Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><p>SREITs results in a glance (see detailed spreadsheet and calendar attached)</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/236/273/original/image_54776601321634694560432.png?1634694565" class="editor-image img-responsive" data-smartkarma-image-id="236273"></figure><ul><li><h3></h3><a href="https://www.smartkarma.com/entities/ascendas-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:39" rel="noopener">Ascendas Real Estate Investment Trust (AREIT SP)</a> 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)</li><li>3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)</li></ul>

SingaporeSREITs results in a glance (see detailed spreadsheet and calendar attached)Ascendas Real Estate Investment Trust (AREIT SP) 3Q21 Business Updates; Robust reversions while on virtuous cycle of inorganic growth (BUY; TP S$3.55/unit)3Q21 revenue, NPI and DPU were undisclosed. AREIT has completed the development of the Grab Headquarters, with a total development cost of S$184.6m. Divestment of two Australian logistics properties has also been completed at a price of S$104.5m (AUD101.6m)

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>GAMUDA's FY21 core profit of RM588.3mn exceeded expectations, accounting for 119.6% and 120.2% of our and consensus' full-year estimates, respectively. [...] In FY21, no dividend was declared, compared to 6.0sen/share in FY20. [...] The increased profit contribution from both the construction and property divisions was primarily responsible for the improved earnings performance. [...] Following the better-than-expected results, we raise our earnings forecasts for FY22 and FY23 by 1.6% and 4.8%, respectively, after increasing earnings contribution from the construction and property divisions. [...] RM3.14, based on CY22 earnings with unchanged target PE multiples of 20x, 8x and 12x for construction, property and concessions, respectively.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

GAMUDA's FY21 core profit of RM588.3mn exceeded expectations, accounting for 119.6% and 120.2% of our and consensus' full-year estimates, respectively. [...] In FY21, no dividend was declared, compared to 6.0sen/share in FY20. [...] The increased profit contribution from both the construction and property divisions was primarily responsible for the improved earnings performance. [...] Following the better-than-expected results, we raise our earnings forecasts for FY22 and FY23 by 1.6% and 4.8%, respectively, after increasing earnings contribution from the construction and property divisions. [...] RM3.14, based on CY22 earnings with unchanged target PE multiples of 20x, 8x and 12x for construction, property and concessions, respectively.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

Gamuda Berhad is an investment holding and civil engineering construction company. Through its subsidiaries, the Company provides earthwork construction, manufactures and supplies road surfacing materials, and operates quarry and road laying projects. Gamuda also has operation in hiring and rental of plant and machinery, develops properties, and manufactures and sells paper.

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Gamuda Bhd (GAM MK)

ASEAN Builder's Scoop (20Oct21)

AREIT robust reversions, on virtuous growth cycle; IWG opens 16th Co-working centre; Ann Siang House pivots to rental business; SWB revised FY21...

SCCM Asia Research

A Strong Recovery in 4QFY21

<p>GAMUDA's FY21 core profit of RM588.3mn exceeded expectations, accounting for 119.6% and 120.2% of our and consensus' full-year estimates,...

TA Securities Holdings Bhd

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