Global Market Movements:
(Source: Bloomberg, SAC Capital)
STI Movements
(Source: SGX, SAC Capital)
Global News Highlights:
- China’s Waning Economic Recovery Spurs Calls for Stimulus (BBG)
- The Struggle With China for Global Influence Is About to Heat Up (BBG)
- Japan Stocks Add to Gains After GDP Beats Forecast (BBG)
- China’s Home-Price Growth Slows as Housing Rebound Fizzles (BBG)
- Australian Unemployment Climbs, Reducing Rate-Hike Pressure (BBG)
Singapore Announcements:
- Singapore firms more pessimistic after poorer Q1 performance: survey (BT News)
- This slow-burn financial crisis could still bring on a recession (BT News)
- Singapore key exports to extend slump on broad-based weakness, slow China reopening: economists (BT News)
- SGX total securities market down by 26.8% y-o-y to $18.61 bil in April (Edge)
- Tech manufacturing counters take a beating in Q1 on weak end-consumer demand (BT News)
Company Highlights
<United Hampshire REIT, UHU SP>
United Hampshire consists of 21 grocery-anchored (GR) retail properties and two self-storage (SS) properties.
- 1Q23 gross revenue increased 11.8% yoy to US$18.1m while NPI rose 13.5% to US$12.9m driven by contribution from newly acquired Upland Square in 3Q22. Distributable income rose 7.6% to US8.8m affected by higher interest expense and extra loan to finance the acquisition.
- Occupancy for GR properties is 97% (FY22: 96.9%) while SS two properties are 91.7 and 92.6%.
- Long wale of 7.4 yrs and 2.1%/5.3% of leases expiring in 2023/2024.
- No major refinancing is required until Nov 2026, fixed-rate debt accounts for 80.2% and the leverage ratio is 42.6%.
- The expansion on existing land has been pre-leased to Academy Sports on a 15-yr lease and is expected to contribute meaningfully in 2024.
The Group is trading at a PB of 0.6x and an attractive dividend yield of 13.2%.
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