Singapore Stock Market News
SPH REIT - Paragon And More?
StockFanatic
Publish date: Fri, 13 Jul 2018, 01:32 PM
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
We hosted an NDR for SPH REIT in Singapore.
Key highlights include:
(1) discussions on Paragon's operational performance;
(2) its recent Rail Mall deal; and
(3) potential acquisition opportunities.
We tweaked forecasts following in-line 3Q18 results on higher borrowing costs and factoring in the Rail Mall deal. SPHREIT remains a strong proxy to growth in tourism spending and recovery in prime Orchard Road rents. However, the shares are fairly valued having outperformed the past year and likely pricing in potential acquisitions which lack timing visibility. Reiterate HOLD with DDM-based SGD1.00 TP (WACC: 6.9%, LTG: 1.5%). We prefer FCT (FCT SP, BUY, TP SGD2.55) for its suburban footprint and stronger growth profile. Read More
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