Alpha Edge Investing

"Investors operate with limited funds and limited intelligence, they don’t need to know everything. As long as they understand better than others, they have an edge.” – George Soros


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Apple headed for more sales records despite supply-chain issues, but what lies ahead?

MarketWatch 2022-01-26 13:41 Apple earnings preview: Analysts expect iPhone maker will top holiday and calendar-year revenue records, but believe executives will again avoid a forecast as pandemic and manufacturing issues persist The launch of the latest iPhone brought customers to Apple Inc.’s store on Fifth Ave. in New York in September 2021, and the smartphone […]

3 Reasons to Buy Apple Stock in 2022 — And Never Sell

Motley Fool 2022-01-26 08:57 Tech giant Apple (NASDAQ:AAPL) is one of the largest corporations in the world, boasting a monster market cap of $2.7 trillion. It may be difficult to believe that the California-based company still has significant room to grow at these levels. But lots of things that are hard to believe are true, and although […]

DBS: Keppel REIT – BUY TP $1.40

FY21 Results Analysis: The Force Awakens FY21 DPU up 1.6% y-o-y to 5.82 Scents, in line. Underlying DPU is estimated to grow by +7% y-o-y.   Key positives: i) rental reversions stayed positive and expected to remain positive in FY2022, ii) management seeing encouraging leasing interests and expansion demand to relocate regional roles, iii) CEO’s […]

DBS: Mapletree Industrial Trust – BUY TP $3.35

News Analysis: Mapletree Industrial Trust (“MINT”) : Broadening recovery not priced in 3QFY22 DPU rise to a new record, a 6.4% increase y-o-y Operational performance showing signs of a rebound; Singapore portfolio seeing upside in reversions supported by stable occupancies   US datacentre portfolio valuations conservative vs market transaction levels – implying possible compression in […]

DBS: Starhill Global – BUY TP $0.75

1H FY21/22 – Beneficiary of big ticket consumer spending ahead of GST hikes Revenue and NPI for 1H FY21/22 rose 2.9% and 7.2% to S$91.0m and S$69.6m correspondingly Topline trends behind full year estimates while DPU on a 93% pay-out ratio is in line Wisma Atria tenant sales saw a 2.8% y-o-y decline from prolonged […]

CIMB: Jinke Smart Services – ADD TP HK$48.80 (Previous HK$76.90)

Growth likely challenging in FY22-23F ■ Jinke Property reported an 11% yoy decline in FY21 contracted sales GFA; we think Jinke SS will be unable to meet its FY22-23F portfolio growth target.■ Management does not see any receivables collection issue related to Jinke Property; however, we project a higher receivables provision out of prudence.■ Reiterate […]

CIMB: Singapore REIT (Overweight) – Frasers Centrepoint, MIT, Starhill Global

First take on FCT, MINT, SGREIT results ■ FCT enjoyed higher tenant sales while SGREIT saw lower rent rebates.■ MINT benefited from contributions from new acquisitions while portfolio rents and occupancy remained relatively unchanged qoq.■ Reiterate Add rating for FCT, MINT and SGREIT. FCT’s 1QFY22 tenant sales recovered to pre-Covid 19 levels On a portfolio […]

CIMB: Singapore REIT (Overweight) – Keppel DC REIT

More divestment activities ■ FLCT divests Cross Street Exchange for S$810.8m while CICT announced the sale of JCube for S$340m.■ Transactions are done above book value and are likely to boost BV/unit. FLCT’s gearing could improve to 29.3%.■ Reiterate sector Overweight. Our sector top pick is KDC REIT. FLCT sells Cross Street Exchange ● Frasers […]

CIMB: Keppel REIT – ADD TP $1.29

Rent reversion remains positive in 2H ■ 2H/FY21 DPU of 2.88/5.82 Scts is slightly ahead of our expectations at 52.5%/106.1% of our FY21F forecast.■ Rent reversions remained positive although moderated in 2H21.■ Reiterate Add rating with an unchanged DDM-based TP of S$1.29. 2H21 results highlights KREIT reported 2H21 gross revenue of S$110.8m, +16.9% yoy, due […]

CIMB: Singapore Economic Update

MAS acts to nip inflation in the bud ■ This morning, the MAS surprised markets by announcing a “slight raise” to the S$NEER slope, despite having done so just three months ago.■ Although 60% of 2021’s CPI was driven cars & petrol, the Dec 2021 core inflation breach of MAS’s target of “just under 2%” […]

CIMB: Vicplas International Ltd – ADD TP $0.275

Tapping into medical contract manufacturing ■ We initiate coverage of Vicplas with an Add rating and a P/E-derived TP of S$0.28.■ We see EPS CAGR of 10.8% over FY7/22-24F for Vicplas, driven by growth in its medical business.■ Re-rating catalysts are stronger-than-expected earnings due to new customer/product wins. Downside risks: disruptions from Covid-19. 10.8% EPS […]

OIR: Keppel DC REIT, China Overseas Land and Investment

Keppel DC REIT (KDCREIT SP) – More moderated growth ahead • 2H21 DPU rose 2.8% YoY to 4.927 S cents• Portfolio occupancy improved to 98.3%• Portfolio valuation uplift, but likely more moderated growth ahead FY21 results met our expectations – Keppel DC REIT (KDCREIT) reported 2H21 gross revenue of SGD135.9m and NPI of SGD124.3m, representing […]

UOBKH: Keppel REIT – BUY TP $1.52

2H21: Sustaining Positive Rental Reversion KREIT’s property income and NPI grew 16.9% and 17.5% yoy respectively in 2H21 due to the acquisition of Pinnacle Office Park in Sydney (completed on 31 Dec 20) and Keppel Bay Tower in Singapore (completed on 18 May 21). Physical occupancy has improved as more employees are working from offices. […]

KGI: Zijin Mining Group Company Limited (2899 HK) – Round 2 of the commodities supercycle 

RE-ITERATE BUY Entry – 10 Target – 11.5 Stop Loss – 9.4 Zijin Mining Group Company Limited is a China-based company principally engaged in the exploration, mining, smelting and sales of gold and other metal minerals. The Company’s main products include gold products, copper products, lead and zinc products, iron products, silver products, among others. […]

KGI: Ganfeng Lithium Co Ltd  (1772 HK) – A stock with both growth and inflation-hedge features 

BUY Entry – 118 Target – 140 Stop Loss – 108 GANFENG LITHIUM CO., LTD. is a China-based company principally engaged in the research, development, production and sales of deeply processed lithium products. The Company’s main products include lithium compounds, lithium metal and lithium batteries. The Company’s products are mainly used in electrical vehicles, chemicals […]

KGI: Nanofilm Technologies International (NANO SP) – Shopping for discounts

RE-ITERATE BUY Entry – 2.95 Target – 3.50 Stop Loss – 2.80 NANO provides advanced coating solutions to products such as smartphones, smartwatches, computers and automotive. The company serves many Fortune 500 companies with its special proprietary advanced materials and nano-fabrication capabilities.  Shopping for bargains. Shares of NANO are down more than 55% from their peak of […]

KGI: Sembcorp Industries (SCI SP) – Don’t be mean, be green

BUY Entry – 2.15 Target – 2.50 Stop Loss – 2.00 SCI is a leading provider of sustainable solutions in Asia. The group has a target for its sustainable solutions portfolio to make up 70% of the group’s net profit by 2025, up from 40% in 2020. What this means is that the group targets […]

DBS: Singapore Hotels – ARA US Hospitality, Ascott Residence Trust, Far East Hospitality Trust, CDL Hospitality Trusts, Frasers Hospitality Trust

<News Analysis> Singapore Hotels – Data points to a brighter future  Business Times reported that Singapore Hotel revenues declined 21% y-o-y Data is skewed to include 1Q20 which reflected post COVID performance, and we estimate monthly revenue to be up 32% y-o-y instead RevPAR continues to trend higher, with Dec’21 (S$156) at a post-pandemic high  […]

DBS: Ganfeng Lithium Co Ltd – BUY TP HK$230, Rmb230

Positive 2021 alert confirmed upbeat outlook Investment Thesis Overly concerned on chip shortage impact. GFLi was alerting its 2021 recurring earnings to be ahead of consensus and exceeded our expectation. We believe the market has overworried about the negative impact from shortage of chips and power in 4Q21. We expect the news would provide positive […]

DBS: China Real Estate

News Alert: Asset disposal to cushion the 1Q22 repayment peak Recent asset acquisitions from SOEs showcase regulator’s firm stance to keep the sector’s repayment risk in check More SOE-led acquisitions to be unveiled in the near term to ease repayment risk throughout 1Q22  Asset disposals will likely exert liquidity to troubled developers and gradually settle […]

DBS: Cathay Pacific Airways Ltd – Fully Valued TP HK$5.50

<News Analysis> Cathay Pacific 2H21 results better than expected, but dark clouds still lie ahead Cathay Pacific announced that its full-year net loss (after preferred dividends) for FY21 will be in the range of HK$6.2-6.8bn, markedly better than the street’s projection of a net loss of HK$12.0bn. The airline was marginally cash flow positive in […]

DBS: ASEAN Internet Sector: What is in the price of SEA and GRAB?

Sharp correction in internet stocks as market shifts its focus from just growth to profitability Current market prices of Sea Ltd. (SE) & Grab (GRAB) imply too low margins in the long term, trading near our bear-case target prices    GRAB is trading at a ~fair discount of 27% to SE but has more catalysts […]

DBS: Longi Green Energy Technology – Initiate with BUY TP Rmb95.00

Rational pricing in value chain to boost installations Beneficiary of sustained demand growth for solar power, both in China and globally  Top wafer and module supplier in the world with industryleading margins  Pick-up in solar installations in 2022-23 could lift sentiment on the counter Initiate with BUY and TP of Rmb95 Long-term beneficiary of demand […]

DBS: Singapore Stock Pulse – Inflation winners/losers in focus as MAS tightens monetary policy

Market view update Inflation winners/losers in focus as MAS tightens monetary policy MAS slightly raises the appreciation of the S$NEER policy band while maintaining the policy band width and the level at which it is centred, in another pre-emptive shift against inflation The move comes after Dec 21 core CPI rose more than expected by […]

KE: Allianz Malaysia – Attractive dividend yield (ALLZ MK, CP MYR13.22, BUY, TP MYR16.75, Diversified Financials)

BUY maintained While flood claims are likely to feature in 4Q21, provision levels are likely to be manageable and we expect operations to have improved QoQ with the opening up of the economy and an end to the lockdowns. Encouragingly, we expect MFRS17 to have a positive impact on group earnings when it is adopted […]

KE: Malaysia Banking – BNM’s Financial Sector Blueprint 2022-2026 | POSITIVE

A holistic blueprint BNM’s Financial Sector Blueprint 2022-2026 is all-encompassing with five strategic thrusts that aim to broaden financial offerings to all, while supporting the country’s high-income nation aspirations, promoting digitalization of the industry and promulgating sustainable/Islamic financing. We maintain a POSITIVE on the sector. Desired targets and outcomes by 2026 BNM’s desired targets and […]

OIR: Keppel DC REIT (KDCREIT SP) – More moderated growth ahead TP$2.61 

Keppel DC REIT (KDCREIT SP)   Recommendation :  BUY  Fair Value           :  SGD 2.61 More moderated growth ahead. •    2H21 DPU rose 2.8% YoY to 4.927 S cents•    Portfolio occupancy improved to 98.3%•    Portfolio valuation uplift, but likely more moderated growth ahead Keppel DC REIT is a strong proxy to growing […]

DBS: CapitaLand Integrated Commercial Trust (CICT) – News Analysis: Exchanging JCube for Singapore office? TP$2.50

<Alert> CapitaLand Integrated Commercial Trust (CICT): News Analysis: Exchanging JCube for Singapore office? CICT announced the divestment of JCube back to CapitaLand Group for S$340m (S$1,619psf) at implied exit yield of less than 4%, a fair price based on its current built-up state, in our view. Could this be an exchange for 79 Robinson Road […]

DBS: Frasers Logistics & Commercial Trust – A huge step forward in its pivot towards new economy assets TP$1.85

News Alert: A huge step forward in its pivot towards new economy assets FLCT announced the divestment of Cross Street Exchange for S$810.8m; an impressive 28.3% premium to valuations Transaction sets a record-low exit yield of c.2.5% Divestment of the property and pivot towards more logistics and business park assets will be well received Part […]


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