• NPI and DPU were in line with our forecast.

• 8% y-o-y boost in Gross Revenue and NPI driven by two acquisitions made in FY18.

• Locked-in forward organic growth stemming from uptick in Singapore CPI for 2017.

• Maintain Neutral due to rich valuations vs post-GFC average, with an adjusted TP of S$1.31 on different set of assumptions following a change of analyst.

• Gross revenue 4.8% higher than we expected and DPU 10.4% lower than we expected, due to net tax and adjustments
• Gross revenue and DPU met 25% and 23% respectively, of consensus FY18 estimates
• Acquisition of maincubes Data Centre in Germany was completed on March 30, growing the portfolio QoQ from S$1.51bn to S$1.66bn
• Maintain Neutral; unchanged target price of $1.47

Despite the current interest rate hike cycle that began in December 2015, the dollar index (DXY) has been on a decline. Since 2017, the FED has hiked the Fed Funds Rate (FFR) four times, lifting the FFR from 0.75% to 1.75% but the DXY went into a selloff instead.

• Banks as de facto owners of vessels prolonging the supply imbalance
• Upstream production activities recover modestly but still depressed
• Offshore support vessels market is still in a predicament
• The rally of oil price will speed down as glut is coming back

• Rosier picture in Hong Kong, Singapore, Philippines and Vietnam; Impending elections in Malaysia, Indonesia and Thailand could reignite consumer sentiment

• Thailand’s beer demand declines for the 5th month post-excise tax in Sep-17; Will review assumptions for ThaiBev after the release of March and April data

• FNN should benefit from the fast-growing dairy market in Vietnam

• We maintained our OVERWEIGHT view on Singapore Consumer Sector