- Banking
- Wealth
- Privileges
- NRI Banking
- Treasures Private Client
Related Insights
- DBS Stock Pulse: (1) Aztech cut to Fully Valued on weak outlook (2) Equity picks – Raise exposure to Starhill Global30 Oct 2024
- Equity Strategy | AI Commercialisation to Drive Next Leg of Tech Boom (Part 3 of 3) 29 Oct 2024
- DBS Stock Pulse: Japfa’s strong 3Q results likely seals the deal for solid full-year earnings29 Oct 2024
Stocks to Watch
Frasers Centrepoint Trust – TP (+), Earnings (+)
Four reasons to give three cheers
- FY24 gross revenue declined 4.9% y/y to SGD351.7mn on Changi City Point divestment and Tampines 1 AEI; DPU declined 0.9% y/y to 12.042 Scts, but was above estimates
- Organic portfolio growth robust at 3.5% y/y, driven by +7.7% full-year reversions; higher fees paid in units, at 68% this FY, to buffer against AEI impact on DPUs
- Tenant sales growth maintained at 1% y/y, despite high base, outperforming overall retail sales; Hougang mall to undergo SGD50mn AEI refresh with target of >7% ROI
- Maintain BUY with TP of SGD2.75 and implied target yield of 4.5%
CapitaLand Ascendas REIT (CLAR)
<3Q24 Business Updates> Sustained strong positive rental reversions
- Another quarter of strong positive rental reversions reported across all markets; +14.4% in 3Q24
- Key positives: i) sustained double-digits positive rental reversions, ii) healthy capital management metrics, iii) upcoming completion of AEIs and redevelopment projects to drive future earnings, iv) divestment at a more than 67% premium to valuations will help improve gearing
- What we are watching out for: i) refinancing due in 4Q24 could potentially lead to marginal uptick in borrowing costs, ii) declining occupancy rates
- Maintain BUY with TP of SGD3.25
iFAST
3Q24 results broadly in line; ePension business showing good progress
- 3Q24 results were solid, with strong 39%/ 97% y/y growth in revenue and net profit
- Growth was driven by both the ePension division and improvements in the core wealth management platform business
- AUA reached a new high, up 23.6% y/y. Singapore, Hong Kong and Malaysia performed well but China is weaker
- We have a BUY call with SGD9.57 TP. iFAST is on track for strong growth ahead
UOL
https://www.dbs.com/insightsdirect/company/TR4295887663?source=aics&sourceid=tmp&subsource=First major milestone for Collective Sales market
- UOL-SingLand-CapitaLand consortium entered into a put-call agreement to acquire Thomson View Condominium at 7 Bright Hill Drive for SGD810mn (SGD 1,172 psf per plot ratio)
- A plum site located in the midst of the Upper Thomson enclave of cafes and eateries, with popular schools (Ai Tong School, CHIJ St Nicks) in the vicinity and within walking distance to MRT
- Total development estimated cost of SGD 2.4-2.5bn (breakeven of SGD 2.1k-2.2k psf), implying launch prices from SGD 2.5k psf onwards
- We currently have a BUY recommendation with TP SGD8.40
Legend
| (+) | (-) |
Earnings | Positive earnings revision | Negative earnings revision |
Recommendation | Upgrade | Downgrade |
TP | Increase | Decrease |
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Related Insights
- DBS Stock Pulse: (1) Aztech cut to Fully Valued on weak outlook (2) Equity picks – Raise exposure to Starhill Global30 Oct 2024
- Equity Strategy | AI Commercialisation to Drive Next Leg of Tech Boom (Part 3 of 3) 29 Oct 2024
- DBS Stock Pulse: Japfa’s strong 3Q results likely seals the deal for solid full-year earnings29 Oct 2024
Related Insights
- DBS Stock Pulse: (1) Aztech cut to Fully Valued on weak outlook (2) Equity picks – Raise exposure to Starhill Global30 Oct 2024
- Equity Strategy | AI Commercialisation to Drive Next Leg of Tech Boom (Part 3 of 3) 29 Oct 2024
- DBS Stock Pulse: Japfa’s strong 3Q results likely seals the deal for solid full-year earnings29 Oct 2024