Towards Financial Freedom

DBS Equity Research: Wired Daily 24 May 2016

kiasutrader
Publish date: Tue, 24 May 2016, 04:21 PM
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  • Local bourse holds its breadth ahead of June FED meeting and BREXIT referendum
  • Global ETF Strategy: Weekly Global ETF Commentary
  • CapitaLand Commercial Trust - Timely green boost
  • AIMS AMP Capital Industrial REIT - Rolling on the waves
  • Xpress in talks for stake in Chinese supermarket; to expand scope of business
  • KOP subsidiaries, directors receive writ of summons


Market
Local bourse holds its breadth ahead of June FED meeting and BREXIT referendum
U.S. stocks fell, dragged by defensives and energy sectors as investors awaited more clarity on the timing of the next potential rate increase. Oil price dipped as Canadian producers worked to resume operations after wildfires. Expectations for a June hike have risen following the latest FED minutes. Odds remained at less than 50% probability because of the uncertainty surrounding the 23 June BREXIT referendum. A July hike is likely if data is supportive. We see the STI holding around current levels between 2700-2800 ahead of these key events.


The Big Picture
Global ETF Strategy: Weekly Global ETF Commentary
• Global investors remained risk-shy on the Fed's hawkish comments. U.S.-listed ETFs recorded weekly net outflows of $1,892.67 million led by U.S. equity ETFs. International equity ETFs, Emerging markets ETF, and Asia-Pac focused ETFs continued to show net outflows.
• Net inflows are shown in U.S. fixed income ETFs, and Commodities ETFs, with strong demand recorded for gold ETFs ($623.35 million).

•• ETF Market Pulse of the Week brings you opportunities in the following themes: 1) Risk of Populist Politics; 2) In Search for Better Global Diversification Opportunities; 3) Thumbs Up for ETFs Focusing on Dividend Growth; 4) What is Next for Japan's Abenomics? ; 5) Stick to Safe Haven Assets; 6) Is The Traders' Pattern of 'Risk On, Risk Off'


Stock To Watch

CapitaLand Commercial Trust (CCT SP): BUY
Last Traded Price: S$1.375; Price Target : S$1.61 (17% upside) (Prev S$1.53)
Timely green boost
• Acquires remaining 60% interest in CapitaGreen for S$393m
• Raise FY16-17F DPU by 1.7-3.9%
• Improves overall quality of CCT's portfolio and mitigates shift of tenants to Marina Bay area


AIMS AMP Capital Industrial REIT (AAREIT SP): NOT RATED)
Last Traded Price: S$1.38 / Potential Target * : 12-Month S$ 1.52 (10% upside)
Rolling on the waves
• Stable DPU outlook due to earnings visibility
• Organic growth potential from redevelopment
• Total return exceeds 18% with 8% yield


News

Xpress in talks for stake in Chinese supermarket; to expand scope of business
Xpress Holdings is currently in discussions for a minority stake in a Chinese supermarket business, and is planning to add smart technologies, publishing and investment to its core businesses. The company said no agreement has been reached, and there is no certainty that a deal will be struck. 

KOP subsidiaries, directors receive writ of summons
Property developer KOP said certain subsidiaries and directors of the company have received a writ of summons from Bachmeer Capital. Bachmeer Capital is an investment vehicle of KOP substantial shareholder Wang Xuan, who was deemed to hold an 8.19% stake in KOP as at June 26, 2015.

Source: DBS

AIMS APAC Reit (O5RU)A-Smart (BQC)KOP (5I1)
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