Accordia Golf Trust (Nov 22: 69.5 cents)
- Maintain a buy on AGT as (1) 7.0% - 8.0%
dividend yield remains attractive and (2) we believe there is still significant
upside to our forecasts as we have not factored growth from any DPU-accretive
acquisitions. Price target of 78 cents
DBS Group Holdings (Nov 22: $24.84)
- Maintain neutral. We cut our forecast of DBS operating
expenses, and consequently raise both 2018 and 2019 net profit forecasts by
2%. We are also more optimistic on the
long-term ROE for DBS, and raise it to 11.1%.
This contributes to our higher price target of $23.33
Keppel DC REIT (Nov 22: $1.43)
- Maintain Buy. We estimate that KDCREIT's assets under
management are now ~$1.7 billion, which is on track to meet management's $2
billion AUM target by 2018. We bump our
fair value estimate from $1.39 to $1.50 on higher DPU forecasts and a lower
discount rate assumption.
Procurri Corp (Nov 22: 22 cents)
- Maintain fully valued. Procurri saw a slight profit of $0.01 million
after recording a loss of $1.67 million in 2QFY 2017. Price target of 18 cents based on a 6%
discount to FY2018F BV/share of 19 cents after accounting for value of
intangibles on book
RHT Health Trust (Nov 22: 84.5 cents)
- Hold.
Net property income in 2Q increased 6% y-o-y to $11 million. Price target of 85 cents (5% downside)
Roxy-Pacific Holdings (Nov 22: 52.5 cents)
- Maintain HOLD. Management has indicated that they see the
asset as a prime investment opportunity with the potential to be a stable
source of rental income for the group.
Fair value estimate of 52 cents
Singapore Airlines (Nov 22: $10.65)
- Maintain Hold. SIA's October 2017 operating results saw
passenger carriage y-o-y growth (+8.3%) outstripping passenger capacity growth
(+2.8%) strongly, resulting in a solid 4.1ppt improvement in passenger load
factor to 80.8% for its passenger airlines as a group. Unchanged fair value of $10.50
Singapore Post (Nov 22: $1.29)
- Upgrade to Buy. Evident in the 2Q results was improvement in
three out of four growth cylinders, including mail, e-commerce and associate
earnings, which we believe will gain momentum.
Logistics is the only uncertain part.
We raise our FY2019-2020E EPS by 1%-5% and DCF based price target 23% to
$1.50
Spackman Entertainment (Nov 22: 10.6 cents)
- Maintain Buy. Spackman booked a $0.77 million loss in
3QFY2017, in line with estimate.
Nonetheless, it will launch two new movies in 2018. Our unchanged DCF-backed price target of 20
cents also implies a 15x FY2018F PER. A
downside risk to our call is a poor reception to its movies
(Source: TheEdgeSingapore 27 Nov 2017)
