CIMB in a July 27 research report says: "2Q11 DPU of 2.09cts is slightly below our expectation though in line with consensus, at 21% of our FY2011 estimate and 25% of consensus's. 1H11 DPU of 4.0 cents forms 43.1% of our estimate.
"We sense an emphasis on prudence during the analysts' briefing and have deferred part of our acquisition assumptions for FY2011 to FY2012. Accordingly, we lower our FY2011-2013 DPU estimates by 3-18%. Our DDM-based target price of S$1.32 (discount rate 8.4%) also falls to $1.24.
"Nevertheless, we continue to see attractive valuations (P/B 1.09x, 8.3% yield) as compared to peers (P/B average 1.09, 7.1% yield). We continue to see catalysts from accretive acquisitions. MAINTAIN OUTPERFORM."
"We sense an emphasis on prudence during the analysts' briefing and have deferred part of our acquisition assumptions for FY2011 to FY2012. Accordingly, we lower our FY2011-2013 DPU estimates by 3-18%. Our DDM-based target price of S$1.32 (discount rate 8.4%) also falls to $1.24.
"Nevertheless, we continue to see attractive valuations (P/B 1.09x, 8.3% yield) as compared to peers (P/B average 1.09, 7.1% yield). We continue to see catalysts from accretive acquisitions. MAINTAIN OUTPERFORM."
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