Maybank Kim Eng Research

Manulife US REIT raises US$142.7 mil from private placement, preferential offering

SINGAPORE (Sept 20): The manager of Manulife US REIT announced Friday it has raised total gross proceeds of US$142.7 million ($196.6 million) from its private placement and preferential offering. 

The private placement was more than seven times covered at the top end of the issue price range at 87.6 US cents, while the issue price under the preferential offering was fixed at 86 US cents.

Mapletree Industrial Trust gaining growth momentum with latest US1.4 bil data centre acquisition

SINGAPORE (Sept 19): Mapletree Industrial Trust (MINT) is poised to up its stability and growth following its acquisition of a US$1.37 billion ($1.88 billion) data centre portfolio in North America, says Maybank Kim Eng Research.

MINT and sponsor Mapletree Investments, which is wholly-own by Temasek Holdings, announced earlier this week that they are jointly acquiring 10 powered-shell data centres in the US and Canada from Digital Realty, as well as co-investing in three existing fully-fitted hyper-scale data centres.

Analysts cut ComfortDelGro's earnings forecasts despite positive 2Q results

SINGAPORE (Aug 15): ComfortDelGro Corporation may have posted a positive set of financial results for the 2Q19 ended June. But a peek under the hood reveals that the land transport conglomerate has not been firing on all cylinders.

The group saw its earnings grow 1.2% to $75.9 million during the quarter, even as revenue rose 4.2% to $980.8 million.

Will OCBC's interim dividend surprise be enough to snare investors?

SINGAPORE (Aug 6): Oversea-Chinese Banking Corporation (OCBC Bank) surprised market observers with a higher-than-expected interim dividend payout of 25 cents per share for the 1H19 ended June, 25% higher than a year ago.

OCBC’s 2Q19 earnings rose 1% to $1.22 billion – some 5% above Bloomberg consensus expectation of $1.16 billion – on the back of stronger net interest margin (NIM) and loan growth.

Lady Luck smiles on Genting Singapore in 2Q but will it be enough to turn the tables?

SINGAPORE (Aug 6): Genting Singapore (GENS) did not disappoint consensus estimates in the 2Q19 ended June. But it remains to be seen how the integrated resort and casino operator will deal with a challenging mass market business, which saw a considerable decline during the quarter.

While 2Q earnings fell 5% to $168.4 million, adjusted EBITDA rose 11% to $294.4 million on the back of a higher VIP win rate of 3.7% – some 1.1 percentage points higher than the corresponding quarter a year ago and 0.7 percentage points higher than the average of 3% in the past nine quarters.

CDLHT set for 2H rebound on asset reconstitution and acquisitions

SINGAPORE (July 31): CDL Hospitality Trusts (CDLHT) reported a 3.3% dip in distribution per stapled security for the 2Q19 ended June.

The weaker DPSS also brought DPSS for 1H19 ended June to 4.16 cents, down 3.5% from a year ago.

See: CDLHT posts 3.3% lower 2Q19 DPSS of 2.07 cents on lower sales, retention of distribution

Sheng Siong shares climb as 2Q results meet expectations on back of new store openings

SINGAPORE (July 31): Shares in Sheng Siong Group are marching higher following its 2Q results announcement on Monday, which saw the supermarket chain report earnings in line with consensus expectations.

For the 2Q19 ended June, Sheng Siong reported a 7.4% increase in earnings to $18.4 million, as revenue grew 11.8% to $238.2 million on the back of contribution from the opening of 13 new stores.

After fun at Funan, will CapitaLand Mall Trust turn its sights to Jewel Changi for added shine?

SINGAPORE (July 25): The reopening of CapitaLand Mall Trust’s (CMT) Funan shopping mall after a three-year redevelopment was met with much fanfare late last month.

Comprising a six-storey retail mall, two six-storey office blocks and a Lyf-branded serviced residence, the mixed-use development on North Bridge Road is one of 15 properties owned by CMT.

The retail portion comprises 507,000 sq ft of gross floor area and 320,000 sq ft of net lettable area, while the office component consists of 260,000 sq ft of GFA and around 210,000 sq ft of NLA.

SATS shares tumble after 1Q earnings miss as headwinds mount

SINGAPORE (July 23): Airline gateway services and food solutions provider SATS has seen its share price tumble more than 9% since last week.

On July 18, SATS posted a 14.4% drop in earnings to $54.7 million for the 1Q20 ended June – missing consensus estimates by a mile.

The disappointing results came on the back of weakening air cargo volumes, even as SATS was impacted by one-offs including the suspension of Jet Airways, the grounding of Boeing’s 737 Max aircraft, and credit provisions.

Can these Singapore tech stocks survive escalating US-China trade tensions?

SINGAPORE (June 12): Maybank Kim Eng Research is maintaining its “neutral” rating on the Singapore technology sector, amid risks that arise from escalating trade tensions between US and China.

“The escalation of the US-China trade war has clouded the earnings outlook for the Singapore technology universe,” says analyst Lai Gene Lih in a report on June 10.

Venture Corporation is now Maybank’s preferred pick in the sector.

The brokerage is upgrading Venture Corp to “buy” from “hold” previously, and keeping its target price unchanged at $19.74.

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