Maybank Kim Eng Research

Analysts remain optimistic on Mapletree Logistics Trust amid stable 3Q, operational resilience

SINGAPORE (Jan 24): Amid macroeconomic uncertainties and increasing cautionary behaviour, Mapletree Logistics Trust (MLT) has spent some $0.4 billion over the first three quarters of FY20 to ensure that its portfolio remains resilient through the acquisition of seven logistics properties in Malaysia, Vietnam and China.  

With 143 properties currently, MLT’s diversified portfolio spans across eight Asian geographies, namely Singapore, Hong Kong, China, Australia, Malaysia, South Korea, Japan and Vietnam. 

Analysts raise hopes on Mapletree Industrial Trust following 3Q results

SINGAPORE (Jan 23): Analysts are raising their target prices on Mapletree Industrial Trust (MINT), after the REIT showed steady growth in its latest set of results, underpinned by its new revenue contributions from acquisitions and development projects.

Following the REIT’s results announcement on Jan 21, all three brokerage reports spotted by The Edge Singapore – by CGS-CIMB Research, Maybank Kim Eng Research, and OCBC Investment Research – saw higher fair values estimates for MINT. 

Analysts revise FY20 estimates, price targets as AEM beats revenue forecasts

SINGAPORE (Jan 15): There is no slowing down for precision engineering services firm AEM Holdings, as a solid FY19 seems to have paved the way for an even better year to come. 

On Jan 8, the group announced that it had bagged some $245 million worth of sales orders for delivery for FY20. 

“The group expects FY20 revenue to be between $330 million to $350 million,” the group said in a regulatory filing. The projected revenue is indeed a significant increase from previous figures of $262 million in FY18 and $222 million in FY17. 

Analysts keep positive outlook on Singapore banks as applications for digital bank licences close

SINGAPORE (Jan 8): Analysts remain bullish on Singapore banks, even as the Monetary Authority of Singapore (MAS) announced Tuesday that it has received 21 applications for new digital bank licences.

While MAS did not name the applicants, it said the new digital bank licences have attracted “strong interest from a diverse group of applicants”.

Seven groups had applied for the digital full bank (DFB) licences, while 14 others applied for the digital wholesale bank (DWB) licences.

Singapore has a total of two DFB and three DWB licences up for grabs.

UMS has 'room for upside' on semiconductor recovery, says Maybank Kim Eng

SINGAPORE (Jan 6): Maybank Kim Eng Research is keeping its “buy” call on precision metals engineering firm UMS Holdings with an unchanged target price of $1.13, on the back of an impending recovery in the semiconductor industry.

According to global industry association Semiconductor Equipment & Materials International (SEMI), global semiconductor manufacturing equipment sales is expected to turn around from an estimated 10.5% drop in 2019 to grow 5.5% to US$60.8 billion ($82.0 billion) in 2020 – before hitting a new high in 2021.

Analysts expect brighter outlook even as exports fall for ninth consecutive month in November

SINGAPORE (Dec 18): Singapore’s non-oil domestic exports (NODX) contracted 5.9% year-on-year contraction in November – marking the ninth consecutive month of decline. But analysts are quick to highlight that it is not all doom and gloom for the city state’s economy. 

UOB Group analyst Barnabas Gan notes in a Tuesday report that this was the smallest decline in nine months, and had outperformed the market consensus of an expected 6.4% decline. 

Maybank starts UMS Holdings on 'buy' amid industry upturn, diversification strategy

SINGAPORE (Dec 4): Maybank Kim Eng Research is initiating coverage on UMS Holdings with a “buy” recommendation and a target price of $1.13, representing a total upside of 22% for the stock. 

The way analyst Lai Gene Lih sees it, UMS is poised to thrive on the semiconductor industry upturn. 

“UMS is in the early innings of an earnings up-cycle, and has traded at such levels or higher in previous similar episodes,” recalls Lai in a Wednesday report. 

Ascendas REIT remains top sector pick as growth fundamental look up: Maybank Kim Eng

Ascendas REIT remains top sector pick as growth fundamental look up: Maybank Kim Eng

SINGAPORE (Dec 4): Maybank Kim Eng Research is keeping Ascendas Real Estate Investment Trust (Ascendas REIT) as its top pick among Singapore REITs, after unitholders supported its proposed acquisition of a portfolio of 30 business park properties.

The manager of Ascendas REIT had on Nov 1 announced the proposed acquisition, which would see the REIT buy the 28 properties located in the US and two properties in Singapore from CapitaLand for a whopping $1.66 billion.

Singapore banks could see softer growth momentum ahead, analysts warn

SINGAPORE (Dec 2): Singapore banks could see weaker margins ahead from falling interest rates, but analysts say growth could be lifted by overall positive momentum.

According to latest data published by the Monetary Authority of Singapore (MAS), loan growth has moderated to 4.4% y-o-y in October.

“Momentum softened after peaking at 5.1% in August, though we think the pace remained respectable against a backdrop of slowing macro readings,” says Maybank Kim Eng Research analyst Thilan Wickramasinghe in a Nov 29 report.

Brighter days ahead for CDL Hospitality Trusts amid 'well-structured asset swap': analysts

SINGAPORE (Nov 22): As CDL Hospitality Trusts (CDLHT) recently made the headlines for a divestment and forward purchase, market watchers highlight that these constitute a “well-structured asset swap” that will enable the REIT to maintain its hospitality presence.

In a Thursday report, Maybank analyst Chua Su Tye points out how CDLHT’s two recent transactions - its divestment of Novotel Clarke Quay (NCQ) and a forward purchase of the new turnkey hotel, as well as the acquisition of W Sentosa - pave the way forward for the REIT. 

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