Yoma, Genting, REITs - DBS Research 2016-01-29: Singapore Traders Spectrum Wired Daily

Yoma, Genting, REITs - DBS Research 2016-01-29: Singapore Traders Spectrum Wired Daily SINGAPORE PRESS HLDGS LTD T39.SI  YOMA STRATEGIC HOLDINGS LTD Z59.SI  OUE COMMERCIAL REIT TS0U.SI  GENTING SINGAPORE PLC G13.SI  CDL HOSPITALITY TRUSTS J85.SI 

Singapore Traders Spectrum - Wired Daily

  • We upgrade SPH from FULLY VALUED to HOLD as we now believe the current share price has priced in negatives. We have previously downgraded the stock on sluggish print ad growth outlook on the back of slower GDP growth, leading to cuts in DPS. Since our downgrade, share price has declined by c.9%. We believe these negatives are now largely reflected in the current share price. TP of S$3.51 based on sum-of-parts. 
  • Yoma Strategic Holdings reported 9M15 net profit +8% y- o-y from fair value gain of telecom tower business; core net profit -81% y-o-y. Property segment continue to show weakness offset by non-property segment which increased three folds. Potential earnings recovery post elections and relaxation of foreign ownership of property. Maintain BUY, TP S$0.78. 
  • 4Q15 DPU of 3.01Scts (-3.8% y-o-y) for CDL Hospitality Trusts in line. Declines in contribution from Singapore partly offset by boost from acquisitions in Japan and UK. Maintain BUY, TP S$1.54. 
  • OUE Commercial REIT reported 4Q15 DPU of 1.36 Scts, above expectations. Results were boosted by acquisition of One Raffles Place. Headwinds going into FY16 are expected to partially mitigated by proactive leasing management. Maintain HOLD with revised TP of S$0.65 (Prev S$0.67). 
  • Marina Bay Sands (MBS) was hit by bad VIP luck with adjusted EBITDA down 35% y-o-y. Genting Singapore is likely to report weak VIP performance given more cautious stance on extending credit. Maintain HOLD, TP S$0.76.



Singapore Research DBS Vickers | http://www.dbsvickers.com/ 2016-01-29
DBS Vickers SGX Stock Analyst Report HOLD UPGRADE FULLY VALUED 3.51 Same 3.51
BUY Maintain BUY 0.78 Same 0.78
HOLD Maintain HOLD 0.65 Down 0.67
HOLD Maintain HOLD 0.76 Same 0.76
BUY Maintain BUY 1.54 Same 1.54


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