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CIMB PHILLIP SECURITIES

Keppel REIT

Business as usual

■ 1Q17 DPU of 1.45 Sts slightly below expectation, accounting for 22.5% of our FY17 forecast.

■ Renewed an attributable 67,700sf at slight negative rental reversion.

■ Tenant retention is key; a further 4.5% of leases to be renewed/reviewed in 2017, another 22.3% in 2018.

■ Maintain Hold, with a slightly higher target price of S$1.09.

 

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CapitaLand Commercial Trust

Record office property transactions not indicative of REIT future performance

 Net property income and DPU was within our forecasts.

 Negligible (5% by gross rental income) of portfolio expiring for rest of 2017.

 Recent record office transactions and optimistic land tender not necessarily indicative of forward stock price performance for the coming year.

 Maintain NEUTRAL with unchanged target price of $1.63.

 

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OCBC

Healthcare Sector: Tapping on China for growth continues

Challenges have persisted for healthcare companies looking to tap on China for growth, yet this has not deterred further investments into the country but rather, the country has remained an attractive choice for expansion plans for the long run. Earlier in the month, Raffles Medical Group (RMG) had announced the development of a 700-bed hospital in Chongqing, China, an addition to the 400-bed Shanghai hospital that is already in the pipeline. Separately, we also see China as an important source of foreign patients for institutions, particularly Health Management International (HMI)’s hospital in Malacca given the broader developments there. We are NEUTRAL on the overall sector as we are cognizant of execution risks in new markets as well as the possibility of expenses taking a prolonged toll on profitability. Nonetheless, we are heartened by the strong management team behind both RMG and HMI. We maintain our call on Raffles Medical [BUY; FV: S$1.60] for its pipeline of expansion plans and management strength; as well as HMI [BUY; FV: S$0.80] based on a healthy growth outlook for its two hospitals in Malaysia.

 

LionelLim8.16Check out our compilation of Target Prices




Share Prices

Counter NameLastChange
AEM2.1800.110
$ Alliance Mineral0.3250.005
AusGroup^0.0490.001
Avi-Tech0.440-
Best World1.4400.010
China Sunsine0.7800.010
CWG Intl0.157-
Dutech0.4650.005
Federal Int0.410-
Food Empire0.6650.020
Geo Energy Res0.2550.010
Golden Energy0.400-
$ GSS Energy0.1680.006
Heeton0.465-
$ ISOTeam0.350-
KSH0.9150.015
Lian Beng0.610-
$ Miyoshi0.0670.003
Nordic0.380-
Oxley0.580-
$ Rex Intl0.0460.001
Riverstone1.0100.010
Roxy-Pacific0.540-
Sunningdale Tech1.7800.070
Serial System0.181-
Sino Grandness0.250-
Straco0.860-
Sunpower0.6850.005
Tiong Seng0.280-
$ Trendlines0.148-
Uni-Asia Grp1.430-
XMH0.280-
Yamada Green Res0.470-
YZJ Shipbldg SGD1.2050.010
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