External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Manulife US REIT (MUST) / Equity Bottom-Up

Manulife US REIT is a Singapore listed REIT established with the investment strategy principally to invest, directly or indirectly, in a portfolio of income-producing office real estate in key markets in the United States, as well as real estate-related assets.

<ul><li>Manulife US REIT (SGX:BTOU) has endured a series of downsizing and non-renewals by key tenants.</li><li>We estimate that Manulife US REIT's portfolio occupancy could deteriorate by 9ppt to 79% by end-24 if vacant spaces are not backfilled.</li><li>We expect valuation of investment properties to decline 15%, or US$250m, and aggregate leverage to hit 51.5% at end-23.</li></ul>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.

Manulife US REIT (SGX:BTOU) has endured a series of downsizing and non-renewals by key tenants.We estimate that Manulife US REIT's portfolio occupancy could deteriorate by 9ppt to 79% by end-24 if vacant spaces are not backfilled.We expect valuation of investment properties to decline 15%, or US$250m, and aggregate leverage to hit 51.5% at end-23.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.

Manulife US REIT - All Bad But Negatives Largely Priced In

City Developments Limited is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. City Developments has a global presence.

<ul><li>Impact of latest property cooling measures manageable with most of its launches in the mid-tier and mass market segments.</li><li>The Myst remains on track for launch in 2H23.</li><li>Hospitality segment continues to benefit from travel recovery with RevPAR surging 65.4% y-o-y to S$131.2 in 1Q23, driven by increases in room rates and occupancy in Asia and Australia.</li></ul>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.

Impact of latest property cooling measures manageable with most of its launches in the mid-tier and mass market segments.The Myst remains on track for launch in 2H23.Hospitality segment continues to benefit from travel recovery with RevPAR surging 65.4% y-o-y to S$131.2 in 1Q23, driven by increases in room rates and occupancy in Asia and Australia.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.

City Developments - Hospitality Segment To Drive Growth

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

<ul>
<li>Top Glove's operational losses more than halved following raised ASPs and lower energy costs. But overall 3QFY23 earnings disappointed as volume sales declined sharply.</li>
<li>From an oversold position coinciding with the industry bottoming out, Top Glove’s valuations have recovered off a sterling performance.</li>
<li>Top Glove (SGX:BVA) reported a 3QFY23 (Mar to May 2023) core net loss of RM107.8m (-34.5% q-o-q, -805.3% y-o-y). Losses narrowed from -RM164.7m on a q-o-q basis.</li>
</ul>
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.


Top Glove's operational losses more than halved following raised ASPs and lower energy costs. But overall 3QFY23 earnings disappointed as volume sales declined sharply.
From an oversold position coinciding with the industry bottoming out, Top Glove’s valuations have recovered off a sterling performance.
Top Glove (SGX:BVA) reported a 3QFY23 (Mar to May 2023) core net loss of RM107.8m (-34.5% q-o-q, -805.3% y-o-y). Losses narrowed from -RM164.7m on a q-o-q basis.

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.

Top Glove - 3QFY23 Losses Narrow But Disappoint Expectations

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

<ul><li>Downgrade AEM (SGX:AWX) to SELL with an unchanged target price of S$2.87.</li><li>AEM’s one-month share price rally of about 30% was largely driven by the increased interest in AI-related stocks from positive developments in the space since May 23.</li><li>AEM's share price has rallied along with many semiconductor-related stocks since the strong sales forecast by US-listed Nvidia in late-May 23, which has driven positive development in the AI-related space.</li></ul>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.

Downgrade AEM (SGX:AWX) to SELL with an unchanged target price of S$2.87.AEM’s one-month share price rally of about 30% was largely driven by the increased interest in AI-related stocks from positive developments in the space since May 23.AEM's share price has rallied along with many semiconductor-related stocks since the strong sales forecast by US-listed Nvidia in late-May 23, which has driven positive development in the AI-related space.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.

AEM - Cautious On Rally From AI Hype; Earnings Could Miss On Overoptimistic Estimates

Uni-Asia Group Limited operates as an alternative investment company. The Company offers structured finance, ship charter arrangement, shipping and maritime asset management, real estate investment, and other related services. Uni-Asia Group serves customers in Asia.

<ul><li>The average charter rate in 1Q23 for Uni-Asia Group (SGX:CHJ) was US$12,423/day, a 33% y-o-y decline and below our US$14,500/day estimate for FY23e.</li><li>From April, the Baltic Handysize continued to weaken into June, a decline of around 30%.</li><li>New orders for Handysize vessels continue to be weak with industry supply expected to shrink 2.7% in 2023.</li></ul>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.

The average charter rate in 1Q23 for Uni-Asia Group (SGX:CHJ) was US$12,423/day, a 33% y-o-y decline and below our US$14,500/day estimate for FY23e.From April, the Baltic Handysize continued to weaken into June, a decline of around 30%.New orders for Handysize vessels continue to be weak with industry supply expected to shrink 2.7% in 2023.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.

Uni-Asia Group - Waiting For Supply To Bite