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CGS CIMB |
PHILLIP SECURITIES |
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Frasers Centrepoint Trust Healthy operating metrics
■ 1HFY25 DPU of 6.054 Scts is in line, at 50.1% of our FY9/25F forecast. ■ FCT enjoyed high portfolio occupancy of 99.5% and +9% rental reversion in 1HFY25. ■ Maintain Add rating, with a slightly higher DDM-based TP of S$2.70.
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CapitaLand Ascott Trust Downside protected from stable income sources
Limited financials were provided in this business update. 1Q25 gross profit rose 4% YoY, driven by improved operating performance and contributions from new properties, which offset the lost income from divestments. Excluding acquisitions and divestments, gross profit rose 1% YoY
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UOB KAYHIAN |
UOB KAYHIAN |
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Wilmar International (WIL SP) 2024: Results In Line With Expectation
Wilmar’s 1Q25 results are deemed in line with expectations. While we expect earnings improvement in 2025 on better refining margins, share price may be subdued due to the ongoing case involving the 2021-22 palm oil fraud allegations in Indonesia. Total DPS declared was 6% lower at S$0.16. Maintain HOLD with a target price of S$3.18.
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Marco Polo Marine (MPM SP) Ushering In A New Chapter
MPM deployed its first CSOV charter with Siemens for five months starting mid-Apr 25, alongside a three-year framework with Vestas. The ability to fill schedule gaps with short-term charters highlights strong regional demand for support vessels. Additionally, short-term charters typically fetch premium rates. MPM’s new CTVs will also be deployed in Taiwan, driven by increased offshore wind activity. Tight OSV supply should keep rates elevated. Maintain BUY with a target price of S$0.072.
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| UOB KAYHIAN | CGS CIMB |
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Frasers Centrepoint Trust (FCT SP) Heartbeat Of The Heartland
FCT reported DPU of 6.054 S cents for 1HFY25 (+0.5% yoy), which is slightly above our expectation. It achieved a positive rental reversion of +9.0% driven by Causeway Point, Tampines 1 and Century Square. Tenant sales rose 3.3% yoy, boosted by the completion of AEI at Tampines 1. The acquisition of NCSW is aligned to focus on dominant suburban malls and is accretive to pro forma FY24 DPU by 2.0%. FCT provides a FY25 distribution yield of 5.6%. Maintain BUY. Target price: S$2.73.
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Champion REIT Recent outperformance unjustified
■ CREIT’s share price has risen 26% YTD, outperforming Link REIT’s and Hang Seng Property Index’s rise by 17% and 22%, respectively. ■ We think that chance for its privatisation by Great Eagle is not high, due to its relative expensive valuation (56% discount to NAV vs. 62% for its peers). ■ We think its significant outperformance is unjustified, given the challenging outlook of HK offices — we expect negative rental reversions in FY25F/26F ■ Reiterate Reduce for CREIT, with a slightly higher TP of HK$1.53 (9.02% FY25F DPU yield).
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