MAPLETREE INDUSTRIAL TRUST
ME8U.SI
MAPLETREE LOGISTICS TRUST
M44U.SI
ASCOTT RESIDENCE TRUST
A68U.SI
PARKWAYLIFE REIT
C2PU.SI
STARHILL GLOBAL REIT
P40U.SI
SUNTEC REAL ESTATE INV TRUST
T82U.SI
Singapore Traders Spectrum Wired Daily - 2015-01-27
MAPLETREE INDUSTRIAL TRUST (ME8U.SI)
- 3Q16 results for Mapletree Industrial Trust in line; DPU up 5.6% y-o-y.
- We expect more modest reversions in FY16, while completion of development project from FY17F onwards will be a key driver for growth.
- Maintain BUY, TP S$1.62.
- We continue to like MINT for its stable and visible earnings profile, and conservative capital structure which will stand tall in the current volatile interest rate environment.
- Yield of >7.3% is attractive.
MAPLETREE LOGISTICS TRUST (M44U.SI)
- Mapletree Logistics Trust reported a steady set of results, in line with our expectations, as portfolio diversity stands out.
- Redevelopment projects are expected to drive earnings; acquisitions if any, are likely to be funded by a mix of equity and debt.
- Maintain BUY and S$1.15 TP.
ASCOTT RESIDENCE TRUST (A68U.SI)
- 4Q15 DPU of 2.07 Scts for Ascott Residence Trust slightly below expectations.
- The weaker-than-expected results was largely due to higher-than-expected overheads and minority interests as our NPI estimates were in line.
- Earnings were boosted by recent acquisitions in New York, Melbourne, Tokyo, Osaka and Kyoto. Close to S$1bn worth of acquisitions over past 18 months are expected to drive future growth.
- Maintain BUY, TP of S$1.33.
PARKWAYLIFE REIT (C2PU.SI)
- Parkway Life Real Estate Investment Trust’s 4Q15 DPU grew 16% y-o-y to 3.37 Scts; FY15 DPU grew 15% to 13.29 Scts, in line with consensus’ estimates, mainly due to divestment gains from the sale of 7 properties in Japan.
- High earnings visibility is a welcome trait in current volatile environment; further acquisitions in Japan will be positive.
- Maintain BUY and S$2.56 TP.
STARHILL GLOBAL REIT (P40U.SI)
- YTL Starhill Global REIT declared 2Q16 dividend of 1.32 Scts, up 2.3% y-o-y, in line with our expectations.
- Revenue increased 14% y-o-y (mainly due to additional income stream from Australian acquisitions).
- Net property income (NPI) was 10% y-o-y higher, after taking into account a 28% increase in property expenses.
- Volatility in AUD and MYR are key risk factors.
- Upside reversion potential from Toshin and Malaysia will more than offset near-term operating pressures at Wisma Atria.
- Maintain BUY, TP S$0.84.
SUNTEC REAL ESTATE INV TRUST (T82U.SI)
- 4Q15 of 2.75 Scts (+7% y-o-y) for Suntec REIT were in line. Results were boosted by contribution from Suntec City Retail and capital distribution.
- Going into 2016, despite the headwinds in the office market, Suntec guided that its office portfolio performance should remain stable.
- Meanwhile, the contribution from the retail component at Suntec City is expected to be positive in 2016 (i.e higher NPI).
- Maintain HOLD, S$1.58 TP.
Yeo Kee Yan
DBS Vickers
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Ling Lee Keng
DBS Vickers
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http://www.dbsvickers.com/
2016-01-27
DBS Vickers
SGX Stock
Analyst Report
1.62
Same
1.62
1.15
Same
1.15
1.33
Same
1.33
2.56
Same
2.56
0.84
Same
0.84
1.58
Same
1.58
