Key Indices
Top Stories
Sector Update | REITs
- Power shortages, tighter financing and environmental opposition are slowing new development, which reinforce the value proposition of operational DCs and efforts to backfill vacant capacity. AI's benefits remain intact, but infrastructure investment needs to be spread over a longer period of time. Maintain OVERWEIGHT. NTTDCR (BUY/Target: US$1.29) offers the highest FY27 DPU yield of 9.4%. KDCREIT (BUY/Target: S$2.83) has a resilient Singapore-centric portfolio and is well supported by sponsor Keppel.
Company Results | Keppel DC REIT (KDCREIT SP/BUY/S$2.13/Target: S$2.83)
- KDCREIT achieved rental reversion of 16% in 3Q26, driven by lease renewal in Singapore and Australia. NPI grew 13% yoy in 9M26 due to positive reversions, rental escalations and acquisition of Tokyo DC 3. KDCREIT has a resilient Singapore-centric portfolio and is well supported by sponsor Keppel. Maintain BUY. Target price: S$2.83.
Company Results | Suntec REIT (SUN SP/BUY/S$1.40/Target: S$1.67)
- SUN has launched expression of interest for 177 Pacific Highway and 21 Harris Street in Sydney and 477 Collins Street in Melbourne, which are valued at S$1,037m in aggregate. The exercise should conclude in Nov 26. SUN trades at a steep 32% discount to NAV. Maintain BUY. Target price: S$1.67.
Market Spotlight
- US stocks were lower on Friday. All indices fell as consumer staples, communication services and consumer discretionary sectors fell. There were more decliners than advancers on NYSE and NASDAQ.
- The FSSTI rose 7.02 points to 5,422.16, on the back of strength in Thai Beverage and SATS. Both mid- and smallcap indices rose, with a broad market decline on S$1.81b turnover.
Technical Analysis
Top Glove Corp (TOPG SP)
Trading Buy Range: S$0.280-0.285
Thai Beverage (THBEV SP)
Trading Buy Range: S$0.425-0.430
Top Stories
Sector Update | REITs
- Power shortages, tighter financing and environmental opposition are slowing new development, which reinforce the value proposition of operational DCs and efforts to backfill vacant capacity. AI's benefits remain intact, but infrastructure investment needs to be spread over a longer period of time. Maintain OVERWEIGHT. NTTDCR (BUY/Target: US$1.29) offers the highest FY27 DPU yield of 9.4%. KDCREIT (BUY/Target: S$2.83) has a resilient Singapore-centric portfolio and is well supported by sponsor Keppel.
Company Results | Keppel DC REIT (KDCREIT SP/BUY/S$2.13/Target: S$2.83)
- KDCREIT achieved rental reversion of 16% in 3Q26, driven by lease renewal in Singapore and Australia. NPI grew 13% yoy in 9M26 due to positive reversions, rental escalations and acquisition of Tokyo DC 3. KDCREIT has a resilient Singapore-centric portfolio and is well supported by sponsor Keppel. Maintain BUY. Target price: S$2.83.
Company Results | Suntec REIT (SUN SP/BUY/S$1.40/Target: S$1.67)
- SUN has launched expression of interest for 177 Pacific Highway and 21 Harris Street in Sydney and 477 Collins Street in Melbourne, which are valued at S$1,037m in aggregate. The exercise should conclude in Nov 26. SUN trades at a steep 32% discount to NAV. Maintain BUY. Target price: S$1.67.
Market Spotlight
- US stocks were lower on Friday. All indices fell as consumer staples, communication services and consumer discretionary sectors fell. There were more decliners than advancers on NYSE and NASDAQ.
- The FSSTI rose 7.02 points to 5,422.16, on the back of strength in Thai Beverage and SATS. Both mid- and smallcap indices rose, with a broad market decline on S$1.81b turnover.
Technical Analysis
Top Glove Corp (TOPG SP)
Trading Buy Range: S$0.280-0.285
Thai Beverage (THBEV SP)
Trading Buy Range: S$0.425-0.430
Key Indices
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