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SG : Building Materials - Labour situation improving

Sector employment further improved in 2Q22 (+14% yoy), almost back to pre-Covid levels (end-Dec 19) as contractors accelerate project executions. We believe activities should remain supported medium-term by elevated order books, resumption of major.....
CGS-CIMB Khangchuen
Khangchuen Ong @ CGS-CIMB 21 September 2022

SG : Parkway Life REIT - More Japan acquisitions

Acquires two nursing homes in Greater Tokyo for S$29.4m. Transaction initiates new collaboration with Daiwa House, while establishing new relationship with Zen Wellness for tenant diversification in Japan. Maintain Hold rating with an unchanged TP....
CGS-CIMB Munyee
Munyee Lock @ CGS-CIMB 20 September 2022

SG : SEA Ltd - Every cent counts

Shopee scaled back its presence in Latin America; Brazil as a core market remains unaffected. Poland is currently Shopee’s last test market standing. Shopee entered the four Latam test markets back in 2021; we estimate they contribute LSD of Shopee....
CGS-CIMB Khangchuen
Khangchuen Ong @ CGS-CIMB 20 September 2022

SG : Property Devt & Invt - Slower new home sales in Aug

There was a mom decline in Aug home sales due to lack of new launches. Two new project launches in Sep should boost upcoming new sales. We stay sector Overweight due to inexpensive valuations. Our sector top picks: CIT, CLI and UOL.  
CGS-CIMB Munyee
Munyee Lock @ CGS-CIMB 15 September 2022

SG : Frasers Centrepoint Trust - Taking another bite of Waterway Point

FCT to acquire an additional 10% stake in WWP, bringing its stake to 50%. We estimate FY23F/24F DPU accretion of 0.2%/1.0% if the acquisition is fully debt funded, and 1.1%/1.9% if internally funded. Gearing could rise from 33.9% at end-Jun to 36.6%....
CGS-CIMB Munyee
Munyee Lock @ CGS-CIMB 15 September 2022

SG : Ascendas REIT - Acquiring cold storage logistics facility

AREIT plans to acquire a cold storage facility in Singapore for S$191.9m. The deal will increase AREIT’s exposure to the logistics sector while further diversifying its tenant base. Reiterate Add with a slightly higher DDM-based TP of S$3.21.  
CGS-CIMB Munyee
Munyee Lock @ CGS-CIMB 14 September 2022