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  Bookmark this page   Wednesday, 30 Jul 2014
 
Today's Headlines
Soilbuild REIT: Positive tone on outlook

Soilbuild Business Space REIT (Soilbuild REIT) reported 2Q14 DPU of 1.50 S cents, ahead of its prospectus forecasts by 1.3%. We note that management remains confident in delivering its forecast distribution for FY14, notwithstanding the current challenges in the industrial market and upcoming supply in industrial space in the year ahead. To achieve this, Soilbuild REIT will continue to focus on early renewals or re-leasing of space that expires in 2H14. We understand that over 85% of all lease expiries due in 2014 has already been renewed, re-leased or pre-committed, which should provide a high degree of certainty to its income stream. We maintain BUY and S$0.88 fair value on Soilbuild REIT.

 
  Market Pulse
Market Pulse: Soilbuild REIT, Raffles Medical, Starhill (30 Jul 2014)
Market Pulse: Yoma, HPH, SIAEC, Raffles Med (29 Jul 2014)
Market Pulse: Keppel Corp, Sheng Siong, Yoma (25 Jul 2014)
Market Pulse: KepLand, A-REIT, Tiger, Sheng Siong, Lian Beng (24 Jul 2014)
Market Pulse: Suntec REIT, FCT, SATS, Vard, CMT, Ezion, Tee Int’l (23 Jul 2014)
Market Pulse: FCOT, Cache, M1, Vard, MLT (22 Jul 2014)
Market Pulse: CapitaCommercial Trust (21 Jul 2014)
Market Pulse: Tiger Airways, CCT (18 Jul 2014)
Market Pulse: First REIT (17 Jul 2014)
Market Pulse: SPH, First REIT, Midas, Vard (16 Jul 2014)
  Research
Soilbuild REIT: Positive tone on outlook
Soilbuild Business Space REIT (Soilbuild REIT) reported 2Q14 DPU of 1.50 S cents, ahead of its prospectus forecasts by 1.3%. We note that manageme ...
Raffles Medical Group: Time for a breather
Raffles Medical Group (RMG) reported a 8.5% YoY increase in its 2Q14 PATMI to S$15.6m on the back of a 6.6% growth in revenue to S$92.6m. This was ...
Hutchison Port Holdings Trust: Persistent headwinds from cost pressures
2Q14 PATMI came in at HK$368.4m (EPU: 4.23 HK-cents), which decreased 12.4% YoY mostly due to continued cost pressures and lower contributions fro ...
Yoma Strategic Holdings: No surprises in 1QFY15 results
Yoma reported 1QFY15 PATMI of S$1.4m, which increased 243% YoY mostly due to fair value gains (S$6.4m) recognized from completed units in Building ...
Sheng Siong Group: Growing through sound management
Sheng Siong Group’s (SSG) 1H14 results came in above expectations. 1H14 revenue came in at S$361.3m, forming 50.1% of our FY14 forecast, despite ...
Keppel Corporation: Continues to deliver
Keppel Corp reported a 3.3% YoY rise in revenue to S$3.18b and a 17.1% increase in net profit to S$406.0m in 2Q14, such that 1H14 net profit met 4 ...
 
 Strategy
Singapore Property: Deep value in West Orchard could be unlocked
With a dearth of upcoming projects in the Orchard retail space pipeline over 2015-17, we believe there could be a greater impetus for strategic re ...
Singapore REITs: Performing a reality check
Our assessment of the recent performance of S-REITs show that their fundamentals have generally remained sound, and S-REITs continue to benefit fr ...
Singapore Residential Property: Demand is out there but price-sensitive
We forecast residential prices to dip 10%-20% over 2014 – 2015 but see a price crash in excess of 20% to be unlikely, even after accounting for th ...
Strategy: Impact of Iraq conflict on companies
Oil prices have been more volatile of late due to the conflict in Iraq, with WTI crude rising close to about US$107/bbl and Brent US$113/bbl last ...
Consumer Sector: Run-up in valuation levels reminiscent of 2H13
We believe regional consumption growth ahead in China and selected ASEAN (Singapore, Malaysia, Indonesia, Philippines and Thailand) economies will ...
Technology Sector: Mixed performance as uncertainties remain
Continued macroeconomic uncertainties have manifested in the recent results of the cyclical tech sector. For companies under our coverage, Venture ...
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