OCBC Investment Research
28 Apr 2025
Navigating Market Dynamics: Key Insights and Opportunities from OCBC Investment Research
Market Commentary: A Week in Review
- United States: Stocks closed the week strongly, with the S&P 500 up by 0.74% and the Nasdaq Composite rising by 1.26%. The Dow Jones Industrial Average also saw gains, closing 0.05% higher, equivalent to 20 points. These gains occurred amidst tariff uncertainties expressed by President Donald Trump [[1]].
- Sector Performance: Information technology, consumer discretionary, and communication services led the gains, while consumer staples lagged. Alphabet Inc. reported strong earnings, offsetting some tariff concerns. Conversely, Intel Corp. experienced a 6.7% slump following a weaker-than-expected outlook [[1]].
- Trade Deal Concerns: Market gains were nearly erased following Trump’s statement about not lowering tariffs on China without substantial concessions. Price hikes from Shein suggest ongoing challenges in reaching a trade agreement. China is reportedly considering suspending its 125% tariff on some US imports [[1]].
- Economic Impact of Tariffs: President Trump suggested using tariff revenues to reduce income taxes for Americans earning less than US\$200,000 annually, amidst voter discontent. Data indicated a fall in US consumer sentiment and a rise in long-term inflation expectations due to tariff concerns [[1]].
- Europe: The Stoxx Europe 600 Index closed 0.35% higher, driven by eased concerns about trade tensions between China and the US. Construction and travel sectors led gains, while telecom shares lagged. Investors remain hopeful for a softening stance on levies [[1]].
- Asia: The MSCI Asia Pacific Index rose as much as 1.2%, with TSMC and Tencent being major contributors. Taiwan, Japan, and South Korea saw advances, while Indian stocks declined due to geopolitical tensions with Pakistan. The MSCI Asia gauge is recovering from recent tariff-induced selloffs [[1]].
- Asian markets are expected to start the week cautiously as investors await further stimulus from China and progress in US trade negotiations. A press briefing by Chinese authorities, including the People’s Bank of China, is scheduled for later Monday [[1]].
Singapore Market Statistics
The Straits Times Index closed at 3,823.8, down by 8.1 points or 0.2%. The FTSE ST Financials decreased by 12.2 points or 0.8%, while the FTSE ST REITs fell by 1.2 points or 0.2%. Conversely, the FTSE ST Real Estate increased by 3.8 points or 0.6% [[1]].
- Volume: 1,401.5 million shares, a 19.1% increase [[1]].
- Turnover: 1,508.1 million [[1]].
- 52-week Range: 3,198.4 – 4,005.2 [[1]].
- Gainers / Losers: 315 / 203 [[1]].
World Indices
- S&P 500: 5,525.2 (+0.7%) [[1]].
- DJI: 40,113.5 (+0.1%) [[1]].
- Nasdaq Comp: 17,382.9 (+1.3%) [[1]].
- FTSE 100: 8,415.3 (+0.1%) [[1]].
- STOXX Europe 600: 520.5 (+0.4%) [[1]].
- Nikkei 225: 35,705.7 (+1.9%) [[1]].
- Hang Seng Index: 21,980.7 (+0.3%) [[1]].
- SHSE Comp Index: 3,295.1 (-0.1%) [[1]].
- SZSE Comp Index: 1,915.7 (+0.3%) [[1]].
- SHSE SZSE CSI 300: 3,787.0 (+0.1%) [[1]].
- KLCI: 1,509.2 (+0.2%) [[1]].
- JCI: 6,678.9 (+1.0%) [[1]].
- SET: 1,159.0 (+1.1%) [[1]].
- KOSPI: 2,546.3 (+1.0%) [[1]].
- TWSE: 19,872.7 (+2.0%) [[1]].
FX & Commodities
- USDSGD: 1.3148 (-0.3%) [[1]].
- USDJPY: 143.67 (-0.7%) [[1]].
- USDCNY: 7.287 (0.0%) [[1]].
- USDHKD: 7.757 (0.0%) [[1]].
- WTI Crude USD/bbl.: 63.02 (+0.4%) [[1]].
- Brent USD/bbl.: 66.87 (+0.5%) [[1]].
- Gold USD/oz.: 3,319.7 (-0.9%) [[1]].
- Silver USD/oz.: 33.11 (-1.4%) [[1]].
Research Ideas
CapitaLand India Trust (CLINT SP) – Eye on the Prize: Focus on Shoring Up Growth Pipeline
- 1Q25 Performance: Total property income and net property income (NPI) increased by 12% year-on-year (YoY), driven by strong operating performance [[2]].
- Divestment and Acquisition: The divestment of CyberVale and CyberPearl is delayed until May 2025. A forward purchase agreement aims to strengthen the office footprint in Bangalore [[2]].
- Fair Value: Lower fair value (FV) estimate to SGD1.23 [[2]].
CLINT’s total property income and NPI rose by 12% YoY (14% in local currency terms) to SGD74.6m and SGD55.1m, respectively. This was supported by higher rental income from existing properties and income contribution from assets acquired in 2024. The trust achieved stable committed occupancy at 92%, including options and rights of first refusal. CLINT’s portfolio saw a 9% rental reversion over the past 12 months, led by assets in Bangalore and Chennai [[2]].
Gearing increased by 3 percentage points (ppt) from 38.5% as of December 31, 2024, to 41.5% as of March 31, 2025, due to debt drawdown for working capital and development projects. Management expects gearing to fall below 40% following the divestments of CyberPearl and CyberVale, now expected by May 2025 due to ongoing market volatility [[2]]. The cost of debt remained stable at 6%, with 84.5% of debt on fixed rates, expected to remain stable for the next quarter [[2]].
In February 2025, CLINT announced a forward purchase agreement to acquire an office project in Nagawara, Outer Ring Road, Bangalore (MAIA). CLINT will provide SGD156.4m of funding over the next four years, starting in 2H25. The acquisition, expected after the building is completed in 2H28, is estimated at SGD233.6m. On a pro forma basis, if the acquisition had been completed on January 1, 2025, CLINT’s FY24 distribution per unit (DPU) would have increased by 1.8% to 6.96 Singapore cents [[2]].
The FV estimate is reduced to SGD1.23, as management noted that while US tariffs have minimal direct impact on its tenants, global economic uncertainty may slow service industry growth and leasing demand in the near term. India remains an attractive relocation destination in the medium term. Changes in assumptions include a steeper depreciation of INR vs SGD, an increase in the cost of equity input from 9.38% to 9.8%, and a lower terminal growth rate assumption by 25bps to 2.5%. FY25 and FY26 DPU forecasts are lowered by 3.6% and 4.9%, respectively. Despite this, a BUY rating is maintained [[2]].
ESG Updates
CLINT’s ESG rating was maintained in December 2024. The trust leads peers in green building initiatives, including green leases to promote sustainable property use, and has the potential to leverage growing demand for green buildings. 79.5% of its total portfolio area was certified to green building standards in FY23, far exceeding the industry average of 47%. CLINT outperforms peers in staff management practices and has a majority-independent board [[3]].
CapitaLand Integrated Commercial Trust (CICT SP) – Mixed Operating Trends with Lower Borrowing Costs
- 1Q25 Performance: Gross revenue and net property income (NPI) both declined 0.8% year-on-year (YoY) to SGD395.3m and SGD291.5m respectively, due to the divestment of 21 Collyer Quay [[3]].
- Rental Reversions: Retail rental reversions accelerated to 10.4%, while office reversions moderated to 5.4% [[3]].
- Leverage: Aggregate leverage ratio increased slightly by 0.2 ppt quarter-on-quarter (QoQ) to 38.7% [[3]].
CICT provided a business update for 1Q25, noting that gross revenue and NPI both declined slightly by 0.8% YoY, with NPI margin remaining stable at 73.7%. Excluding the contribution from 21 Collyer Quay in 1Q24, CICT’s gross revenue and NPI would have increased by 1.1% and 1.4% YoY, respectively [[3]].
Operationally, CICT’s 1Q25 retail rental reversions came in at a healthy +10.4%, an acceleration compared to FY24 (+8.8%). Downtown malls performed better than suburban malls, with rental reversions of +11.2% and +9.5%, respectively. CICT expects rental reversions to moderate to around the mid-single-digit level. Headline tenant sales jumped 17.5% YoY, but this was due to the inclusion of ION Orchard. On a like-for-like basis, tenant sales fell 0.5% YoY. Shopper traffic increased 23.0% YoY, or +2.7% excluding ION Orchard’s contribution [[3]].
For CICT’s Singapore office portfolio, rental reversions eased to 5.4% in 1Q25, versus 11.1% for FY24. Average passing rents increased 0.3% QoQ to SGD10.76 psf pm. Office rent reversions are expected to be in the low-to-mid single-digit range. Overall portfolio committed occupancy edged down by 0.3 ppt QoQ to 96.4%, with declines in retail (-0.5 ppt to 98.8%), office (-0.1 ppt to 94.7%), and integrated development (-0.3 ppt to 98.6%). However, Singapore office portfolio occupancy increased sequentially, offset by lower occupancy in Germany and Australia [[3]].
From a financial viewpoint, CICT’s aggregate leverage increased marginally from 38.5% (as at 31 Dec 2024) to 38.7%. 78% of debt was hedged, and the average term to maturity increased to 4.2 years. The company recently issued a SGD150m 7-year fixed-rate note at 3.088% per annum. The interest coverage ratio was high at 3.2x, and the average cost of debt fell 20bps to 3.4% and is expected to remain around current levels. The fair value estimate is maintained at SGD2.35 [[3]].
ESG Updates
CICT’s ESG rating was upgraded in July 2022 and scores well in the “Opportunities in Green Building” category. Aligned with CapitaLand’s commitment to net-zero by 2050 and a carbon emissions reduction target to 1.5°C scenario, CICT focuses on building portfolio resilience and resource efficiency, enabling thriving and future-adaptive communities, and accelerating sustainability innovation and collaboration. CICT also has board-level oversight of ethics standards and detailed anti-corruption as well as whistleblower protection policies. It has an independent majority board and a fully independent audit committee for oversight of management [[3]].
OUE REIT (OUEREIT SP) – A Tale of Two Cities
- 1Q25 Performance: Revenue and net property income (NPI) declined 3.9% and 4.1% year-on-year (YoY) on a like-for-like basis, respectively [[3]].
- Segment Performance: The commercial segment showed robust performance, offset by weaker occupancies and RevPAR for the hotels [[3]].
- Leverage: Gearing remains comfortable pending repatriation of divestment proceeds from China; revised fair value (FV) estimate of SGD0.315 [[3]].
1Q25 revenue and NPI fell 11.9% and 12.1% YoY to SGD66.0m and SGD53.2m, constituting 23.9% and 24.5% of initial full-year forecasts, respectively. A large part of the decline was due to the divestment of Lippo Plaza in Shanghai; on a like-for-like basis, revenue and NPI would have moderated 3.9% and 4.1% YoY, respectively. The hospitality segment saw revenue and NPI plunge 13.3% and 12.5% to SGD23.3m and SGD20.8m, respectively. Revenue per available room (RevPAR) was down 11.2% YoY at SGD248, dragged by Hilton Singapore Orchard (-19.1% YoY) due to lower occupancy as visitor arrivals slid in the absence of Taylor Swift’s concerts and weak Chinese demand [[4]].
Performance from the commercial segment remained resilient, with revenue and NPI growing 2.2% YoY to SGD42.7m and SGD32.3m, respectively, on a like-for-like basis. The office portfolio performed well, clocking rental reversions of +9.9% during the quarter, while committed occupancy improved 1.7 percentage points (ppt) quarter-on-quarter (QoQ) to 96.3%. The retail portfolio also saw committed occupancy improve, albeit by a smaller 1.3 ppt QoQ to 99.5%, with rental reversions of +4.9% [[4]].
OUEREIT’s aggregate leverage crept up 0.7 ppt from 39.9% as at 31 Dec 2024 to 40.6% as at 31 Mar 2025. The average cost of debt improved 50 bps from 4.7% to 4.2% over the same period, with 74.7% of debt on fixed rates. Management shared that for every 25 bps decrease in SORA rates, distribution per unit (DPU) would increase by 0.03 Singapore cents. The FY25 and FY26 DPU forecasts are lowered by 7.3% and 3.5%, respectively. The cost of equity input is raised from 7.8% to 8.3% to account for greater macroeconomic uncertainty. The FV estimate is lowered from SGD0.345 to SGD0.315, and a BUY rating is maintained [[4]].
ESG Updates
OUEREIT views sustainability as both a societal imperative and commercial opportunity. Selected ESG Vision 2030 targets include reducing absolute Scope 1 and 2 greenhouse gas (GHG) emissions for commercial properties by 40% (compared to FY23), achieving 90% green financing, and reducing water intensity by 25% (compared to FY17). In FY24, OUEREIT reduced its absolute Scope 1 and 2 GHG emissions by 1.7%, and water intensity by 24.4%, while 69.4% of total debt are green financing. Furthermore, 64.2% of OUEREIT’s leases in FY24 were green leases, and 95.4% of its portfolio is green-certified. OUEREIT was awarded a four-star rating with an improved overall score of 82 points in the 2024 Global Real Estate Sustainability Benchmark (“GRESB”) assessment, up from a three-star rating and 77 points in 2023 [[4]].
OUEREIT’s board comprises seven directors, of which four are independent. The REIT has previously rejected two pipeline assets from the sponsor, believing that they would not be economically beneficial. However, there is room for improvement in terms of board gender diversity, with only one female director [[4]].
Mapletree Pan Asia Commercial Trust (MPACT SP) – Buttressed by its Singapore Portfolio
- 4QFY25 Performance: Distribution per unit (DPU) fell 14.8% year-on-year (YoY) to 1.95 Singapore cents and missed expectations [[4]].
- Portfolio Metrics: Committed occupancy declined 0.4 ppt quarter-on-quarter (QoQ) to 89.6%; portfolio rental reversions of +3.6% due to robust uplifts in Singapore and South Korea [[4]].
- Leverage: Aggregate leverage ratio lowered further to 37.7% [[4]].
MPACT’s 4QFY25 results fell short of expectations. Gross revenue and net property income (NPI) fell 6.8% and 7.4% YoY to SGD222.9m and SGD169.5m respectively. This was due to weaker contributions from its overseas properties and the absence of income from the divestment of Mapletree Anson. DPU dipped 14.8% YoY to 1.95 Singapore cents even though net finance costs fell 9.4% to SGD51.1m following the repayment of debt from the divestment proceeds. For FY25, MPACT’s DPU came in at 8.02 Singapore cents, representing a drop of 10.0% and accounted for 97.6% of the forecast [[5]].
MPACT’s overall portfolio committed occupancy declined slightly by 0.4 ppt QoQ to 89.6%. In Singapore, VivoCity and MBC registered slight declines, but its Other SG Properties clocked in a higher occupancy rate of 99.5%. The Pinnacle Gangnam (TPG) property in South Korea saw a huge boost in its occupancy from 89.7% in the preceding quarter to 99.9%. Its China properties also saw an improvement in occupancy by 1.8 ppt QoQ to 86.1%. On the other hand, Festival Walk and its Japan properties’ occupancy fell 0.3 ppt and 2.8 ppt QoQ to 96.8% and 79.8% respectively. MPACT is hopeful of improving the occupancy at MBC as some tenants might look to decentralise to save costs. Management sounded more cautious on the shipping and trade sectors. Overall FY25 portfolio rental reversions stood at +3.6%, but it was a mixed bag, as VivoCity (+16.8%), MBC (+2.2%), Other SG Properties (+7.4%), and TPG (+26.9%) recorded positive rental reversions but this was negative for Festival Walk (-6.9%), its China properties (-9.3%), and its Japan properties (-7.2%). Tenants’ sales at VivoCity and Festival Walk fell 2.1% and 8.4% YoY in FY25, respectively [[5]].
MPACT’s aggregate leverage ratio fell 0.5 ppt QoQ to 37.7%, with 79.9% of its debt hedged. This was supported by healthy valuation uplifts for its Singapore properties which helped to offset impairments at its China and Hong Kong properties. MPACT’s weighted average all-in cost of debt inched down to 3.51%, and MPACT expects this to stay around the mid-3% level. The FY26 DPU forecast is lowered by 3.4%, and the cost of equity assumption is bumped up from 7.2% to 7.4% given heightened market volatility and increased uncertainties over the macroeconomic environment, especially for the Greater China region. The fair value estimate declines from SGD1.48 to SGD1.45 [[5]].
ESG Updates
MPACT’s ESG rating was upgraded in December 2024, largely due to improvements in its corporate governance practices. MPACT’s board remains majority independent of management and other interests, and this is supported by an independent chairperson. Furthermore, MPACT exceeds its industry peers in green building certifications and offers green lease agreements to help enhance the sustainability profile of its portfolio. MPACT achieved a four-star rating with 86 points in the 2024 GRESB Real Estate Assessment [[5]].
Alphabet Inc (GOOGL US / GOOG US) – Strong Execution Shines Through
- Core Business: Solid results reinforce the thesis that Alphabet’s core search business remains relatively resilient despite increasing competition [[5]].
- AI Products: Artificial intelligence (AI) products are expected to drive multi-year monetization [[5]].
- Outlook: Balancing optimism with headwinds – Reiterate Buy rating but revising down fair value to USD210 (from USD233) [[5]].
Alphabet’s overall revenue for 1Q25 increased by ~12.0% year-on-year (YoY) to ~USD90.2b. Overall operating income improved by ~20.2% YoY to ~USD30.6b, with operating margins expanding to ~33.9%, up from ~31.6% compared to a year ago. Earnings per share (EPS) came in at USD2.81, increasing by ~48.7%. Segment results included: (i) Search revenue grew by ~9.8% YoY to ~USD50.7b. (ii) YouTube advertising revenue increased by ~10.3% YoY to ~USD8.9b. (iii) Network advertising revenue was slightly down by ~2.1% YoY to ~USD7.3b. (iv) Subscription, platforms, and devices revenue increased by ~18.8% to ~USD10.4b. (v) Google Cloud revenue jumped by ~28.1% YoY to ~USD12.3b [[5]].
Google remains committed to its CAPEX target of USD75b for this year, and there is strong progress in AI. AI Overview now has more than 1.5 billion users every month. Monetisation of AI Overviews is expected to continue at approximately the same rate as other searches. There could be further upside potential stemming from the AI narrative due to the significant growth potential in multimodal queries, as evidenced by a nearly 40% increase in the usage of Circle-to-search feature this quarter. Several major innovation announcements were made at its recent Cloud Next 2025 event. The upgraded features of Google Agentspace has the potential to make creating and adopting agents simpler [[5]].
Management noted the significant increase in CAPEX investments in recent years will continue to pressure profits due to higher depreciation, reflected in the 31% YoY growth in depreciation this quarter driven by the increase in technical infrastructure assets. This growth rate is expected to accelerate throughout 2025. Changes to the de minimis exemption may pose a slight headwind to its ads business, particularly stemming from Asia Pacific retailers. The Buy rating is maintained, but the fair value is decreased to USD210 (down from USD233). This is off the back of a 22x (down from 24x) blended 2025/26 GAAP price-to-earnings (P/E) as market volatility is expected to remain heightened over the near term given elevated trade fears, which could impact key segments of the company such as advertising. EPS assumptions have been updated to reflect a more challenging outlook ahead given more difficult comps and macro headwinds [[5]].
ESG Updates
Alphabet’s ESG rating remained unchanged in July 2024. Collection of end-user data is integral to Alphabet’s offerings, thus exposing it to potential data privacy-related risks. Its data security framework features best practices such as regular external audits of IT security systems. It has faced regulatory probes in key regions (e.g., Europe, the US) over alleged gaps in data security practices and continues to lag most global peers in overall governance practices. Nonetheless, Alphabet has robust initiatives to reduce carbon emissions compared to peers, while the company derives significant revenues from clean tech product lines vs peers [[6]].
Suntec REIT (SUN SP) – Growth at Last
- 1Q25 Performance: Distribution per unit (DPU) rose 3.4% year-on-year (YoY) to 1.563 Singapore cents [[6]].
- Rental Reversion: Positive rent reversion of 8.0% for office and 10.3% for retail portfolios in Singapore, but this could moderate ahead [[6]].
- Leverage: Aggregate leverage ratio increased to 43.4% but the proportion of borrowings hedged increased to 65% [[6]].
Suntec REIT’s 1Q25 gross revenue and net property income (NPI) rose 3.4% and 5.0% YoY to SGD113.5m and SGD77.1m respectively, driven largely by improved performance for its Singapore properties. Coupled with higher joint venture income and lower financing costs, Suntec REIT’s DPU rose 3.4% YoY to 1.563 Singapore cents, its first positive YoY DPU growth since 1H22. Results were in line with expectations as 1Q25 DPU formed 24.9% of the FY25 forecast [[6]].
Operationally, Suntec REIT’s office portfolio committed occupancy remained flat quarter-on-quarter (QoQ) at 98.7% in Singapore and 90.9% in Australia but rose slightly by 0.2 ppt QoQ to 95.3% in the UK. Rent reversions were +8.0% in Singapore, with Suntec City Office’s +5.5% rental uplift coming in lower than that of One Raffles Quay and MBFC Towers 1 & 2 combined (+10.3%). This is expected to ease, as management reiterated its guidance for more modest rent reversions between 1% and 5% in FY25. While office tenants have not indicated intentions to downsize, there is generally a more cautious mood and this could delay decision-making on signings. Rent reversions also moderated for its retail portfolio, as this came in at 10.4% for Suntec City Mall, versus 23.2% achieved in FY24. Its Singapore retail portfolio committed occupancy was fairly stable at 98.2%. However, shopper traffic and tenant sales on a per square foot basis both fell 3% YoY. Suntec REIT expects retail sales to remain subdued given cautious consumer spending. Committed occupancy is expected to stay above 95% and rent reversion should see modest increases of around 5-10% [[6]].
Suntec REIT’s balance sheet remains stretched, as its aggregate leverage ratio increased from 42.4% (as at 31 Dec 2024) to 43.4%. 65% of its borrowings have been hedged, which was higher by 7 ppt QoQ. Its all-in financing cost dipped slightly by 10bps QoQ to 3.96%, and its interest coverage ratio stood at 1.9x. Given this set of in-line results, the fair value estimate is maintained at SGD1.14 [[6]].
ESG Updates
Suntec REIT’s ESG rating was upgraded in November 2024. Suntec REIT’s business ethics practices are ahead of most of its global peers, such as having a detailed anti-corruption policy and audits of ethics standards. As of FY23, 100% of Suntec REIT’s portfolio (by number of properties) was certified to recognised green building standards. One accolade was that Suntec REIT attained a 5-Star rating for the fifth consecutive year in the 2024 GRESB Real Estate Assessment. However, it appears to lack green leases to encourage resource conservation among tenants. As for corporate governance practices, Suntec REIT had an average score as compared to its global peers. Its board includes a fully independent audit committee to monitor recurring related party transactions [[6]].
Enphase Energy (EMPH US) – Delayed End Market Recovery
- Market Conditions: Demand rebound remains elusive [[6]].
- Regulatory Watch: Monitor upcoming budget reconciliation bill relating to tax credits from Inflation Reduction Act (IRA) [[6]].
- Tariffs: Tariff impact mainly on batteries side [[7]].
Enphase reported 1Q25 revenue of USD356m and gross margin of 47%, both near the midpoint of guidance. 2Q25 revenue is expected to be flat sequentially, while gross margin is expected to decline to 44%. The sequential decline in gross margin is largely attributable to China tariff-related impacts on batteries, which are expected to reduce gross margins by 200bps in 2Q25. Enphase’s tariff exposure consists mainly of China battery cells, with its microinverters less impacted by tariffs. 85% of the group’s microinverters are made in the US, with the remainder from China and India. Tariffs may impact gross margin by about 2ppts in 2Q25, as pre-tariff inventory mitigates the impact. Total impact is expected to increase to 6-8 ppts starting 3Q25, which will reduce storage margin to insignificant levels. The company is seeking to move its supply to sources outside of China. Guidance for flat sequential revenue, which includes USD40m of one-time safe harbor orders, was below expectations as end-market demand remains sluggish across much of the US and Europe [[7]].
A larger risk factor for the industry, however, is uncertainty relating to the IRA. A broad coalition of US energy companies has called for clean energy tax credit support in the US, amidst uncertainty relating to the development of the clean energy industry in the US. Businesses need certainty from policymakers to continue investments, and all eyes will be on the upcoming budget reconciliation bill where there are concerns that current tax credits for clean energy projects may be phased out [[7]].
While the market is focused on Enphase’s quarterly revenue guidance, it is important to recognise the evolution in the company’s business and what it means for its long-term financials. Enphase has historically been focused on one product (microinverter) and largely one geography (the US). As the company expands to more products (batteries, EV charging) and geographies, there will be more diverse income streams. European demand, however, has remained weak, and confidence in a 2025 US residential solar rebound is fading, with growth expectations being impacted by high-interest rates and lower consumer confidence. With the dimmer outlook and guidance, the fair value estimate is lowered to USD47 for the stock [[7]].
ESG updates
Enphase’s ESG rating was upgraded in September 2023. In ESG’s view, the firm leads most global peers in corporate governance practices. The group also fares above the industry average in terms of labor management as well, but below average in terms of toxic emissions and waste. Manufacture of solar technologies entails moderate levels of toxic emissions. [[7]]
Latest OIR Reports
The following table summarizes the latest reports issued by OIR, including ratings and fair values [[8]]:
| No. |
Date |
Mkt |
Stock / Sector /Market 4 |
Report Title |
Bloomberg Ticker |
Rating |
Fair Value |
| 1 |
25 Apr 2025 |
SG |
CapitaLand India Trust |
Eye on the prize: Focus on shoring up growth pipeline |
CLINT SP |
BUY |
SGD 1.23 |
| 2 |
25 Apr 2025 |
SG |
CapitaLand Integrated Commercial Trust |
Mixed operating trends with lower borrowing costs |
CICT SP |
BUY |
SGD 2.35 |
| 3 |
25 Apr 2025 |
SG |
OUE REIT |
A tale of two cities |
OUEREIT SP |
BUY |
SGD 0.315 |
| 4 |
25 Apr 2025 |
SG |
Mapletree Pan Asia Commercial Trust |
Buttressed by its Singapore portfolio |
MPACT SP |
BUY |
SGD 1.45 |
| 5 |
25 Apr 2025 |
US |
Alphabet Inc |
Strong execution shines through |
GO
|
