In today’s briefing:
- Jardine Cycle & Carriage Is A Short
- CapitaLand Investment (CLI): A Leading Global RE Investment Manager with Asia Presence, BUY
- Plato Capital chairman Lim Kian Onn boosts his stake
- 10 Stocks that Bucked the Past 3 weeks of Marginal STI Declines
- REIT Watch – Earnings season kicks off as 27 S-REITs confirm schedule
Jardine Cycle & Carriage Is A Short
- Jardine Cycle & Carriage (JCNC SP)‘s current implied stub value is around its highest-ever level.
- The simple ratio of JCNC/Astra International (ASII IJ) is at its highest level outside the 2008 GFC.
- A weak Indonesian rupiah is likely a factor. Still, JCNC is trading rich to its NAV. A takeover from parent Jardine Matheson Holdings (JM SP) is idealistic.
CapitaLand Investment (CLI): A Leading Global RE Investment Manager with Asia Presence, BUY
- CapitaLand is a real estate investment manager with funds under management of c.S$100b and core markets being Singapore, China and India
- They reported solid FY2023 results earlier this year. Singapore and India are showing strong market outlook while China struggles.
- Valuation is attractive with >50% upside and we view there are multiple catalysts ahead
Plato Capital chairman Lim Kian Onn boosts his stake
- Plato Capital chairman Lim Kian Onn boosts his stake Digital Core Reit Management bought back 210,000 units of Digital Core Reit.
- On Apr 12, Plato Capital chairman and non-executive non-independent director Lim Kian Onn acquired 283,000 shares at an average price of S$2.21 per share.
10 Stocks that Bucked the Past 3 weeks of Marginal STI Declines
- Since the end of 1Q24, Jardine C&C has gained 10%.
- Jardine C&C also maintains a Refinitiv Consensus Estimates Target Price of S$27.08, an ROE of 16% and P/E of 6x.
- Like Jardine C&C, the past three weeks has seen Silverlake Axis partially reverse share price declines in 1Q24.
REIT Watch – Earnings season kicks off as 27 S-REITs confirm schedule
- Keppel Pacific Oak US REIT 17-Apr CapitaLand Integrated Commercial Trust 19-Apr 19-Apr Keppel Pacific Oak US REIT reported a 0.8 per cent year-on-year decline in net property income (NPI) in the first quarter ended Mar 31, 2024 to US$21 million, from US$21.2 million in Q1 2023.
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