August 20, 2021

Market talk for the week (16 Aug)

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What happened in markets this week, and what are analysts talking about?

Propnex

Phillip Capital; Downgrade to Accumulate. The House downgraded the stock to Accumulate with TP S$2.08. The House lift its FY21F PATMI estimates by 53% but believes the recent rally has priced in most of the positives. The downgrade follows UOBKH who also downgraded the company to HOLD with TP S$2.09 a week ago. Click here

Sasseur REIT

KGI; Downgrade to Neutral: The House downgraded the REIT to neutral even as it raise its TP to S$0.97 as they believe the year to date price appreciation has priced in the recovery from the COVID-19 lows. The House also turns more cautious of China’s economic growth in 2H with the regulatory-induced slowdown and spread of Delta Strain. 

Straits Trading

UOBKayhian; Non-rated  The House highlighted Straits Trading’s diverse investment portfolio that span across asset class and geographies with a good track record of recycling capital. Recent sale of its ARA stake will also see an increase in its NAV and underscore Straits Trading’s ability to recycle capital. The House notes that Straits Trading is trading at just 0.5x P/NAV post completion of its sale of ARA stake. 


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