downgrading its call on Hutchison Port Holdings Trust (HPHT) to “sell” from “hold” while lowering its fair value to 22 US cents as at the close of Feb 12.

SIA Engineering hit by target price cuts after 3Q's negative surprise

SINGAPORE (Feb 11): Maybank Kim Eng is maintaining its “buy” call on SIA Engineering (SIA EC) with a lower price target of $2.85 compared to $3 previously after the group reported a 40% y-o-y decline in 3Q19 earnings due to one-off items.

The research house has cut its FY19-21 PATMI estimates by 6%-13%, but remains positive on the stock’s medium-term outlook considering its management initiatives and current valuations.

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