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  Bookmark this page   Wednesday, 23 Apr 2014
 
Today's Headlines
Frasers Centrepoint Trust: Performance to get better

Frasers Centrepoint Trust (FCT) reported 2QFY14 DPU of 2.88 S cents, up 6.7% YoY. This is largely within our view, given that first-half DPU of 5.38 S cents met 47.8% of our FY14F DPU. We note that portfolio occupancy has maintained steady at 96.8% (1Q: 96.7%), while rental reversions stayed robust at 9.3% (1Q: +2.5%) for the leases renewed during the quarter. Looking ahead, FCT reiterated that Causeway Point and Northpoint are expected to underpin growth within its existing portfolio, as both malls contribute to the bulk of the lease renewals in FY14-15. As announced on 8 Apr, FCT has proposed to acquire Changi City Point for S$305.0m. We view this addition as timely, as it will provide another boost to DPU in an otherwise moderating growth portfolio. Maintain BUY with unchanged S$2.02 fair value on FCT.

 
  Market Pulse
Market Pulse: FCT, MLT, CMT (23 Apr 2014)
Market Pulse: Ascendas REIT, Mapletree Logistics Trust (22 Apr 2014)
Market Pulse: CapitaCommercial Trust (21 Apr 2014)
Market Pulse: Ezion, KepCorp, UOL (17 Apr 2014)
Market Pulse: KepLand, Ezion (16 Apr 2014)
Market Pulse: CapitaLand, CMA, DBS, UOB, M1, Cache, Lian Beng, First REIT, ST Eng (15 Apr 2014)
Market Pulse: Telco, Ezra, SPH (14 Apr 2014)
Market Pulse: SGX, Ezra, Lian Beng, Tee Int'l (11 Apr 2014)
Market Pulse: Oil & Gas Sector, ST Engineering, KepCorp (10 Apr 2014)
Market Pulse: SPH REIT, FCT (9 Apr 2014)
  Research
Frasers Centrepoint Trust: Performance to get better
Frasers Centrepoint Trust (FCT) reported 2QFY14 DPU of 2.88 S cents, up 6.7% YoY. This is largely within our view, given that first-half DPU of 5. ...
Mapletree Logistics Trust: Closing FY14 on positive note
Mapletree Logistics Trust (MLT) reported 4QFY14 DPU of 1.89 S cents, up 9.2% YoY. This is in line with both our and consensus expectations. Operat ...
Ascendas REIT: Expecting further upside
Ascendas REIT (A-REIT) reported 4QFY14 DPU of 3.55 S cents, up 16.0% YoY. This brings the full-year DPU to 14.24 S cents (+3.6%), largely in line ...
CapitaCommercial Trust: Looks fairly valued here
1Q14 distributable income increased 7.6% to S$59.9m mostly due to stronger contributions from portfolio assets and lower interest expenses. 1Q fig ...
Keppel Corporation: A steady quarter
Keppel Corporation (KEP) reported a 8.6% YoY rise in revenue to S$3b and a 5.1% fall in net profit to S$338.7m in 1Q14, and within expectations. E ...
Ezion Holdings: New contracts and new strategic investors
Ezion Holdings recently clinched two service rigs charter contracts worth a total of US$78.7m, bringing its YTD order wins to US$260.3m. We believ ...
 
 Strategy
Telco Sector: M1 may offer cross carriage soon
Business Times reported yesterday that M1 could be close to being able to cross carry the coveted BPL and other exclusive content on its fledging ...
Oil and Gas: Share price correction begets opportunities
YTD, the FTSE ST Oil & Gas Index has slipped 3.3%, versus the STI’s 1.3% gain. We believe investors should take opportunity of the share price cor ...
Telecom Sector: 4QCY13 results mostly tracking our estimates
Both M1 and SingTel reported 4QCY13 results that came in within our expectations, while StarHub’s results tracked below forecast. M1’s core FY13 e ...
Consumer Sector: Looking for resilience of growth
We see three trends among our coverage’s 4QCY13 and CY13 earnings: 1) strong revenue growth, 2) stable margins, and 3) USD-denominated results bei ...
Telco Sector – Pricier charges for excess data usage
StarHub Ltd has also just revised up its charges for every GB of data consumed above the free bundle, after SingTel and M1 doubled their excess da ...
Singapore REITs: Fundamentally sound, but risks ahead
The recent respite in the unit prices of S-REITs resulting from the delay in the US Fed tapering was short-lived. Looking ahead, we believe mounti ...
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