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Phillip Securities Research Morning Call - StocksBNB
Phillip Securities Research Morning Call
                                                                                                         1st February 2021

                                                            Stock Counter Updates                                                                                     Macro/Sector Outlook

                                                                                                                                                        Singapore Weekly
                                                 Phillip on the ground- Keppel REIT & Suntec
                                                                                                                                                        Phillip Absolute 10
                                                    REIT
                                                 Keppel Corporation
                                                 Keppel DC REIT
                                                 Ascott Residence Trust

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Phillip Securities Research Morning Call - StocksBNB
Disclaimer
 The information contained in this presentation has been obtained from public sources which Phillip Securities Pte Ltd (“PSPL”) has no reason to believe are unreliable and any analysis,
 forecasts, projections, expectations and opinions (collectively the “Research”) contained in this presentation are based on such information and are expressions of belief only. PSPL has not
 verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such.

 Any such information or Research contained in this presentation is subject to change, and PSPL shall not have any responsibility to maintain the information or Research made available or
 to supply any corrections, updates or releases in connection therewith. In no event will PSPL be liable for any special, indirect, incidental or consequential damages which may be incurred
 from the use of the information or Research made available, even if it has been advised of the possibility of such damages.

 This presentation is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person.

 You should seek advice from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular
 needs, before making a commitment to invest in such products.

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Phillip Securities Research Morning Call - StocksBNB
Keppel Corporation
                                                                                                      O&M unit restructured

                                                                                                                     Terence Chua
                                                                                                            Senior Research Analyst
                                                                                                   Phillip Securities Research Pte Ltd
                                                                                                                  1st February 2021

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Phillip Securities Research Morning Call - StocksBNB
Keppel Corporation (BUY - Maintained), TP: S$6.12, Last: S$5.01
                                                                                                                                         FY20 results summary
                                                                                                                                         • Group revenue declined by 13% y-y, coming ahead of
                                                                                                                                            our estimates of S$6.1bn by S$435mn helped by better
                                                                                                                                            than expected results from Urban Development

                                                                                                                                         • Net loss was S$506mn (S$16mn ahead of our
                                                                                                                                           expectations) vs. net profit of S$707mn last year. All key
                                                                                                                                           business units profitable, except for O&M
  Source: PSR, Company

                                                                                                                                         • Excluding impairments in both years, FY20 net profit was
                                                                                                                                           S$446mn vs. S$828mn in FY2019.

                                                                                                                                         • Net gearing was 0.91x as at end-Dec 2020 vs. 0.96x as at
                                                                                                                                           end-Sept 2020. Had the Keppel Tower transaction been
                                                                                                                                           completed in December 2019, net gearing would be
                                                                                                                                           0.81x.
   Source: PSR, Company

                                                                                                                                         • Proposed final dividend of 7.0 cents per share.

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Phillip Securities Research Morning Call - StocksBNB
Restructuring of Keppel O&M unit
                                                                                                                                                                           Restructuring of Keppel O&M
                                                                                                                                                                           • Keppel O&M to be restructured into
                                                                                                                                                                              three units.

                                                                                                                                                                           • Transient entities created to hold legacy
                                                                                                                                                                             completed and uncompleted rig assets
                                                                                                                                                                             valued at S$2.9bn. Capital expenditure
                                                                                                                                                                             requirements capped at S$500mn going
                                                                                                                                                                             forward.

                                                                                                                                                                           • Op co will focus on higher value-adding
                                                                                                                                                                             floating infrastructure projects like FPSO
  Source: Company
                                                                                                                                                                             and FSRUs.

                                                                                                                                                                           • Inorganic options still on the table.
                                                                                                                                                                             Catalyst will come from spin-off or
                                                                                                                                                                             monetisation of asset.

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Phillip Securities Research Morning Call - StocksBNB
Strategic Review: Logistics Business to be divested

      • Keppel T&T has completed the strategic review and is
        currently engaging potential buyers through a
        competitive bidding process.

      • Good interest with many potential buyers signing NDAs;
        first bids expected in Feb 2021.

      • Options on the table include (1) Full divestment or (2)
        Retain a minority stake.

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Maintained BUY
    1. Our TP is based on sum-of-the-parts valuation with a 10% holding-company discount. We value O&M at 0.6x
       book value (discount to peers), Property segment at 40% discount to RNAV, Infrastructure at 12x FY21e
       earnings, M1 at 12x FY21e earnings and Sino-Singapore Tianjin Eco-city at 1.5x book value.

    2. Book value of Keppel for FY20e and FY21e is S$10.7bn and S$11.2bn, or S$5.90 and S$6.14. TP translates to
       1.0x FY21e book value.

    3. Initiate with BUY and TP of S$6.12.

                                                                                                                                                            Source: PSR

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Keppel DC REIT
                                                                                           Riding technology growth

                                                                                                                        Natalie Ong
                                                                                                                    Research Analyst
                                                                                                       Phillip Securities Research Pte Ltd
                                                                                                                    1st February 2021

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Keppel DC REIT
  ACCCUMULATE (Upgraded), TP: S$3.20 (prev. S$2.91), Last: S$2.95
  Results at a glance                                                                                                                  - The Negative
  (SGD mn)                      FY20 FY19            YoY Comments
  Gross revenue         265.6 194.8 36.3% Mainly due to contribution from KDC SGP 4                                                     Natural decay of leases reduced WALE to 6.8 years (FY19:
                                          (acquired 31 Oct 19), DC1 (acquired 21 Nov 2019)
                                                                                                                                         8.6 years)
                                          and Kelsterbach acquired 1 May 2020), and higher
                                          occupancy at KDC1, KDC2, KDC5 and Dub1.
  Net property income 244.2 177.3 37.7%
                                                                                                                                       Outlook
  Distributable income 156.9 113.2 38.6%                                                                                                Evaluating potential acquisitions with cap rates of 5-7%
  DPU (cents)            9.17 7.61 20.5%
                                                                                                                                        Demand-supply gap to push up market rents
  Source: Company , PSR
                                                                                                                                        Many of its leases have built-in periodic rental escalations
   + The Positives                                                                                                                       averaging 2-4% p.a.
    FY20 NPI and DPU grew 37.7% and 20.5% YoY
     respectively on the back of acquisitions and higher                                                                               Upgrade to ACCUMULATE, TP raised from S$2.91 to S$3.20
     portfolio occupancy
                                                                                                                                        TP has been raised to reflect higher occupancy and asset
    Portfolio occupancy improved QoQ from 96.7% to 97.8%                                                                                productivity following AEI
     (FY19: 94.9%)
                                                                                                                                        We assume S$500mn of acquisitions in our forecasts (NPI
    Acquired Amsterdam DC on 24 Dec 2020 for S$48.1mn;                                                                                  yield 6% and LTV 30%)
     initial NPI yield of 5.1%

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Keppel DC REIT
   ACCCUMULATE (Upgraded), TP: S$3.20 (prev. S$2.91), Last: S$2.95
                                                                                                                                            Scenario analysis: with and without acquisitions
                                                                                                                                             DPU (cents)                               FY19   FY21e   FY22e   FY23e
                                                                                                                                             With Acquisition                                 9.85    11.31   11.67
                                                                                                                                                                                       9.17
                                                                                                                                             No Acquisition                                   10.41   10.74   11.09
                                                                                                                                             Difference (with acq. vs. no acq.)               -5.4%   5.3%    5.2%

                                                                                                                                             DPU Growth
                                                                                                                                             With Acquisition                                 7.4%    14.9%   3.2%
                                                                                                                                                                                      25.3%
                                                                                                                                             No Acquisition                                   13.5%   3.2%    3.3%
                                                                                                                                             Source: PSR

      We forecast DPU yields of 3.3%/3.8% for
      FY20e/21e, which should deliver a
      forward yield spread of 220bps

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Ascott Residence Trust
                                                                                           Riding technology growth

                                                                                                                        Natalie Ong
                                                                                                                    Research Analyst
                                                                                                       Phillip Securities Research Pte Ltd
                                                                                                                    1st February 2021

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Ascott Residence Trust
  ACCCUMULATE (Downgraded), TP: S$1.15 (unchanged), Last: S$1.05
  Results at a glance
                                                                                                                                                                + The Positives
  (SGD mn)        2H20 2H19 YoY FY20 FY19 YoY Comments
                                                                                                                                                                 Divesting at above book value despite COVID-
  Gross revenue 161.4 266.5 -39.5% 369.9 515.0 -28.2% Lower revenue due to COVID-19 and leases                                                                    19
                                                      renewed on variable terms, decreased
                                                                                                                                                                           Divested Somerset Azabu East Tokyo for
                                                      contributions from divestment of Somerset                                                                             c.S$76, 63% above book valuation
                                                      West Lake Hanoi (Oct 19) and Somerset Liang                                                                          Divested Ascott Guangzhou for c.S$159mn,
                                                      Court (July 20), partially offset by acquisition                                                                      52% above book
                                                      of AHTRUST portfolio (Jan 20), Quest                                                                                 Divested Citadines Didot Montparnasse Paris
                                                      Macquarie Park Sydney (Feb 20) and Citadines                                                                          for c.S$36mn, 69% above book
                                                      Connect Sydney Airport (May 19).
  Gross Profit 61.0 130.3 -53.2% 149.6 252.6 -40.8%
                                                                                                                                                                 Balance sheet remains robust;                 cost   of
  Distributable 68.5 101.1 -32.3% 109.8 185.3 -40.8% Includes S$45mn in divestment gains (FY19:                                                                   borrowing fell from 2.3% to 1.8%
  Income                                             S$17.5mn)
                                                                                                                                                                           S$487mn cash on-hand, able to cover c.3 years
  DPS (cents)    1.99 4.18 -52.4% 3.03 7.61 -60.2% Distribution from divestment gains                                                                                       of operational cost
                                                     contributed 47.8% of DPU. (FY19: 27.6%)                                                                               S$200mn in divestments proceeds to be
  Source: Company, PSR                                                                                                                                                      deployed

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Ascott Residence Trust
  ACCCUMULATE (Downgraded), TP: S$1.15 (unchanged), Last: S$1.05
  - The Negatives                                                                                                                     What’s New?
   2H/FY20 RevPAU down 69%/61% YoY                                                                                                   Proposed    acquisition    of    Purpose-built         Student
              RevPAU 7 of ART’s key market was down between 56% to                                                                   Accommodation (PBSA) in Atlanta, USA.
               86% in 2H20

   Portfolio valuation fell 7% YoY                                                                                                    Located within 5-10 minutes’ walk from Georgia Institute of
                                                                                                                                        Technology (Georgia Tech) in Atlanta, USA
   S$18mn in rental rebates were offered to tenants
                                                                                                                                       183 unit/525 bed PBSA is S$130mn, EBITDA yield of c.5%
              ART also benefitted from S$17.3mn in wage subsidies
                                                                                                                                       4.4% DPU accretion on a proforma basis
                                                                                                                                       Domestic student account for 95% of the US student
   Outlook                                                                                                                             population, with 80% of students living in student
                                                                                                                                        accommodation assets
   Boost from rollout of the vaccine and domestic tourism
    campaigns                                                                                                                          High occupancy and relatively long average length of stay
                                                                                                                                        (c.1 year) will help to increase the income stability
   Full recovery expected in 2023/24

  Downgrade to ACCUMULATE , unchanged TP of S$1.15
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Keppel REIT
                                                                                                  Phillip on the Ground

                                                                                                                         Tan Jie Hui
                                                                                                                    Research Analyst
                                                                                                       Phillip Securities Research Pte Ltd
                                                                                                                    1st February 2021

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KREIT’s portfolio comprises interest in 10 office assets in
  Keppel REIT                                                                                                                                      Singapore (4), key Australian cities (5), as well as South
  Non-Rated, Last: S$1.22                                                                                                                          Korea (1).
  Results at a glance
    (S$’mn)                 2H20              2H19                YoY            FY20 FY19 YoY
   Revenue                    94.7              84.1            12.6%            170.2            164.1           3.7%
   NPI                        76.5              66.5            15.0%            135.5            128.9           5.1%
   DI                         99.8              94.6             5.5%            194.6            189.3           2.8%
   DPU (c)                    2.93               2.8             4.6%             5.73             5.58           2.7%
   Rental collection at 98%, deferrals: S$1.9mn (1.1%),
    tenant relief measures out of pocket: S$4.7mn (2.8%)
   Occupancy: 97.9%; WALE by NLA: 6.7 years (SG: 2.9, AU:
    12.8, SK: 2.0)
   Leasing activity: Renewal & rent review: 76%, new: 24%.                                                                       Limited supply in the market, possible resurgence of net demand in
    Bulk of new leases come from FIs (36.5%), real estate                                                                          FY21. Single digit positive rent reversion expected.
    (34.2%) and tech, media and telecoms (13.5%)                                                                                      Market rent in FY20: S$11.02 psfpm
   Main bulk of 2021 lease expiries (12.2% of portfolio NLA)                                                                         Expiring rents in FY21: S$9.76 psfpm
    come from UBS space in ORQ                                                                                                    Growth plans: Keppel Bay Tower to be completed in 2Q21
       60% backfilled, negotiating 30%                                                                                               Seeking to acquire more over the next 12-18 months in
                                                                                                                                        overseas markets like Korea and Australia
   Valuation: SG portfolio (-1.5%), AU (-2.3%), SK (+0.5%)
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Suntec REIT
                                                                                                  Phillip on the Ground

                                                                                                                         Tan Jie Hui
                                                                                                                    Research Analyst
                                                                                                       Phillip Securities Research Pte Ltd
                                                                                                                    1st February 2021

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Suntec REIT                                                                                                                                     Suntec’s portfolio comprises interest in Suntec, ORQ,
  Non-Rated, Last: S$1.60                                                                                                                         the MBFC properties and 9 Penang Road in SG, as well
  Results at a glance                                                                                                                             as 5 properties in AU and 1 in the UK.
    (S$’mn)                  2H20               2H19                YoY             FY20             FY19               YoY
   Revenue                    165.9              188.7            -12.1%             315.4            366.7 -14.0%                            Pressure on office rents expected due to WFH
   NPI                         109               121.6            -10.4%             199.9            236.2 -15.4%                             arrangements, slightly mitigated by tight supply and
                                                                                                                                               demand
   DI                         106.1              119.2            -11.0%             209.2            236.7 -11.6%
   DPU (c)                    4.109              4.712            -12.8%             7.402            9.507 -22.1%                            Leasing demand to be subdued in Australia, but this is
                                                                                                                                               supported by strong occupancy, long WALE and minimal
   SG Office occupancy: 96.7%; WALE by NLA: 2.97 years,                                                                                       upcoming expiries
    FY21 expiry: 26.6%. Valuation: .-1%
        Leasing activity: 70% renewals, 30% new leases. New                                                                                  Retail will be supported by domestic consumption in 2021,
           tenants from tech, media and telecom (34%), FIs                                                                                     rent reversion to remain weak due to cautious sentiments
           (28%) and real estate (20%).                                                                                                        of retailers.
   Australia and UK occupancy: 94%, 100%. WALE by NLA: 6.8
    years, FY21 expiry: 9.9%, valuation +0.7%                                                                                                 Suntec convention to see slow recovery as international
   SG mall occupancy: 90.1%, WALE by NLA: 2.49 years, FY21                                                                                    travel continues to be weak, and Safe Management
    expiry: 31.7%, valuation: -3%                                                                                                              Measures for events to remain

   Suntec Convention valuation: -15.9%

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Week 5 - Phillip Singapore Weekly

                                                                                                                        Paul Chew
                                                                                                                 Head Of Research
                                                                                                   Phillip Securities Research Pte Ltd
                                                                                                                   1 February 2021

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Week 5 – Tactical Views

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Pandemic continues to bend to November levels

                                            COVID-19 New Daily Cases (7DMA)                                                                                                                  • AstraZeneca
        400,000                                                                                                                                                             800,000            vaccine EU
                                                                                                                                                                                               approval

        300,000                                                                                                                                                             600,000          • 1 dose J&J
                                                                                                                                                                                               vaccine 66%
                                                                                                                                                                                               effective + 1bn
        200,000                                                                                                                                                             400,000            production 2021

        100,000                                                                                                                                                             200,000

                     Mar-20            May-20             Jun-20             Jul-20           Sep-20            Oct-20            Nov-20             Dec-20

                                                    Europe                              United States                                  World (RHS)
                                                                                                                                                                                                    Source: CEIC, PSR, WHO

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Japan bending infection curve

                           COVID-19 New daily cases: JP, KR, MY (7DMA)
                                                                                                                                                                                             • Cases in Malaysia
       7,000
                                                                                                                                                                                               surging to 5000+
       6,000

       5,000

       4,000

       3,000

       2,000

       1,000

              0
              Feb-20                      Apr-20                       Jun-20                      Aug-20                       Oct-20                      Dec-20
                                                                         Japan                        S Korea                          Malaysia

                                                                                                                                                                                                       Source: CEIC, PSR, WHO

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Lumpy infections
                                                                   SG: Daily new community cases                                                                                             • 3 unlinked cases
      120

                                                                         Phase 2: 19 Jun

                                                                                                                                                                Phase 3: 28 Dec
                                                                          Phase 1: 2 Jun
                                          Circuit Breaker: 7 Apr
                                                                                                                                                                                             • 113k vaccinated
      100
                                                                                                                                                                                             • Vaccinated by
         80                                                                                                                                                                                    3Q/4Q21

         60                                                                                                                                                                                  • Uncertainty over the
                                                                                                                                                                                               duration of
                      56
         40                                                                                                                                                                                    protection and
                                                                              7                                                                                                                vaccinated can
                                                                    5                                                                                                                          transmit
         20

                                                                                                                                                                                             • Urbanization will
           0
            Jan-20                    Mar-20                            May-20                 Jul-20                     Sep-20                     Nov-20                       Jan-21       continue
                                                      1 week before                        Daily Cases                          7 Day Moving Average
                                                                                                                                                                                                           Source: PSR, MOH, 30Jan21

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Spike in electronics
                                         SG: Industrial production (3MMA YoY)                                                                                                                • 4Q20 +11.4% YoY
                                                                                                                                                                                               (3Q20: +11.7%)

        50%
                                                                                                                                                                                             • Electronics:
                                                                                                                                                                                               4Q20 +24.8% YoY
                                                                                                                                                                                               (3Q20: +25.4%)

          0%                                                                                                                                                                                 • Momentum sustained
                                                                                                                                                                                               even without pent-up
                                                                                                                                                                                               spike in 3Q20

      -50%
                 2008                    2010                    2012                     2014                    2016                    2018                    2020
                                                                               IPI                      Electronics

                                                                                                                                                                                                             Source: PSR, EDB

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Liquid conditions in Singapore
                                                                           SGD Deposit                                                                                                       • Cash hoarding
    800,000                                                                                                                                                               30%                  similar to GFC

    700,000                                                                                                                                                               25%

                                                                                                                                                                          20%
    600,000
                                                                                                                                                                          15%
    500,000
                                                                                                                                                                          10%
    400,000
                                                                                                                                                                          5%

    300,000                                                                                                                                                               0%

    200,000                                                                                                                                                               -5%
                   2006               2008               2010               2012               2014               2016               2018               2020
                                                          SGD Deposits (S$mn - LHS)                                                 YoY
                                                                                                                                                                                                            Source: PSR, CEIC, MAS

Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
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Employment is healing
                                    SG: Quarterly Employment Change (000s)                                                                                                                   • 4Q20: manufacturing
           60                                                                                                                                                                                  and construction
           40
                                                                                                                                                                                               declined 26.8k;
                                                                                                                                                                                               services +13.4k
           20
                                                                                                                                                                              -13.5
             0

         -20
                                                                                                                                                       -25.5
         -40                                                                                                                                                             -34.3
         -60

         -80

       -100
                                                                                                                                                         -113.4
       -120
          Dec-12                            Jun-14                       Dec-15                       Jun-17                       Dec-18                        Jun-20

                                                                                                                                                                                                           Source: PSR, CEIC, MoM

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Thai Beverage – Beer IPO, but much lower valuations
Company                  1 Mth       3 Mth       YTD Share Px Mkt. Cap.                              PE                      P/BV Dividend ROE                    EV/  EBITDA
                         Perf.       Perf.       Perf. Local Crcy (US$ m)                 Yr 0      Yr + 1      Yr + 2        Yr 0  Yield  Yr 0                 EBITDA Margin
                                                                                                                                                                                             • Media: US$10bn
Global Beer
AB Inbev                  -8.8%      16.7%      -8.8%        51.98        127,338         13.9       33.5        19.9          1.7        3.8%        1.9%        13.2        39.7%            valuation + raise
Heineken                  -5.8%      12.8%      -5.8%        85.94         60,055         22.9       40.3        24.9          3.6        2.0%        6.5%        16.8        23.3%            US$2bn
Budweiser                  1.8%      14.3%       1.8%        26.05         44,495         49.5       72.8        41.5         35.1        0.1%        9.0%        27.6        31.1%
China Resources           -4.1%      42.6%      -4.1%        68.50         28,662        140.4       73.4        50.0         10.3        0.2%        7.2%        33.7        11.7%
Carlsberg                 -7.7%      11.3%      -7.7%       900.20         21,756         20.3       23.1        20.9          3.4        2.3%       15.3%        11.9        23.1%          • PATMI only US$28mn
Asahi                     -0.8%      30.7%      -0.8%        4212          20,396         15.0       23.3        14.9          1.5        2.4%        8.7%        15.5        15.1%
Kirin                     -7.7%      19.5%      -7.7%        2246          19,607         34.4       23.1        16.9          2.3        2.8%       12.3%        13.8        12.0%
Sabeco                   -17.1%     -12.3%     -17.1%       161700          4,499         22.0       19.2        16.4          5.2        2.2%       24.4%        12.8        19.8%          • Interest expense
                          -5.6%      18.5%      -5.6%                     302,702         19.7       37.3        23.5          7.9        2.4%        5.8%        18.0        29.7%
                                                                                                                                                                                               burden of Bt5.2bn (or
                               30-Sep                    FY18          FY19           FY20
   PATMI                       Bt mn                    1,291          954            825
                                                                                                                                                                                               US$174mn)
                               US$ mn                    43.0          31.8           27.5
   Market Cap - 30x PE         US$ mn                    1291           954            825
   PAT
   Interest expense
                               Bt mn
                               Bt mn
                                                                      3,519
                                                                      5,143
                                                                                     3,281
                                                                                     5,242
                                                                                                                                                                                             • Debt of Bt152bn (or
   EBITDA                      Bt mn                                  12,826         12,462                                                                                                    US$5bn)
   Atrributable - EBITDA (est) Btmn                                    3477           3134
   Debt                        Bt mn                                  152,111        152,388

                                                                                                                                                                                             • Unless low debt spin-
   Enterprise value                                                   180,731        177,138
   EV/EBITDA (est)             x                                       52.0           56.5

   PATMI -exclude interest                Bt mn                         5068          5019                                                                                                     off
                                          US$ mn                        169           167
   Market Cap - 30x PE                    US$ mn                        5068          5019
   EV/EBITDA (est)                        x                             43.7          48.0
                                                                                                                                                                                                             Source: PSR, CEIC, MoM

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PHILLIP ABSOLUTE 10 – Jan21 Performance
                                                                                                                                                                                      Phillip Singapore Sectors             1 Mth     3 Mth     YTD
                                                                                                                                                                                      (97 companies)                        Perf.      Perf.    Perf.
        Cyclicals surged on vaccine news, yield underperformed                                                                                                                        Commodities - Plant./Others             13.0%   29.5%    13.0%
                                                                                                                                                                                      Conglomerate/Utilities                   3.1%   24.0%     3.1%
 Company                            1M            3M          YTD         Rating Target Px (S$) Share Px (S$)                 Upside       Mkt Cap (US$m) Dvd. Yield
                                                                                                                                                                                      Consumer - F&B/Gaming/Media              6.9%   31.0%     6.9%
 Yield                                                                                                                                                                                Finance                                  2.3%   22.6%     2.3%
 As cott REIT                      -2.8%        26.5%        -2.8%          Buy            1.15              1.050              10%               2,455                  3.7%         Healthcare                              -1.8%    0.8%    -1.8%
 As ian PayTV                      -4.2%        -3.4%        -4.2%          Buy            0.15              0.114              32%                155                   8.8%         Industrial - Electronics/Others          1.2%   12.3%     1.2%
 Manulife US REIT                  -1.3%         2.8%        -1.3%          Buy            0.92              0.735              25%               1,163                  8.7%         Property/Construction                    0.8%   20.3%     0.8%
                                                                                                                                                                                      REIT - Hospitality                      -3.4%   22.4%    -3.4%
                                                                                                                                                                                      REIT - Industrial                        1.7%    4.7%     1.7%
 Dividend / Earnings Growth                                                                                                                                                           REIT - Office                            6.8%   20.8%     6.8%
 Fras ers Centrepoint Tr. 5.3%                  22.7%         5.3%          Buy            2.79               2.59              8%                3,310                  5.4%         REIT/Trust - Retail                     -0.2%   20.3%    -0.2%
 PropNex                   0.6%                 24.6%         0.6%          Buy            0.85               0.79              8%                 219                   5.1%         REIT - Others/Foreign/Biz Trust          3.3%   14.0%     3.3%
 Thai Beverage            12.2%                 42.2%        12.2%          Buy            0.86               0.83              4%                15,589                 3.2%         Shipping - Yards/Vessel owners           2.8%   12.7%     2.8%
                                                                                                                                                                                      Telecommunications                       1.7%   14.5%     1.7%
 Re-rating Plays                                                                                                                                                                      Transportation                          -4.0%   21.7%    -4.0%
                                                                                                                                                                                                                               2.8%   20.6%     2.8%
 CapitaLand                        -2.1%        24.9%        -2.1%          Buy           3.82                3.21              19%               12,541                 3.7%
                                                                                                                                                                                      Straits Times Index                      2.1%   19.7%     2.1%
 ComfortDelgro                     -5.4%        17.0%        -5.4%          Buy           1.83                1.58              16%               2,576                  3.9%
 Keppel Corp.                      -6.9%        14.1%        -6.9%          Buy           6.12                5.01              22%               6,851                  1.7%                   Absolute     STI
                                                                                                                                                                                                   10                   •   Wilmar +13%
 Yoma                              -5.2%        7.8%         -5.2%          Buy           0.46                0.28              67%                463                   0.0%         Jan21      -0.8%      2.1%        •   Golden Agri +13%
         Average                  -0.77%        17.0%        -0.8%                                                              22%               42,865                 4.5%         Feb21                             •   First Resources +21%
                                                                                                                                                                                      Mar21                             •   Riverstone +35^
                                                                                                                                                                                      Apr21                             •   UG Healthcare +24%
                                                                                                                                                                                      May21
   Source: PSR, Bloomberg
                                                                                                                                                                                      Jun21
                                                                                                                                                                                                                        •   UMS +20%
                                                                                                                                                                                      Jul21                             •   Micro-Mechanics +35%
                                                                                                                                                                                      Aug21                             •   Keppel REIT +9%
                                                                                                                                                                                      Sep21                             •   Suntec REIT +7%
                                                                                                                                                                                      Oct21
                                                                                                                                                                                      Nov21
Note# As at end January 2021, performance is for illustration purposes only. It excludes the cost of monthly rebalancing, transaction                                                 Dec21
fees and dividend income.                                                                                                                                                             YTD      -0.8%         2.1%
                                                                                                                                                                                      Out/(Under)perf.      -2.8%

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  Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation.
  Phillip Securities accepts no liability whatsoever with respect to the use of this document or its contents.
SG: Corporate Results Week 5 (1Feb – 7Feb21)
                           Name                                                                              Ticker                          Date                         Time               Period
                           Elite Commercial REIT                                                             ELITE SP                      1-Feb-21                                           Y 20
                           Ascendas Real Estate Investmen                                                    AREIT SP                      2-Feb-21                     Aft-mkt               Y 20
                           China Aviation Oil Singapore C                                                    CAO SP                        2-Feb-21                                           Y 20
                           Frasers Logistics & Commercial                                                    FLT SP                        3-Feb-21                     Aft-mkt              Q1 21
                           Lian Beng Group Ltd                                                               LBG SP                        3-Feb-21                                          Q2 21
                           Fraser and Neave Ltd                                                              FNN SP                        4-Feb-21                     Aft-mkt              Q1 21
                           Singapore Airlines Ltd                                                            SIA SP                        4-Feb-21                     Aft-mkt              Q3 21
                           UG Healthcare                                                                     UGHC SP                       4-Feb-21                     Aft-mkt              Q2 21
                           First Resources Ltd                                                               FR SP                         4-Feb-21                                           Y 20
                           iFAST Corp Ltd                                                                    IFAST SP                      5-Feb-21                     Aft-mkt               Y 20
                           Singapore Post Ltd                                                                SPOST SP                      5-Feb-21                                          Q3 21
                           First Ship Lease Trust                                                            FSLT SP                       5-Feb-21                    Bef-mkt                Y 20
                           Creative Technology Ltd/Singap                                                    CREAF SP                      5-Feb-21                                          Q2 21

                                                                                                                                                                                                      Source: PSR, Bloomberg,

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SG: Corporate Results Week 6 (8Feb – 14Feb21)
                             Name                                                                             Ticker      Date                                             Time              Period
                             Manulife US Real Estate Invest                                                   MUST SP   8-Feb-21                                         Bef-mkt              Y 20
                             Vicom Ltd                                                                        VCM SP    8-Feb-21                                                              Y 20
                             Genting Singapore Ltd                                                            GENS SP   9-Feb-21                                         Aft-mkt              Y 20
                             SBS Transit Ltd                                                                  SBUS SP   9-Feb-21                                         Aft-mkt              Y 20
                             SATS Ltd                                                                         SATS SP  10-Feb-21                                         Aft-mkt             Q3 21
                             Asian Pay Television Trust                                                       APTT SP  10-Feb-21                                                              Y 20
                             Oxley Holdings Ltd                                                               OHL SP   10-Feb-21                                                             Q2 21
                             Lendlease Global Commercial RE                                                   LREIT SP 10-Feb-21                                         Bef-mkt             S1 21
                             DBS Group Holdings Ltd                                                           DBS SP   10-Feb-21                                         Bef-mkt              Y 20
                             First Sponsor Group Ltd                                                          FSG SP   11-Feb-21                                                              Y 20
                             iX Biopharma Ltd                                                                 IXBIO SP 11-Feb-21                                                             Q2 21
                             Silverlake Axis Ltd                                                              SILV SP  11-Feb-21                                                             Q2 21
                             IREIT Global                                                                     IREIT SP 11-Feb-21                                                              Y 20
                             Sunmoon Food Co Ltd                                                              SMOON SP 11-Feb-21                                                             Q3 21
                             Far East Hospitality Trust                                                       FEHT SP  11-Feb-21                                         Bef-mkt              Y 20
                             mm2 Asia Ltd                                                                     MM2 SP   15-Nov-20                                          Q2 21

                                                                                                                                                                                                      Source: PSR, Bloomberg,

Phillip Securities Research Pte Ltd (A member of PhillipCapital) Co. Reg. No. 198803136N © PhillipCapital 2021. All Rights Reserved. For internal circulation only.
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ANALYST                          COVERAGE               EMAIL
                                                                                                                                     Paul Chew                        Head of Research       paulchewkl@phillip.com.sg
                                                                                                                                     Terence Chua                     Consumer               terencechuatl@phillip.com.sg
                                                                                                                                     Natalie Ong                      REITs |Property        natalieongpf@phillip.com.sg
                                                                                                                                     Tay Wee Kuang                    Banking | Healthcare   taywk@phillip.com.sg
                                                                                                                                     Tan Jie Hui                      Small-Mid Cap          tanjh@phillip.com.sg
                                                                                                                                     Vivian Ye                        Small-Mid Cap          yeqw@phillip.com.sg
                                                                                                                                     Chua Wei Ren                     Technical              chuawr@phillip.com.sg
                                                                                                                                     Timothy Ang                      Credit (Bonds)         timothyang@phillip.com.sg
                                                                                                                                     Siti Nursyazwina Research Admin                         syazwina@phillip.com.sg

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