Brokers' take

Manulife US Reit | Buy

Oct 11 close: US$0.835

Target price: US$0.93

DBS Group Research, Oct 10

Play on exposure to the US property market which is in the early stages of recovery.

We maintain our "buy" call and target price of US$0.93. We continue to like Manulife US Reit's strong organic growth prospects (compound annual growth rate of 5 per cent over 2016-17) which is one of the highest among Reits in Singapore.

The expected strength of the USD/SGD exchange rate could potentially result in inflows into the stock.

The stock offers an attractive 2016-17 estimated 6.8-7.4 per cent yield.

UOL Group | Buy

Oct 11 close: S$5.85

Target price: S$7.30

OCBC Investment Research, Oct 10

Right off the bat from its £229.6 million (S$388 million) acquisition of 120 Holborn in London UK, UOL announced that it has, through a joint venture with United Industrial Corporation Ltd (UIC), acquired the Raintree Gardens residential development at Potong Pasir Ave 1 for S$334.2 million through an en-bloc tender.

The site will likely be redeveloped into a 600 to 750 unit condominium project.

We believe this is a decent price for an attractive river-facing site near the up-and-coming Bidadari area and are positive that the group has successfully replenished their land-bank in a competitive environment.

Maintain "buy" with an unchanged fair value estimate of S$7.30.

Jumbo Group | Hold

Oct 11 close: S$0.62

Target price: S$0.60

UOB KayHian, Oct 10

Jumbo opened a new bak kut teh outlet at Resorts World Sentosa and completed the expansion of its Riverside outlet.

We see potential joint venture and franchise opportunities down the road which would increase its brand equity and provide recurring income streams should these ventures materialise.

There was a slight slowdown for a week or two due to the Zika panic in Singapore but business has returned to normal as fears of a Zika outbreak have subsided.

Maintain "hold" and discounted cash flow-based target price of S$0.60. Entry price: S$0.54.

Compiled by Cai Haoxiang

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