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PHILLIP SECURITIES |
PHILLIP SECURITIES |
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Keppel DC REIT Strong rental growth expected in 2025
▪ FY24 DPU of 9.451 Singapore cents (+0.7% YoY) met our FY24e expectations. This was driven by the distribution of the DXC settlement sum of S$11.2mn, exceptionally strong positive portfolio rental reversions of 39% in FY24, and the contribution from the acquisition of Tokyo DC 1. However, it was partially offset by loss allowances for the Guangdong DCs and the depreciation of foreign currencies against the SGD.
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OUE REIT De-risked portfolio
• Gross revenue for FY24 grew by 3.7% YoY to S$295.5mn, in line with our forecast and achieving 99% of full-year estimates. Improvement driven by hospitality segment, where revenue surged by 8.9% YoY, while commercial premises delivered a stable performance, with revenue increasing by 1% YoY. NPI met our expectations, forming 99% of FY24 forecast, but declined by 0.4% YoY to S$234.0mn due to the upward revision of taxes on hotel assets. NPI would have risen by 0.3% YoY without the tax.
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UOB KAYHIAN |
UOB KAYHIAN |
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Keppel DC REIT (KDCREIT SP) 2H24: SGP7 And SGP8 Set; Low Leverage Is Springboard For Next Acquisition
KDCREIT achieved strong positive rental reversion of >30% in 4Q24, the third consecutive quarter of strong double-digit reversion. SGP7 and SGP8, which are designed for AI inference workload, will start contributing in 1Q25. Aggregate leverage has improved 8.2ppt qoq to 31.5% due to revaluation gains and its recent equity fund raising exercise. Being a pure play on data centres, KDCREIT will benefit from the growth in inference AI and AI agents. Maintain BUY with a target price of S$2.53.
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Mapletree Pan Asia Commercial Trust (MPACT SP) 3QFY25: Strength in Singapore overcomes weaknesses overseas
The Singapore portfolio provided resiliency with strong positive rental reversion of 16.9% from VivoCity and stable occupancy at MBC. NPI from Hong Kong dropped 7.5% yoy, succumbing to continued negative rental reversion. NPI from Japan declined 31.6% yoy due to non-renewal by Seiko Instrument and weak JPY. MPACT trades at FY26 distribution yield of 7.0% and P/NAV of 0.69x, which has factored in dimmer outlook for its overseas properties. Maintain BUY. Target price: S$1.60.
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| UOB KAYHIAN | CGS CIMB |
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ComfortDelGro Corporation (CD SP) 2024 Earnings Preview: Expect A Strong End To 2024
CD recently announced that it has won another overseas rail contract in Copenhagen which we estimate to be earnings accretive. For 4Q24, we expect CD’s public transport segment to benefit from the higher rail ridership and ongoing UK bus contract renewals while the taxi segment is set to post robust growth due to additional contributions from A2B. Given CD’s strong earnings growth and a decent 2025 dividend yield of 5.9%, we maintain BUY with a target price of S$1.77.
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Keppel DC REIT Strong rental reversion tailwinds
■ 2H24/FY24 DPU of 4.902/9.451 Scts were above expectations, at 53.7%/103.7% of our FY24F forecast. ■ Rental reversion was strong at about +39% in FY24. We expect the robust momentum to extend into FY25F, underpinned by Singapore renewals. ■ Reiterate Add rating with an unchanged TP of S$2.48.
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