Recent Reports

  • First REIT: Waiting for a sign

    Tara Wong | Phillip Securities Research Pte Ltd | Oct 17, 2018
    • NPI and DPU were in line with our forecast. 5.1% and 5.4% YoY boost in Gross Revenue and NPI, respectively, driven by two acquisitions made in 4Q17.
    • Potential expanded ROFR pipeline and improvement in tenant concentration from proposed transaction announced in September.
    • No marked improvement in outstanding receivables even accounting for the S$17.5mn of rental payments received on Oct 15 that was disclosed by FIRT.
    • Maintain Neutral with lower TP of S$1.30.

  • Singapore REITs Monthly Tracker: October 2018

    Tara Wong | Phillip Securities Research Pte Ltd | Oct 17, 2018
    • FTSE S-REIT Index declined 5.8% YTD. Weakness across all sub-sectors over the past month, with Sabana REIT being the top performer (+3.8% MTD) and OUE Commercial REIT (announced a rights issue on Oct 5) being the worst performer (-11.7% MTD).
    • Sector yield spread of 300bps over the benchmark 10-year SGS (10YSGS) yield remains close to the -1 standard deviation (SD) level as at end-September.
    • The US Fed’s interest rate hike to 2.25% in September and additional anticipated rate hikes will add pressure on yield spread.
    • 3m SOR continued to rise YTD, ending at 1.63% in September.
    • Remain NEUTRAL on S-REITs sector. Sub-sector preferences: Office and Hospitality.

  • Keppel DC REIT: Portfolio remains stable

    Richard Leow | Phillip Securities Research Pte Ltd | Oct 17, 2018
    • 3Q18 revenue was 5.3% higher than expected, due to higher rental top up which is recognised periodically
    • 3Q18 DPU was 4.1% lower than expected, due to Capex Reserves set aside for KDC SGP 3 and KDC SGP 5
    • 9M18 revenue and DPU met 79% and 73% respectively, of consensus FY18 expectation
    • Maintain Accumulate; unchanged target price of $1.45

  • Singapore Coal Monthly: Prepare for higher coal demand in winter

    Chen Guangzhi | Phillip Securities Research Pte Ltd | Oct 11, 2018
    • Slight relaxation of air pollution control for the upcoming winter in China
    • Restriction on coal import remains
    • Lifting 2018 domestic production target in Indonesia
    • Facing a hurdle to ramp up production

  • Ascendas REIT: Increasing footprint in the United Kingdom

    Richard Leow | Phillip Securities Research Pte Ltd | Oct 4, 2018
    • Completed aggregate S$425.8mn acquisitions in Australia and UK during 2Q FY18/19
    • Disposal in Singapore worth S$13.6mn, recognising a gain of S$2mn
    • Placement of 178mn New Units in September increased unit base by 6.1%
    • Proposed acquisition of second portfolio of 26 logistics properties in UK for S$549.2mn
    • Maintain Accumulate; new target price of $2.82 (previously $2.96)
    • See All

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