Daily Morning Note – 19 April 2018


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First REIT – Kicking off FY18 on a clear path
Recommendation: NEUTRAL (Maintain), Last Done Price: S$1.37
Target price: S$1.31, Analyst: Tara Wong, Tan Dehong
– NPI and DPU were in line with our forecast.
– 5.8% y-o-y boost in Gross Revenue and NPI driven by two acquisitions made in
– Locked-in forward organic growth stemming from uptick in Singapore CPI for
– Maintain Neutral due to rich valuations vs post-GFC average, with an adjusted
TP of S$1.31 on different set of assumptions following a change of analyst.


ASIAN markets rose on the heels of Wall Street’s gains, with STI up 59.62 points or 1.7 per cent to return back above the 3,500 level.

U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe agree to work closely on trade as speculation heats up over where Trump and North Korean leader Kim Jong Un will hold their unprecedented historic summit.

Amazon.com Inc. has exceeded 100 million paid Prime subscribers and will continue to invest to meet “ever-rising” customer expectations.

CapitaMall Trust will be selling Sembawang Shopping Centre to a joint venture between Lian Beng Group Ltd and Apricot Capital Pte. Ltd. for S$248.0 million.

ComfortDelGro is expanding its operations in the UK through a S$2.2 million acquisition of the business and assets of London tyaxi circuit operator Dial-a-Cab Limited.

Singapore Press Holdings (SPH) announced a tie-up with Google, for its news to be available via audio feeds on its Google Home speakers, a range of voice-enabled speakers powered by the Google Assistant. Google Home will hit shelves in Singapore on Apr 20.

The electronics arm of ST Engineering has set up a subsidiary, ST Electronics (Chongqing) in Chongqing to better support the company’s projects in China.

OLAM International has paid 1.88 million euros (S$3 million) for a 29 per cent stake in Guzman Coffee & Nuts (GC&N), in Spain.

Executive movements include the appointment of ex-general Neo Kian Hong as the new CEO of SMRT, the stepping down of United Food Holdings’ COO Li Ai and the voluntary resignation of shopper360’s executive officer Samuel Chan.

Source: SGX Masnet, The Business Times, Phillip Securities Research

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