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  Bookmark this page   Monday, 08 Feb 2016
 
Today's Headlines
Global Logistic Properties Ltd: Domestic consumption is key driver

GLP reported that its 3QFY16 PATMI increased 63.8% YoY to US$184.2m mostly due to higher contributions from JVs/associates, gains from the syndication of its 45% interest in GLP US Income Partners I in Oct 2015 and higher fair value gains on its properties, partially offset by higher finance costs as GLP recognized losses on the mark-to-market losses of foreign exchange contracts and incurred higher interest expense from its USD MTN bond. On an ex-revaluation basis, 3QFY16 adjusted PATMI increased c.26% YoY from US$66m in 3QFY15 to US$83m, and we judge this quarter’s numbers to be broadly in line with expectations. Management reiterates that 90% of its overall portfolio is driven by domestic consumption which remains stable even in times of slower economic growth. Our fair value estimate dips to S$2.68, versus S$3.07 previously, as we incorporate higher discount rates into our valuation model to reflect weaker macro-economic outlooks in GLP’s key markets and increased operating risks while the group executes its strategy in more uncertain conditions ahead. Maintain BUY.

 
  Market Pulse
Market Pulse: SingPost, SIA (5 Feb 2016)
Market Pulse: GLP, CRCT, Global Premium Hotels (4 Feb 2016)
Market Pulse: HPHT, Sheng Siong (3 Feb 2016)
Market Pulse: MGCCT, SIAEC (2 Feb 2016)
Market Pulse: STE, MGCCT (1 Feb 2016)
Market Pulse: SG Yards, SCI, SMM, CDLHT, OSIM (29 Jan 2016)
Market Pulse: Starhill Global, MIT, CDL HT, Tat Hong, OUE CT (28 Jan 2016)
Market Pulse: ART, Suntec, EZRA, MIT, OUECT, SGREIT (27 Jan 2016)
Market Pulse: MLT, Singtel, ART, SMRT, Cache, OUE HT (26 Jan 2016)
Market Pulse: Ascendas REIT, CMT, Tiger Airways, SATS, Keppel Corp (25 Jan 2016)
  Research
Global Logistic Properties Ltd: Domestic consumption is key driver
GLP reported that its 3QFY16 PATMI increased 63.8% YoY to US$184.2m mostly due to higher contributions from JVs/associates, gains from the syndica ...
Mapletree Greater China Commercial Trust: Another quarter of double-digit growth
Mapletree Greater China Commercial Trust (MGCCT) reported a solid set of 3QFY16 results which came in within our expectations. Gross revenue jumpe ...
ST Engineering: Added S$1.2b of new orders in 4Q15
STE is currently still trading about 14% lower after cutting its FY15 PBT guidance on 6 Nov; but we believe that a lot of the negatives may have b ...
Sembcorp Industries: Utilities still undervalued
The share price of Sembcorp Industries has fallen along with the broad-based sell-down of the market, and has also been weighed by talks of a poss ...
Sembcorp Marine: Privatisation still has several unknowns
A privatisation of SMM only makes sense if SCI believes in the long-term potential of SMM, and sees the current plunge in price as an opportunity. ...
Singapore Yards: Exploring possible scenarios
Should the outlook for the sector deteriorate, the market may hear more talk of potential capital raising from Keppel Corporation, Sembcorp Indust ...
 
 Strategy
Singapore Yards: Exploring possible scenarios
Should the outlook for the sector deteriorate, the market may hear more talk of potential capital raising from Keppel Corporation, Sembcorp Indust ...
Telco Sector: Launch of Netflix Singapore
Netflix has officially launched its video streaming services here in Singapore with a basic plan starting from S$10.98/month, which includes strea ...
Consumer Sector: Opportunities remain amid current air of nervousness
This year had started on a fairly bleak note, with the STI down ~4% over the last four trading days, while the consumer indices, FTSE Consumer Goo ...
SG Residential Property: Physical oversupply situation to persist
We forecast that private residential prices would dip 5% - 15% over 2016-17 and that 2016 primary residential sales would remain muted at between ...
Healthcare Sector: Prospects remain healthy for most
The healthcare sector has generally been rewarding this year, with a comparably better gain of 25.7% vs. the benchmark STI’s decline of 16.5% YTD ...
Technology Sector: NEUTRAL amidst moderate global growth
As we look ahead to CY16, IMF estimates indicate that global economic growth is expected to outpace that of CY15. Yet, downside risk remains with ...
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