Towards Financial Freedom
DBS Equity Research: Wired Daily 23 Apr 2015
Mapletree Commercial Trust - Results in line; FY15 DPU grew 8.5% to 8.0 Scts. Downgrade to HOLD on valuation; TP is intact at S$1.63
Results for Mapletree Commercial Trust in line. MCT booked 4Q15 revenue of S$71m (+3.5% y-o-y) and NPI of S$53m (+4.6%), driven by Vivocity and higher office portfolio rents. FY15 DPU grew 8.5% to 8.0 Scts. Portfolio remains defensive amid industry headwinds. We like MCT for the strength of its key asset, Vivocity, as well as the resilient office portfolio which is mostly in the Alexandra Precinct. The stock has performed strongly in recent months, and at current price, offers 5.2% dividend yield. Given limited upside to our TP (unchanged) at S$ 1.63, we downgrade our call to HOLD on valuation.
1HFY15 results for Frasers Centrepoint Trust beat our forecasts. Earnings were boosted by contribution from Changi City Point; smaller malls surprise with healthy reversions. Strong sales growth at Causeway Point will underpin healthy rental reversions going forward. Maintain BUY, TP raised to S$2.20 (Prev S$ 2.05).
3Q/9M15 earnings for Singapore Exchange were slightly above expectations, thanks to another strong quarter for derivatives. Base DPS of 4 Scts was declared as expected. FY15-17F earnings were raised by 4-5% to account for higher derivatives revenues. Maintain HOLD, TP raised to S$7.80 (Prev S$ 7.30).
United Envirotechhas signed an agreement with the Haimen City Linjiang New District Management Committee (Haimen MC) to invest US$30m for a build-operate-own (BOO) project of an industrial wastewater treatment plant (WWTP) in Haimen City, Jiangsu Province, China. The project will commence immediately and is expected to be completed by the June 2016.
COSCO Corporationhas secured a Floating Production Storage and Offloading vessel (FPSO) conversion contract worth approximately US$95m from MODEC Offshore Production Systems (Singapore). The converted FPSO vessel is scheduled for delivery in the fourth quarter of 2016.
Taiwan is seeking to draw more global investors into its equity market, Financial Supervisory Commission Minister Tseng Ming-chung said in Taipei on Wednesday as he outlined the program's start date. Taiwan will open a crossborder stock trading platform with Singapore on July 1. The link follows the opening of cross- border trading between Shanghai and Hong Kong in November.
US stocks rose following a big jump in US existing-home sales and a mixed bag of earnings reports from Boeing, McDonald's and others. Total sales of used homes jumped 6.1% to an annual rate of 5.19 million units in March, the fastest pace in 18 months.
Source: DBS
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
