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  Bookmark this page   Monday, 02 Feb 2015
 
Today's Headlines
SMRT Corporation: 3QFY15 results reinforces positive outlook

SMRT continued its recovery momentum with a set of solid 3QFY15 results. Its 3QFY15 PATMI jumped 58.4% YoY to S$22.5m on the back of a 6.8% broad-based revenue growth to S$313.2m. The sustained strong performance for all three quarters of FY15 led to a 56.0% YoY increase in its 9MFY15 PATMI to S$70.2m, which formed 76.5% of our slightly more conservative FY15 forecast. Our view on SMRT’s outlook remains positive on several factors that include higher rental income from Kallang Wave Mall, as well as the potential purchase of bus assets that could result in lump sum cash inflow. With improved profitability largely driven by lower energy costs, we increase our FY15 and FY16 PATMI forecasts by 4.1% and 15.3%, respectively. Consequently, our DDM-derived FV increases from S$1.70 to S$1.90. Maintain BUY.

 
  Market Pulse
Market Pulse: SMRT, CRCT (30 Jan 2015)
Market Pulse: Starhill Global, CDL HT, CRCT (29 Jan 2015)
Market Pulse: MGCCT, Cache, SGREIT, OUEHT, CDLHT (28 Jan 2015)
Market Pulse: OUE-CT, Tigerair (27 Jan 2015)
Market Pulse: KepCorp, KepLand, Frasers Centrepoint Trust, Frasers Commercial Trust, CapitaMall Trust, Tiger Air (26 Jan 2015)
Market Pulse: ART, Ascendas REIT, Suntec REIT, Frasers Com Trust, CMT, Keppel Corp, Libra (23 Jan 2015)
Market Pulse: Soilbuild REIT, CCT, Land Transport, SGX, Fortune REIT, ART, KepLand (22 Jan 2015)
Market Pulse: MLT, MIT, CCT (21 Jan 2015)
Market Pulse: M1, MLT (20 Jan 2015)
Market Pulse: First REIT (19 Jan 2015)
  Research
SMRT Corporation: 3QFY15 results reinforces positive outlook
SMRT continued its recovery momentum with a set of solid 3QFY15 results. Its 3QFY15 PATMI jumped 58.4% YoY to S$22.5m on the back of a 6.8% broad- ...
CapitaRetail China Trust: Ends FY14 on a strong footing
CapitaRetail China Trust (CRCT) reported a good set of 4Q14 results which met our expectations. DPU grew 12.7% YoY to 2.48 S cents on the back of ...
CDL Hospitality Trusts: Softness to prevail in near term
CDL Hospitality Trusts (CDLHT) reported its 4Q14 results which were in-line with the street’s expectations. Gross revenue and DPU rose 14.4% and 7 ...
Starhill Global REIT: Healthy rental reversions at Wisma Atria
Starhill Global REIT (SGREIT) reported its 4Q14 results which met our expectations. Revenue slipped slightly by 0.4% YoY to S$48.9, but NPI rose 2 ...
Cache Logistics Trust: A year in transition
Cache Logistics Trust (CACHE) reported its 4Q14 results which met our expectations. Gross revenue declined 0.4% YoY to S$20.6m but DPU climbed 0.4 ...
Mapletree Greater China Commercial Trust: Limited upside here - downgrade to HOLD
Mapletree Greater China Commercial Trust (MGCCT) reported its 3QFY15 results which met our expectations. Gross revenue grew 12.0% YoY to S$73.6m, ...
 
 Strategy
Oil and Gas: Ways to play the bounce (or not) in crude
With recent volatile movements in crude oil prices, investors may wish to gain a better understanding of some available crude oil plays. The two m ...
Singapore REITs: Better prepared for volatility ahead
2014 has been a relatively solid year for the S-REITs sector in terms of both share price and financial performance. Looking ahead, market expecta ...
Consumer Sector: Upgrade to NEUTRAL
In view of expected stimulus in emerging ASEAN countries such as Indonesia, Philippines and Thailand, regional consumption growth is likely to imp ...
Aviation & Shipping Sectors: Gloomy weather to persist
In 2014, airlines continued to face intense competition and as a result of overcapacity, yields remained depressed, affecting profitability. The a ...
Singapore Residential Property: Expect headwinds to continue
We forecast residential home prices to dip 10%-15% over 2015 - 2016 and expect primary residential sales in 2015 to stay muted at between eight an ...
Land Transport Sector: Positive outlook for 2015
The journey for Singapore’s Public Transport Operators (PTOs), namely ComfortDelGro Corporation Limited (CDG) and SMRT Corporation Limited (SMRT), ...
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