Brokers' take

Singapore Reits | Neutral OCBC Investment Research, March 23

The Fed's dot plot diagram indicates that the Committee is still expecting three rate hikes this year, which is unchanged from the Dec 2016 FOMC meeting. Looking ahead, given more encouraging economic data points arising not only from the US, but also from other key economies such as China, coupled with the recent robust performance of the equity markets, we believe the likelihood of a faster-than-expected pace of rate increase remains a possibility at this juncture. We project softer distribution per unit growth in FY17. While we believe S-Reits still warrant a strategic position in investors' portfolio in light of uncertainties surrounding the geopolitical and macroeconomic environment, valuations are no longer compelling. As such, we downgrade the S-Reits sector from "overweight" to "neutral". Based on current price levels, our top picks are Keppel DC Reit, Frasers Centrepoint Trust, and Frasers Logistics & Industrial Trust.

Thai Beverage | Add Target Price: S$1.07 March 23 close: S$0.935 CIMB Research, March 22