Natalie Ong Pei Fong

PhillipCapital

Equity Research Analyst- Property & REITs @ PhillipCapital

Natalie covers the REITs and Property sector. Previously a business analyst with a management consultancy, she handled feasibility studies and business optimisation and restructuring projects. She has worked with companies from varied industries including logistics, FinTech, EduTech, gaming, F&B and retail. She graduated with a Bachelor of Science (Honours) in Banking & Finance from the University of London.

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Latest from Natalie Ong Pei Fong

Frasers Centrepoint Trust: Suburban malls continue to outperform

1H22 DPU of 6.136 Scts (+2.3% YoY) was in line and formed 48% of our FY22e forecast. Revenue grew 1.5% YoY on full contribution of ARF acquisition while NPI margin improved YoY from 72.4% to 74.1% due to decrease in property expenses and lower doubtf...
PhillipCapital Natalie Ong
Natalie Ong Pei Fong @ PhillipCapital 29 April 2022

Keppel DC REIT: Earnings cushioned by recent investments

1Q22 DPU of 2.466 Scts (+0.2% YoY) was in line, forming 24.9% of our FY22e forecast. Contributions from investments in Eindhoven DC, Guangdong DC, London DC and NetCo bonds totalling c. The current share price implies FY22e/23e DPU yields of 4.7%/4.8...
PhillipCapital Natalie Ong
Natalie Ong Pei Fong @ PhillipCapital 21 April 2022

Singapore REITs Monthly – Green shoots all around

FOMC dot plot projects that the Fed rate could increase by 1.9%, narrowing the 2Y-10Y spread. If the previously observed inverse correlation between the yield curve and FTSE S-REIT Index were to hold, we could see SREIT share prices rally in the near...
PhillipCapital Natalie Ong
Natalie Ong Pei Fong @ PhillipCapital 13 April 2022

Manulife US Real Estate Investment Trust: Highly anticipated entry into high-growth cities

Acquisition of three office assets – two in Phoenix, Arizona, one in Portland, Oregon. Cap rates range between 5.8-7.0%. Completion is expected in Dec 21. Highly anticipated entry into high-growth Sun Belt and magnet cities of Phoenix and Portland. H...
PhillipCapital Natalie Ong
Natalie Ong Pei Fong @ PhillipCapital 6 December 2021

Keppel DC REIT: Assuredly accretive acquisitions

+ 3Q21 DPU +4.5% YoY due to acquisitions and AEI. We estimate that these acquisitions could provide more than 6% DPU accretion for KDC. - Occupancy has remained at 63.1% since 2Q17. KDC is evaluating several on- and off-market deals with cap rates ra...
PhillipCapital Natalie Ong
Natalie Ong Pei Fong @ PhillipCapital 27 October 2021

CapitaLand Investment Ltd: Charting new growth

Stable and recurring revenues from fees income and real estate investments (Figure 1). Income generating assets held by CLI is also expected to deliver highly visible cashflows. This helps to better diversify and keep the portfolio future ready. Goin...
PhillipCapital Natalie Ong
Natalie Ong Pei Fong @ PhillipCapital 19 October 2021

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