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Stocks to watch: DBS, BreadTalk, Yoma, CNMC

STOCKS to pay special mind to on Monday morning exchanging incorporate DBS Bank, BreadTalk Group, Yoma Strategic and CNMC Goldmine.

DBS Bank: The moneylender’s income fell 25 for every penny for the second from last quarter from a year back to S$802 million, as the bank practically multiplied its particular arrangements for terrible obligations. Barring one-time things, for example, a S$21 million ANZ mix cost, net benefit remained at S$822 million, 23 for every penny bring down from the previous period.

BreadTalk Group: The gathering reported a 22.2 for every penny ascend in second from last quarter net benefit to S$4 million from a year back on the quality of its center sustenance and refreshment business. Income for the three months to Sept 30, 2017, plunged 2 for every penny to S$154.3 million.

Yoma Strategic: Real domain and buyer business venture firm Yoma Strategic Holdings Ltd said on Sunday that it has shut an arrangement exercise to raise about S$82.2 million. Under the arrangement work out, the organization will be issuing 155 million new common offers at S$0.53 per situation share, which speaks to a rebate of around 9.4 for every penny to the volume-weighted normal cost of S$0.5852 for every conventional offer for exchanges done on Nov 2 and Nov 3, preceding the offers were ended for exchanging.

CNMC Goldmine: Malaysian gold digger CNMC Goldmine Holdings has finished the development of its carbon-in-drain plant which will enable the firm to process higher-review gold mineral. In a Singapore Exchange documenting on Monday, the gathering said that trial creation at the plant – its third gold-mineral handling office – has begun, and business generation will start once operational procedures have been adjusted.

Read More- Singapore Stocks Market Growth outlook of Suntec REIT

Singapore Stocks To Watch

  • JIUTIAN CHEMICAL
  • COSCO SHIP SG
  • ALLIED TECH
  • CHINA STAR FOOD
  • ASIAPHOS

 

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Posted by on November 6, 2017 in Stocks, Uncategorized

 

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Suntec REIT Performance

  • 3Q17 DPU -2.1% YoY
  • Subdued office signing rents
  • Footfall and tenants’ sales still firm

3Q17 Results Within Our Expectations

Suntec REIT reported an in-line set of 3Q17 results. Gross revenue and NPI jumped 10.6% and 11.6% YoY to S$91.1m and S$63.9m, respectively. This was driven by higher revenue from Suntec Singapore and the office portfolio due largely to contribution from 177 Pacific Highway in Australia, but partially offset by softer retail revenue from Suntec City mall.

DPU fell 2.1% YoY to 2.48 S cents despite a higher capital distribution of S$8m (0.302 S cents per unit). Excluding this, DPU from operations declined 8.2% YoY to 2.181 S cents.

For 9M17, Suntec REIT’s gross revenue rose 11.4% to S$266.9m; NPI similarly jumped 13.0% to S$185.1m and formed 75.0% of our FY17 forecast. DPU of 7.401 S cents was flat (-0.1%), and constituted 74.1% of our full-year projection.

Office Signing Rents Softened Partly Due to Larger Spaces Renewed

Operationally, Suntec REIT’s portfolio occupancy came in at 98.6% for its office segment and 98.8% for retail. This was relatively stable as compared to the previous quarter. Average rents of S$8.61 psf/month and S$8.35 psf/month were secured for its Singapore office portfolio and Suntec City office, which were lower by 3.1% and 5.0% QoQ, respectively. We understand that this was partly attributed to renewals for larger spaces, which typically command lower rentals on a psf basis.

Although market office rents appear to have bottomed out, we remain cautious on Suntec REIT’s rental outlook in the near-term as existing vacancies in the market and secondary spaces still need to be backfilled.

For its retail performance, Suntec City Mall recorded a dip in revenue by 2.0% YoY, which we believe was largely due to lower passing rents. However, encouraging signs can be seen from the mall’s healthy growth in footfall (+12.2%) and tenants sales psf (+4.9%) for 9M17, albeit partly due to a low base effect, in our view.

Maintain HOLD

Given this in-line set of results, we retain our forecasts, HOLD rating and S$1.80 fair value estimate on Suntec REIT. Based on our projections, FY17F and FY18F distribution yields are both 5.2%.

Read More- Singapore Stocks Market Growth outlook of Suntec REIT

Singapore Stocks To Watch

  • UMS
  • GSS ENERGY
  • HI-P
  • TRENDLINES
  • AEM

So Earn more With our Stock Recommendations

Recent Stock Recommendations

SGX:Buy UMS  ||  || Level 1.00 || Cut Profit @ 1.06 || Return 6%

KLSE:Buy KRONO || Level 1.10 || Cut Profit @ 1.17 || Return 6.36%

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Posted by on October 30, 2017 in Stocks

 

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CDL Hospitality Trusts Update of the Day

CDL Hospitality Trusts‘ (CDLHT) results were in line with expectations. 3Q17 revenue increased 20.7% YoY to S$54.8m and NPI increased 15.9% to S$40.4m. The increase was mainly due to the inorganic contribution from The Lowry Hotel in Manchester (acquired 4 May 2017) and the Pullman Hotel Munich (acquired 14 Jul 2017) as well as a 56.1% YoY growth in NPI from New Zealand.

3Q17 DPU dropped 3.0% YoY to 2.29 S cents or 25.3% of our initial full-year forecast of 9.0 S cents.

Singapore Hotel RevPAR dropped 1.4% YoY in 3Q17 though we note that Singapore NPI as a whole increased 2.3%, mainly due to the 33.3% increase in Claymore Connect’s NPI contributions. Softer trading performance was observed for the Japan Hotels and Maldives Resorts, and NPI contributions from Hilton Cambridge City Centre came in lower due to the weakened pound.

Singapore Stocks To Watch

  • CSE GLOBAL
  • KOP
  • UMS
  • YONGNAM
  • SINGAPORE O&G

So Earn more With our Stock Recommendations

Recent Stock Recommendations

SGX:Buy UMS  || Level 0.980 || Cut Profit @ 1.015 || Return 3.57%

KLSE:Buy WONG || Level 1.30 || Cut Profit @ 1.38 || Return 6.15%

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Posted by on October 27, 2017 in Uncategorized

 

Stats about Singapore Exchange (SGX)

  • Revenue improvement
  • Working on collaborations
  • Still a HOLD

Broad-based 1QFY18 Improvement

Singapore Exchange (SGX) posted 1QFY18 net earnings of S$90.7m, up 9.2% YoY and +6.4% QoQ. On a YoY basis, there was improvement in revenue from Equities and Fixed Income (+2% YoY and accounted for 49% of total revenue) and Derivatives (+14% YoY and 39% of revenue). Market Data and Connectivity was the stable segment, showing both YoY and QoQ improvement with revenue of S$24.2m, but this constituted only about 12% of revenue.

There was clear improvement in operating margin which rose from 47.8% last quarter to 51.8% this quarter. Staff cost rose at a smaller YoY percentage than the increase in revenue. Both Issuer Services Revenue and Securities Trading and Clearing Revenue rose YoY, and the former benefited from a 6% increase in listing revenue.

Read More-  GUIDE TO ANALYST STOCK RECOMMENDATION

With the 18% increase in Securities Daily Average Traded Value (SDAV) for the quarter, this helped to lift revenue for securities trading and clearing. Management has declared a 5 cents dividend for this quarter. Book close is on 2 Nov and payable date is on 9 Nov 2017.

No Change in Guidance

Management is guiding for FY18 operating expenses of S$425m to S$435m (actual FY17 expenses of S$399m) and technology-related capital expenditure of between S$60m-S$65m. Management is fairly positive about its strategy and outlook, and has also guided for more IPO listings in the next 2-3 months and is also lining up to launch more new products. The recent Daily Leverage Certificate is also cited as one of the new products which have seen good trading activity. The exchange is also seeking to grow its collaboration with other exchanges and has recently set up office in Chicago.

Marginal Increase in FV From S$7.83 to S$7.87

While most leading indices are up for the year, we expect higher valuations to rein in some of the buying interest especially as we head towards the lull months in late November to December. We are keeping our forecast largely intact for FY18 and making some upwards revision to FY19. On that basis, our fair value estimate rises marginally from S$7.83 to S$7.87. Retain HOLD.

Read More – Good time to BUY Singapore Stocks

 
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Posted by on October 26, 2017 in Stocks

 

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Know these things about Ascott Residence Trust

  • DPU fell 28% YoY
  • Look forward to AOS
  • Maintain HOLD

3Q17 Results Within Expectations

Ascott Residence Trust’s (ART) 3Q17 results were within expectations. Revenue rose 2.4% to S$126.9m or 25% of our full-year forecast, mainly due to the additional revenue of S$4.9m from the acquisitions of DoubleTree by Hilton Hotel New York and two services residences in Germany, which was partially offset by the decrease in revenue of S$1.9m from the divestments in Japan.

On a same-store basis, revenue remained flat YoY. DPU fell 28% YoY to 1.69 Scents, mainly due to the enlarged unit base after the rights issue launched back in Mar.

Portfolio RevPAU for Mgt Contracts Down Only 1% YoY

Markets such as Singapore, Japan, and US continue to face headwinds such as an oversupply of accommodation and weaker corporate demand. Singapore RevPAU fell 10% YoY in 3Q17 while Japan RevPAU clocked a 13% decline. Despite these challenges, due to the substantial diversification of the portfolio, the decrease in 3Q17 RevPAU on a portfolio basis for assets on management contracts was limited at 1%.

In terms of the best-performing markets, Belgium, Spain, and the United Kingdom have clocked +43%, +8%, and +5% YoY increases in RevPAU respectively during the quarter. 3Q17 RevPAU growth for the Philippines and Vietnam was also positive, boosted by the recent apartment refurbishments.

Read More – Investment Alert: MAS won’t control cryptographic forms of money

Trading at 6.0% FY18F Yield

ART’s gearing decreased from 32.4% as at 30 Jun 2017 to 31.9% as at 30 Sept 2017. While we expect finance costs to increase next quarter given the completion of Ascott Orchard Singapore (AOS) on 10 Oct, we adjust our fullyear finance costs downwards to account for the refinancing of bank loans at lower interest rates and repayment of bank loans with the rights issue and divestment proceeds.

Do note that our FY17F DPU forecast figure excludes the realized exchange gain of S$11.9m. If we include those one-offs, our FY17F DPU would increase from 6.3 Scents to 6.8 Scents.

We look forward to the contributions from AOS, though we do not find current unit prices compelling. Against yesterday’s closing price, ART is trading at 5.2% FY17F yield and 6.0% FY18F yield. As we roll our estimates forward, our fair value estimate increases from S$1.10 to S$1.11. Maintain HOLD.

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Posted by on October 25, 2017 in Stocks

 

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Mark Value of Mapletree Greater China Commercial Trust

2QFY18 DPU +5.8% YoY
Portfolio occupancy at 98.2%
Positive rental reversions of 10%-14%

2QFY18 Results Met Our Expectations

Mapletree Greater China Commercial Trust (MGCCT) reported its 2QFY18 results which came in within our expectations. Gross revenue and NPI grew 6.1% and 5.4% YoY to S$88.1m and S$70.9m, respectively. This was largely driven by a stronger HKD and RMB against the SGD and higher average rental rates at Festival Walk (FW) and Gateway Plaza (GP). The latter also saw lower accrued revenue in 2QFY17 due to the uncertainty in the applicable VAT rate prior to clarification received from the authorities in Mar this year.

DPU rose 5.8% YoY to 1.868 S cents. For MGCCT’s 1HFY18 performance, gross revenue increased 5.4% to S$177.0m and constituted 49.2% of our FY18 forecast. DPU of 3.714 S cents represented growth of 2.9% and formed 50.4% of our full-year forecast.

Tenants’ Sales Momentum Gathered Pace

Operationally, MGCCT’s properties continued to showcase resilience. Positive rental reversions were achieved across all three assets, coming in at 11% for FW (retail component), 10% for GP and 14% for Sandhill Plaza (SP). Although FW’s footfall was flat YoY (-0.2%) in 2QFY18 (1HFY18: +2.0% to 19.4m), tenants’ sales grew at a stronger momentum of 2.9% YoY (1QFY18: +2.1%; 1HFY18: +2.5% to HK$2.38b).

This was also reflected in overall Hong Kong retail sales, which grew 4.0% and 2.7% YoY in Jul and Aug, respectively (8M17: +0.3%). MGCCT’s overall portfolio occupancy dipped slightly by 0.6 ppt QoQ to 98.2%, as the increase at SP (+2.5 ppt QoQ) was offset by the decline at GP (-3.0 ppt QoQ). FW remained fully occupied.

Maintain BUY
For our valuations, we are lowering our cost of equity assumption from 8.1% to 7.8%. We believe this is justifiable given

the continued re-rating momentum in the S-REITs sector,
MGCCT’s healthier balance sheet (gearing ratio of 38.5%, its lowest since 4QFY15 and recent successful refinancing at better margins) and
improved consumer sentiment.
Consequently, our fair value estimate is raised from S$1.22 to S$1.28. Maintain BUY.

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Venture Corp Share Investment Singapore www.mmfsolutions.sg

 
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Posted by on October 24, 2017 in Stocks

 

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Market Research of Keppel DC REIT

Image result for Keppel DC REIT

Keppel DC REIT (KDCREIT) reported its 3Q17 results which met our expectations. Gross revenue and NPI jumped 56.6% and 42.1% YoY to S$35.5m and S$32.3m, respectively.

This was largely driven by the acquisitions of the 90% interest of KDC SGP 3, Milan DC, Cardiff DC and to a smaller extent B10 DC in Dublin (half a month of contribution), coupled with higher variable income from KDC SGP 1 due to an increase in recurring revenue.

DPU grew 16.8% YoY to 1.74 S cents. If we make adjustments to account for the impact of the preferential offering exercise and a one-off net property tax refund in 3Q16, KDCREIT’s adjusted DPU would have increased 4.2% YoY.

For 9M17, KDCREIT’s gross revenue spiked up 41.4% to S$102.2m and formed 76.8% of our FY17 forecast. DPU rose 11.2% to 5.37 S cents (adjusted DPU +4.2% to 5.22 S cents) and constituted 74.0% of our full-year projection.

Operationally, KDCREIT’s portfolio occupancy creeped up 0.3 ppt QoQ to 93.4% as there was slight improvement recorded at KDC SGP 1 and Keppel DC Dublin 1.

Pertaining to Singapore’s data centre industry, management highlighted that while there are still some vacancies in the market, it remains upbeat that this space will eventually be absorbed in the foreseeable future given limited upcoming supply and robust demand, especially from the cloud service providers.

Maintain BUY and S$1.39 fair value estimate on KDCREIT.

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Posted by on October 17, 2017 in Stocks

 

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