REIT - DBS Research 2016-02-01: Singapore Traders Spectrum

REIT - DBS Research 2016-02-01: Singapore Traders Spectrum FRASERS HOSPITALITY TRUST ACV.SI  MAPLETREE GREATER CHINACOMM TR RW0U.SI 

Singapore Traders Spectrum Wired Daily - 2016-02-01 


FRASERS HOSPITALITY TRUST (ACV.SI)

  • 1Q16 DPU for Frasers Hospitality Trust up 7.5% to 1.72 Scts, which was above expectations. 
  • Results were boosted by better performance from Australia and Japan. 
  • We expect FHT to benefit from the refurbished InterContinental Singapore, which will come on stream from March onwards. 
  • Maintain BUY, TP of S$0.83. 
  • With 1Q16 results ahead of expectations, we see potential upside to our numbers if the strong performance from Australia and Japan is sustained for the remainder of the year. 
  • For now, we maintain our BUY call and TP at S$0.83. 
  • At current levels, FHT trades at a c.15% discount to its NAV per share of S$0.86 and offers a prospective 8% FY16F yield.

MAPLETREE GREATER CHINACOMM TR (RW0U.SI)

  • Mapletree Greater China Commercial Trust (MAGIC) reported 3Q16 DPU of 1.854 Sct (+11.6% y-o-y) in line. 
  • The Trust benefits from the recent acquisition of Sandhill Plaza, FX tailwinds and uplift in rents at its existing properties. 
  • Maintain BUY, TP of S$1.11. 
  • After the recent share price correction, MAGIC trades at 0.72x P/Bk (NAV per share of S$1.167) and offers a prospective 8.6% FY16F.
 


Yeo Kee Yan DBS Vickers | Ling Lee Keng DBS Vickers | http://www.dbsvickers.com/ 2016-02-01

DBS Vickers SGX Stock Analyst Report BUY Maintain BUY 0.83 Same 0.83
BUY Maintain BUY 1.11 Same 1.11

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