Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Re: Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Postby winston » Wed Aug 21, 2019 10:36 am

not vested

Singapore REITs: When it rains (again), open the REITs umbrella

For the recently concluded 2QCY19 earnings season, out of the 20 S-REITs under our coverage, 15 met our expectations, 1 beat (ESR-REIT) and 4 missed.

DPU growth on a market-cap weighted basis came in at +1.3% YoY.

Office REITs saw healthy rental reversions during the quarter, although corporate expansion seems to have slowed.

Meanwhile, retail REITs continued to showcase resiliency.

Hospitality REITs had a poor quarter, while industrial REIT’s performances continue to be mixed, with downside risks to near-term prospects.

Demand for REITs remains fluid, as many countries have now embarked on monetary easing, while the ‘flight to safety’ theme also continues.

We maintain NEUTRAL on S-REITs.

Our top picks are Keppel DC REIT (KDCREIT SP) [BUY; FV: S$1.93] (strong inorganic growth potential), Mapletree North Asia Commercial Trust (MAGIC SP) [BUY; FV: S$1.43] (resilient operations), and Suntec REIT (SUN SP) [BUY; FV: S$2.07] (compelling value relative to peers).

For investors looking within the small-mid-cap space, we like ESR-REIT (EREIT SP) [BUY; FV: S$0.58] and Starhill Global REIT (SGREIT) [BUY; FV: S$0.81].

Source: OCBC
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Re: Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Postby behappyalways » Sun Sep 01, 2019 2:03 pm

Chart of the Day: Business parks' vacancy rate eases to 14% in Q2
https://sbr.com.sg/commercial-property/ ... s-14-in-q2
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Re: Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Postby behappyalways » Sat Sep 14, 2019 9:56 am

REITs defy downturn on tight office supply
https://sbr.com.sg/commercial-property/ ... ice-supply
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Re: Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Postby behappyalways » Tue Oct 08, 2019 8:20 pm

Tight office supply props up CBD office rents in 3Q2019
https://www.edgeprop.sg/property-news/t ... nts-3q2019
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Re: Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Postby behappyalways » Thu Oct 10, 2019 6:35 pm

Warehouse rents extend steep decline in Q2
https://sbr.com.sg/transport-logistics/ ... line-in-q2
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Re: Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Postby behappyalways » Wed Nov 13, 2019 6:13 pm

S’pore Reit’s shares fall after Hong Kong mall attacked by protesters
https://mothership.sg/2019/11/singapore ... ng-centre/
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Re: Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Postby winston » Mon Nov 18, 2019 9:25 am

not vested

LET'S GO WITH THE BIG GUNS

- DPU grew 1.2% YoY in 3Q19

- Go for quality amid pullback

- Top picks: AREIT SP, CT SP, SUN SP

Most of the REITs under our coverage reported an in-line set of 3QCY19 results.

Looking ahead, we are projecting stable DPU growth of 1.2% (market-cap weighted) for the current financial year (FY19/20F).

This is expected to accelerate to +4.0% for the next financial year (FY20/21F).

While the S-REITs sector has been in vogue this year, the FTSE ST REIT Index saw a sudden correction of 2.3% on 8 Nov 2019.

This was the largest single-day decline for the sector since 24 Aug 2015 (-3.8%).

While there has been some optimism over the Sino-US trade situation and signs of
stabilisation in the macroeconomic outlook, we believe lingering uncertainties would
remain.

We maintain NEUTRAL on S-REITs, but with a bias to the upside given the recent correction, which has given rise to selective bargain hunting opportunities for some high quality S-REITs which were previously rated ‘Hold’.

We thus add Ascendas REIT (AREIT SP) [BUY; FV: S$3.25] and CapitaLand Mall Trust (CT SP)
[BUY; FV: S$2.73] to our top S-REIT picks alongside Suntec REIT (SUN SP) [BUY; FV: S$2.05]
but remove Keppel DC REIT (KDCREIT) and Mapletree North Asia Commercial Trust (MAGIC SP).

Source: OCBC
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Re: Singapore - Comm Properties & REITS 02 (Jan 13 - Aug 19)

Postby behappyalways » Thu Nov 21, 2019 4:50 pm

JTC rejects bids for industrial site at Tampines North Drive 5
https://www.edgeprop.sg/property-news/j ... th-drive-5
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