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PHILLIP SECURITIES |
CGS CIMB |
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Frasers Centrepoint Trust Key metrics remain healthy
▪ No financials were provided in the 1Q25 business update. Retail portfolio occupancy remained high at 99.5% (4Q24: 99.7%). ▪ 1Q25 shopper traffic and tenants’ sales registered healthy YoY growth at +2.7% and +2.5%, respectively. Rental reversions remained strong, similar to FY24’s +7.7%. The AEI at Hougang Mall has achieved c.50% pre-commitment and the Mall continues to operate during the AEI. FCT targets a 7% ROI on a S$51mn Capex for this project.
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Frasers Centrepoint Trust Resilient performance in 1QFY25
■ FCT’s 1QFY9/25 committed retail portfolio occupancy stood at 99.5%. ■ Tenant sales and shopper traffic rose 2.5% and 2.7% yoy during the quarter. ■ Reiterate Add rating with an unchanged TP of S$2.68.
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CGS CIMB |
UOB KAYHIAN |
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Mapletree Industrial Trust Healthy rental reversions
■ MINT’s 3Q/9MFY25 DPU of 3.41/10.21 Scts is in line, at 24.7%/74.1% of our FY3/25F forecast. ■ MINT achieved positive reversions of 9.8% even as portfolio occupancy slipped to 92.1% in 3Q. ■ Reiterate Add with an unchanged TP of S$2.82.
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Renewable Energy – China Solar Energy Equipment: Prolonged Industry Consolidation, Moderation Of Global Installation Growth And Rising Protectionism Challenge Survivability
Weekly spot prices remained stable ahead of the Chinese New Year holidays amid muted transactions. China achieved a record year for solar installations, reaching 277.17 GW (+27.8%). Global solar installations should see a milder growth starting in 2025, with rising protectionism further dampening the export outlook. The effectiveness of the industry’s self-discipline measures remains uncertain and industry consolidation could be a prolonged process. Maintain MARKET WEIGHT.
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| UOB KAYHIAN | LIM & TAN |
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IGB REIT (IGBREIT MK) 4Q24: Largely In Line; Better Quarter Ahead On Mall Upgrades
IGB REIT’s 4Q24 results were in line. We expect net property income margin to improve sequentially as the mall reconfiguration will only start reaping full benefits in 1Q25, while no material asset enhancement initiatives are expected for 1H25. Management has already seen a fair amount of Chinese New Year shopping ahead of the holidays, though it is too early to conclude if the sales momentum will continue. Maintain HOLD with an unchanged target price of RM2.21.
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Suntec REIT ($1.21, unchanged) reports distributable income from operations of $180.9 million for the period from 1 January to 31 December 2024 (“FY 24”), 1.6% lower than the year ended 31 December 2023 (“FY 23”). Distribution per unit (“DPU”) from operations to unitholders was 6.192 cents or 2.3% lower year-on-year. With the absence of capital distribution in FY 24, DPU declined 13.2% year-on-year. Operational performance of the Singapore Office and Retail portfolios, as well as the Sydney properties improved in FY 24, while the Melbourne properties remained stable. Distributable income was impacted by higher financing costs and lower contributions arising from vacancies at 55 Currie Street, Adelaide and The Minster Building, London. Suntec REIT’s market cap stands at S$3.5bln and currently trades at 0.6x PB, with a dividend yield of 5.1%. Despite raising the takeover offer to $1.19, it is still a deep discount to its latest NAV of S$2.05. As this is not the final offer, we recommend shareholders to “HOLD” and await a final offer from the offeror. |
