Daily Morning Note – 2 February 2018
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Cache Logistics Trust – First uplift after strengthening balance sheet
Recommendation: Accumulate (Maintain), Last Close Price: $0.88
Target Price: $0.93, Analyst: Richard Leow
– Acquisition of a portfolio of nine properties in Australia for A$177.6mn (S$188.3mn).
– Fundedby debt and perpetual securities, making it DPU accretive to unitholders.
– Maintain Accumulate; slightly higher target price of $0.93 (previously $0.92)
CapitaLand Retail China Trust – Stabilisation in rental reversions but tenant sales lagging
Recommendation: Neutral (Maintained), Last Close Price: S$1.69
Target Price: S$1.66, Analyst: Tan Dehong
– FY17 NPI and DPU were within our expectations.
– Stable portfolio occupancy with rental reversion inching up from FY16.
– S$3.7mn capital distribution from CapitaMall Anzhen’s divestment gains
– 20.6% yoy drop in 4Q17 NPI at CapitaMall Grand Canyon (CGC) due to operational review checks by authorities.
– Maintain NEUTRAL with unchanged DDM-derived target price of S$1.66.
Valuetronics Ltd–Dailytimeframe –Bullish
– The bullish follow through on 01/02/18 broke price above the immediate pullback line with increasing volume suggests the start of the next leg higher
– With the current bullish price action, expect the long-term uptrend to resume next for price to test the 1.060 resistance area followed by 1.100.
For more information and additional disclosures, refer to the link here.
AEM Holdings Ltd. issued a strong profit guidance for FY17 and FY18 and also the
acquisition of Afore Oy, an industry pioneer and global leader in MEMS testing and handling solutions for EUR 7.58mn.
Health Management International Ltd has signed a licensing agreement with Japan’s
leading publishing and elderly care company, Gakken Cocofump Holdings to develop elderly care education in the region.
Wee Hur Holdings Ltd’s has secured a construction project worth S$43mn for the
construction of a nursing home and church at 30 Dover Avenue. Project commences 12 March 2018 and is expected to complete 25 May 2020.
Marco Polo Marine Ltd has requested for resumption of trading from suspension
following its successful debt restructuring exercise. Resumption of trading takes place 2 Feb 2018, 9 am.
Yongnam Holdings Ltd has secured 4 contracts worth a total S$22.9mn for structural
steelworks and civil engineering projects in Singapore.
Source: SGX Masnet, PSR, Bloomberg
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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