|
OCBC GROUP RESEARCH |
UOB KAYHIAN |
|
Mapletree Pan Asia Commercial Trust Singapore continues to shine
Rating BUY (as at 30 October 2026)
• Portfolio committed occupancy improved 1.2 percentage points (ppt) quarter-on-quarter (QoQ) to 85.6%, while 1HFY27 rental reversions remained positive at 3.5%, led by Singapore and South Korea
|
REITs S-REITs Monthly Update (Oct 26)
Highlights • An influx of safe-haven liquidity and low domestic interest rates have led to a record volume of transaction for commercial properties. Thus, S-REITs are supported by firm asset valuation and relatively low cost of debt. • Maintain OVERWEIGHT. The S-REIT sector is a major laggard, and is thus likely to be more resilient and defensive. BUY CICT (Target: S$3.11), LREIT (Target: S$0.80), NTTDCR (Target: US$1.29) and UIBREIT (Target: S$1.16).
|
| UOB KAYHIAN | UOB KAYHIAN |
|
CapitaLand Ascendas REIT (CLAR SP) 3Q26: Uptick In Occupancy From Singapore And The US
Highlights • Singapore occupancy rose 0.8ppt qoq to 90.9%, supported by acquisitions of 5 Tuas Avenue 5 and 25 Loyang Crescent, which are fully occupied. Occupancy for the US increased 1.4ppt qoq to 82.3%, driven by leasing at 13144 South Pulaski Road in Chicago and North Topping in Kansas City. • Completed redevelopment projects are leasing up steadily. Occupancy at 5 Toh Guan Road East reached 64.8% as of Sep 26 and management expects to lease up the remaining logistics space by end-26. Occupancy at 27 IBP stood at 19.0% and is expected to reach 40-50% by end-26. • Maintain BUY. Target price: S$3.25.
|
Sheng Siong Group (SSG SP) 3Q26: Slower Growth And Utility Risks; Downgrade To HOLD
Highlights • 9M26 revenue of S$1,296.8m and earnings of S$125.5m formed 76.1% and 75.4% of our full-year forecasts respectively, in line with expectations. • A smaller new-store pipeline points to slower growth, while electricity renewal poses a key 2027 margin risk. • Downgrade to HOLD with a target price of S$2.88. Slower growth and downside margin risk justify our lower 24.9x 2027F PE (+1SD above mean).
|
| UOB KAYHIAN | MAYBANK SECURITIES |
|
NetLink NBN Trust (NETLINK SP) 1HFY27: EBITDA In Line; Higher Depreciation A Drag To Earnings
Highlights • 1HFY27 revenue moderated by 2% yoy but good cost discipline and lower O&M help shore up EBITDA of S$145m (EBITDA margin 71%). That said, net profit fell 7% yoy, dragged by higher depreciation and came in below expectations. • The discrepancy on our end is due to higher-than-expected depreciation charges, leading us to cut FY27-28 earnings estimates by 10-15%. Netlink declared an interim dividend of 2.74 S cents/share (1HFY26: 2.71 S cents/share). This implies an annualised dividend yield of 6.2%. • Maintain HOLD with a DCF-based target price of S$1.01.
|
Keppel Ltd (KEP SP) Enhancing operation and fund management platform
Growing asset management; Steady infra business KEP’s 9M update highlighted high-teens growth in profit for New Keppel, though overall net profit was impacted by continued drag from non-core and divested portfolio. Infrastructure segment saw steady performance helped by new capacity while asset management saw strong growth. helped by advisory and fund commitment fees. Announced and executed asset monetisation are on track providing visibility for shareholder return. We maintain our estimates and SGD13.0 TP, and reiterate our BUY.
|
