Daily Focus Singapore Stock Pulse Refer to important disclosures at the end of each report DBS Equity Research 10 Oct 2019 Market Cap: US$37,268m | Average Daily Value: US$70.43m Yeo Kee Yan, CMT [email protected] Singapore Research Team Last Traded Price: S$29.99; Price Target: S$33.20 (Upside 10.7%) Research Call Alert Sue Lin LIM / Rui Wen LIM • Stock to Watch: Singtel: Excessively high street numbers, unsustainable dividends Strong 1Q18; keep watch on dividends ahead • Ideas1Q18 ofearnings the Day were in line; topline driven largely from higher NIM; lower trading gains Actionableoffset some ideas revenues by our analysts based on macro, industry or corporate developments • StocksCredit to costsWatch at new low of 23bps, guidance at 20-25bps possibly towards the lower Singtel Starhub end; still some buffers noted under the Expected Credit Losses line for other assets HOLD HOLD Last Traded Price: S$3.14; Last Traded Price: S$1.31 • PricePositive Target outlook (12-mth) :ahead, S$3.12 (Prevtopline S$3.25) growth supportedPrice Target by(12 -lowermth): S$1.55 credit costs; dividends Downside 0.6% Upside 18.3% should be sustainable at S$1.00 per year and could head higher Excessively high street numbers, unsustainable Tapping on Airtrunk dividends • Ties up with AirTrunk, a hyperscale data centre • •Maint Trimain FY20F/21F BUY; TP earnings at S$33.20 by 5%/3%, (1.5x FY18 BV);specialist, higher to provide dividends data centreand lowerservices credit from bringing us 10%8% below consensus the latter’s new 60MW centre in Loyang costs are• upsideWe estimate risks that Singtel may reduce • Services are scheduled to be launched by mid- dividend per share to 13-15 Scts in FY21F 2020 and aims to meet the growing demands to maintain its credit rating of businesses such as e-gaming and e- Read more..DBS• Maintain Group HOLD withResearch. a lower EquityTP of S$3.12 commerce providers • Maintain HOLD with a TP of S$1.55 30 Read more… Sembcorp Marine Frasers Property Ltd DBS EquityBUY Research BUY 5 June 2018 Last Traded Price: S$1.19 Last Traded Price: S$1.76 Price Target (12-mth): S$1.90 Price Target (12-mth): S$2.30 Market Cap: US$37,268m | Average Daily Value: US$70.43m Upside 59.7% Upside 30.7% Last TradedDivestment Price: S$29.99; of JV Price Target: S$33.20JV (Upsidesells Austr 10.7%)alian reta il assets • Disposed its 50% interest in Pacific • Frasers Property Australia and its JV partner Workboats Pte Ltd (PWPL) for S$937,660 Sekisui House Australia have sold 3 retail Sue Lin LIM / Rui Wen LIM Strong 1Q18; keep watch on dividends ahead ed: JS• / sa: PY, CS 1Q18 earnings were in line; topline driven largely from higher NIM; lower trading Daily Focus Singapore Stock Pulse • PWPL offers harbour services in Singapore assets in their mixed-use Central Park and across the region project for S$162.4m • Divestment is part of Sembcorp’s plan to • Final sale price was in line with expectations renew and operate its tugboat fleet based for the JV partners as they had put the retail on its own proprietary LNG-hybrid tug assets up for sale in April, and had expected design to bag around A$170m • Maintain BUY with a TP of S$1.90 DBS Equity Picks Our stock picks aim to help investors build a portfolio of Singapore stocks, based on their risk profiles. Stock picks are based on sectoral, fundamental, and technical analysis Blue Chips City Developments Keppel Corporation BUY BUY Last Traded Price: S$9.750 Last Traded Price: S$5.900 Price Target (12-mth): Price Target (12-mth): S$8.50 S$11.00 Upside 44.1% Upside 12.8% Growth Jumbo Group BUY Last Traded Price: S$0.375 Price Target (12-mth): S$0.47 Upside 25.7% Dividends Ascott Residence Trust CDL Hospitality Trusts Sheng Siong Group Ltd BUY BUY BUY Last Traded Price: S$1.310 Last Traded Price: S$1.640 Last Traded Price: S$1.150 Price Target (12-mth): S$1.45 `Price Target (12-mth): S$1.80 Price Target (12-mth): S$1.32 Upside 10.7% Upside 9.8% Upside 14.9% Dividend Yield (FY19): 5.6% Dividend Yield (FY19): 5.4% Dividend Yield (FY19): 3.1% Page 2 Daily Focus Singapore Stock Pulse Straits Times Index Year End Objective: 3,380 Support Current Resistance level Level 3,080 3,115 3,090 3,030 3,150 Source: DBS Bank, Bloomberg Finance L.P. 10 most active traded STI component stocks Prices as of Mkt Cap Company 9 Oct 19 Sector (S$m) Volume Golden Agri-Resources Ltd 0.210 Consumer Goods 2,674 68,721,000 Yangzijiang Shipbuilding Holdings Ltd 0.925 Industrial 3,626 53,516,500 Singapore Telecommunications Ltd 3.140 Telecom 51,274 17,149,400 Genting Singapore PLC 0.895 Consumer Services 10,791 15,316,700 Mapletree Commercial Trust 2.360 REITs 6,834 14,930,700 CapitaLand Mall Trust 2.650 REITs 9,775 8,105,300 Ascendas Real Estate Investment Trust 3.120 REITs 9,712 7,423,500 Singapore Technologies Engineering Ltd 3.970 Industrial 12,380 6,290,200 CapitaLand Commercial Trust 2.070 REITs 7,984 6,230,900 ComfortDelGro Corp Ltd 2.400 Consumer Services 5,198 5,864,900 Source: Bloomberg Finance L.P. Recent Reports Report Singapore Monthly Strategy: Back to the negotiation table CapitaLandGroup: Born to fly CSE Global: Well-oiled for the upflow Singapore Monthly Strategy: Diversion is just a few clicks away Singapore Hospitality & Leisure: Where will HK’s 5.8m tourists go? Singapore 2Q19 results review : Look here for yields Page 3 Daily Focus Singapore Stock Pulse S-REITs (Us) against the world Singapore Monthly Strategy: Thirteen in a row? Singapore Banks: Earnings likely to be supported in 2Q Mapletree Group of REITs: In the sweet spot Source: DBS Bank Dividends Company Type Particulars Ex Date Paid/Payable Rate: SGD 0.01079 Per ESR-REIT DIVIDEND Security 10-Oct-19 08-Nov-19 HSBC ADR 10 DIVIDEND Rate: USD 0.495 Per Security 10-Oct-19 20-Nov-19 Rate: SGD 0.0028 Per SHOPPER360 LIMITED DIVIDEND Security 10-Oct-19 21-Oct-19 SINGAPORE EXCHANGE LIMITED DIVIDEND Rate: SGD 0.075 Per Security 10-Oct-19 18-Oct-19 MAXI-CASH FIN SVCS CORP LTD DIVIDEND Rate: SGD 0.005 per security 14-Oct-19 25-Oct-19 UNITED OVERSEAS AUSTRALIA LTD DIVIDEND 1 Cash Options 14-Oct-19 06-Nov-19 ASCOTTREIT S$150M5%PERPSEC XOTHERSX Rate: 100% 18-Oct-19 29-Oct-19 CAPITALDTRE S$250M4.35%N191031 ENTITLEMENT Rate: 100% 22-Oct-19 31-Oct-19 OUE LTD S$200M4.25%N191030 ENTITLEMENT Rate: 100% 22-Oct-19 30-Oct-19 ELLIPSIZ LTD DIVIDEND Rate: SGD 0.01 Per Security 30-Oct-19 20-Nov-19 SIN GHEE HUAT CORPORATION LTD. DIVIDEND Rate: SGD 0.006 Per Security 30-Oct-19 14-Nov-19 UG HEALTHCARE CORPORATION LTD DIVIDEND 1 Cash Options 30-Oct-19 17-Dec-19 GUOCOLAND LIMITED DIVIDEND Rate: SGD 0.07 Per Security 31-Oct-19 21-Nov-19 HAI LECK HOLDINGS LIMITED DIVIDEND Rate: SGD 0.01 per security 31-Oct-19 13-Nov-19 KARIN TECHNOLOGY HLDGS LIMITED DIVIDEND Rate: HKD 0.078 Per Security 31-Oct-19 21-Nov-19 OXLEY HOLDINGS LIMITED DIVIDEND 1 Cash Options 31-Oct-19 01-Nov-19 RE&S HOLDINGS LIMITED DIVIDEND Rate: SGD 0.0045 per security 31-Oct-19 08-Nov-19 BRITISH & MALAYAN HLDG LIMITED DIVIDEND Rate: SGD 0.027 Per Security 01-Nov-19 22-Nov-19 CHUAN HUP HOLDINGS LIMITED DIVIDEND Rate: SGD 0.01 per security 01-Nov-19 13-Nov-19 GL LIMITED DIVIDEND Rate: SGD 0.022 Per Security 04-Nov-19 26-Nov-19 SPINDEX INDUSTRIES LIMITED DIVIDEND Rate: SGD 0.033 Per Security 04-Nov-19 20-Nov-19 SILVERLAKE AXIS LTD DIVIDEND Rate: SGD 0.007 Per Security 04-Nov-19 15-Nov-19 WING TAI HOLDINGS LIMITED DIVIDEND Rate: SGD 0.03 Per Security 05-Nov-19 21-Nov-19 WING TAI HOLDINGS LIMITED DIVIDEND Rate: SGD 0.02 Per Security 05-Nov-19 21-Nov-19 LUM CHANG HOLDINGS LIMITED DIVIDEND Rate: SGD 0.015 Per Security 06-Nov-19 22-Nov-19 MICRO-MECHANICS (HOLDINGS) LTD DIVIDEND Rate: SGD 0.05 Per Security 06-Nov-19 19-Nov-19 MICRO-MECHANICS (HOLDINGS) LTD DIVIDEND Rate: SGD 0.01 Per Security 06-Nov-19 19-Nov-19 PEC LTD DIVIDEND Rate: SGD 0.01 Per Security 07-Nov-19 20-Nov-19 Rate: SGD 0.005 per LION ASIAPAC LTD DIVIDEND security/unit 08-Nov-19 21-Nov-19 Source: SGX Page 4 Daily Focus Singapore Stock Pulse Share buy-back Name D.O.T. Buy/Sell No of shares $/shr Anchun International 09-Oct-19 Share Buy-Back 72,000 0.2400 CDW Holding Limited 09-Oct-19 Share Buy-Back 50,000 0.1900 Global Investments Limited 09-Oct-19 Share Buy-Back 55,800 0.1390 GRP Liimited 09-Oct-19 Share Buy-Back 4,000 0.1950 CDW Holding Limited 08-Oct-19 Share Buy-Back 50,000 0.1900 Eurosports Global Limited 08-Oct-19 Share Buy-Back 120,000 0.1990 Global Investments Limited 08-Oct-19 Share Buy-Back 875,800 0.1390 GRP Liimited 08-Oct-19 Share Buy-Back 1,000,000 0.1950 Stamford Land Corporation Ltd 08-Oct-19 Share Buy-Back 951,800 0.4975 Anchun International 07-Oct-19 Share Buy-Back 150,000 0.2300 Global Investments Limited 07-Oct-19 Share Buy-Back 52,000 0.1380 GRP Liimited 07-Oct-19 Share Buy-Back 700,000 0.1950 Singapore Medical Group 07-Oct-19 Share Buy-Back 139,000 0.3025 Singapore Shipping Corporation Limited 07-Oct-19 Share Buy-Back 972,600 0.2975 Stamford Land Corporation Ltd 07-Oct-19 Share Buy-Back 826,100 0.4900 Starburst Holdings Limited 07-Oct-19 Share Buy-Back 40,000 0.3750 Source: SGX Page 5 Daily Focus Singapore Stock Pulse Earnings Calendar - October 2019 Monday Tuesday Wednesday Thursday Friday 1 21 3 4 7 8 9 10 11 SPH REIT FY19 14 15 16 17 18 Keppel Infrastructure Keppel DC REIT 3Q19 Keppel REIT 3Q 19 Keppel Corp 3Q19 Frasers Commercial Trust 3Q19 Keppel Pacific Oak US Mapletree Commercial SPH 4Q19 Trust FY19 (19 Oct) Singapore Press FY19 REIT 3Q19 Trust 2Q20 Qian Hu Corp 3Q19 21 22 23 24 25 Mapletree Logistics CapitaLand Cache Logistics 3Q19 Trust 2Q19 Commercial Trust Mapletree North Asia 3Q19 Commercial Trust CapitaLand Mall Trust 2Q19 3Q19 Miyoshi Ltd FY19 Frasers Centrepoint Singapore Exchange Trust FY19 1Q20 Mapletree Industrial SP Corp Ltd 3Q19 Trust 2Q20 Suntec REIT 3Q19 28 29 30 31 Frasers Hospitality Trust FY19 Source: Bloomberg Finance L.P.